Wilmington, Delaware, United States, March 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global plastic bottle recycling market size was valued at US$ 4.3 Bn in 2022 and is anticipated to reach US$ 6.8 Bn by 2031. The global industry is projected to expand at a CAGR of 5.3% between 2023 and 2031. Government rules and regulations addressing the recycling of plastic and growing public awareness about the importance of sustainable practices are the key drivers of the global plastic bottle recycling market. The market value of recycled plastic bottles is being further driven by the growing understanding about the effects of plastic waste on the environment.
Consumer demand for green products, particularly those made from reused plastic, is steadily rising, which is expected to drive market development in the next few years. Leading companies in the plastic bottle recycling industry are following market trends in order to expand their range of products and boost sales. The effectiveness and caliber of plastic bottle recycling can be considerably improved by technological improvements and developments in the recycling process, such as sophisticated sorting systems and chemical recycling. This offers attractive business opportunities to market participants for recycling plastic bottles.
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The recycling of plastic bottles entails shredding, collecting, cleaning, melting, classifying, and manufacturing. In addition to reducing waste and preserving resources, recycling of plastic bottles also lowers greenhouse gas emissions. Recycling of plastic bottles reduces the amount of energy needed to develop new goods and the volume of greenhouse gases released during production. The rise in consumer move toward sustainability, technical advancements, governmental assistance, and circular economy activities are expected to contribute in driving the global market.
Key Findings of Market Report
- Based on material, the polyethylene terephthalate (PET) segment accounted for a sizable share of the global market in 2022. It is anticipated that the segment would continue to rule during the projected timeline. PET is a material that is frequently used to make plastic bottles. It is a thermoplastic polymer often utilized in the making of consumer products, including food and beverage packaging. PET is renowned for its clarity, strength, and ease of molding into a variety of forms and sizes. PET bottle recycling is becoming more popular, which is expected to drive business growth of the segment.
- Based on technology, the mechanical segment led the global market in 2022 and is projected to retain its dominance during the forecast period. Plastic bottle recycling is frequently done using mechanical technologies. The bottles must be collected and sorted, after which they must be washed and shredded to eliminate contaminants.
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Global Plastic Bottle Recycling Market: Growth Drivers
- Consumers are becoming more aware about the value of sustainable practices due to the growing concerns about plastic pollution and its effects on the environment. Many people now favor products that are environmentally friendly and made with least adverse effects on the environment. This has raised the demand for products that are made of recycled materials, especially plastic bottles. The plastic bottle recycling industry now has a considerable window of opportunity due to the growing focus on sustainable practices. Governments and organizations are increasingly trying to collaborate with recycling businesses in order to meet their sustainability objectives.
- As concerns regarding plastic pollution and its effects on the environment have grown, several governments introduced rules and efforts to encourage recycling and minimize plastic waste. Additionally, many governments have set goals for incorporation of recycled materials into their products, which is predicted to raise market demand for recycled plastic as well as motivate businesses to invest in recycling and reuse.
Global Plastic Bottle Recycling Market: Regional Landscape
- North America led the global plastic bottle recycling market in 2022, based on the most recent market report, and the region is estimated to expand significantly between 2023 and 2031. The regional market size is projected to expand during the forecast period as a result of the presence of well-established infrastructure and regulations that allow high rates of plastic bottle recycling. Increasing understanding about waste reduction and sustainability among consumers and companies is estimated to boost demand for plastic bottle recycling in North America.
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Global Plastic Bottle Recycling Market: Key Players
- Plastipak Holdings, Inc.
- REMONDIS SE & Co. KG
- Clear Path Recycling LLC.
- Alpack Plastics
- B & B Plastics Inc.
- Biffa plc.
Global Plastic Bottle Recycling Market: Segmentation
Material
- Polyethylene Terephthalate (PET)
- High-density Polyethylene (HDPE)
- Low-density Polyethylene (LDPE)
- Polypropylene (PP)
- Others
Technology
- Mechanical
- Chemical
- Dissolution
- Organic
- Others
Application
- Pipers
- Bottles
- Sheets and Films
- Strapping
- Lumber
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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