Plastic Recycling Services Market Size Leads USD 67.94 Bn 2034

GlobeNewswire | Precedence Statistics
Thursday, February 6, 2025 at 3:00pm UTC

Ottawa, Feb. 06, 2025 (GLOBE NEWSWIRE) -- The plastic recycling services market size is projected to reach USD 67.94 billion by 2034, growing from USD 33.42 billion in 2025, at a CAGR of 8.20% during the forecast period from 2025 to 2034. A study published by Towards Packaging a sister firm of Precedence Statistics.

The growth of the plastic recycling services market is driven by increasing environmental concerns, government regulations aimed at reducing plastic waste, and the growing emphasis on sustainability.

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Exploring the Growth Potential of the Plastic Recycling Services Market

Plastic recycling involves the conversion of waste plastic material into new products. With the growing adoption of packaged consumer goods, the volume of plastic packaging waste is increasing. Thus, recycling this waste becomes crucial since plastic is a non-biodegradable substance, which harms the environment. The plastic recycling industry aims to minimize plastic waste. Plastic recycling includes waste collection, sorting, washing, and melting to make new products.

The market is witnessing significant growth due to the increasing production and adoption of plastic products. As plastic use increases, so does plastic waste. According to recent data on plastic pollution, the world produces around 350 million tons of plastic waste each year, of which around 0.5% of plastic waste ends up in the ocean. This adversely affects the ecosystem, creating a greater need to recycle plastic waste. Moreover, the rising demand for recycled plastics and the growing awareness about environmental conservation significantly boost the growth of the market.

Major Trends in the Plastic Recycling Services Market

  • Circular Economy Initiatives: There is a strong emphasis on circular economy strategies among businesses. Several businesses are focusing on maximizing the use of resources by recycling and reusing waste materials. This reduces the demand for virgin plastics and increases the need for plastic recycling services to support circular economy initiatives.
  • Rising Consumer Awareness: Customers are increasingly becoming aware of the negative impact of plastic waste on the environment. Thus, they are rapidly shifting toward products made from recycled plastics. This further encourages various industries to source recycled plastics instead of virgin plastics.
  • Sustainability Targets: Many companies are setting sustainability targets to reduce their carbon footprints. Thus, they are increasingly focusing on sustainable practices, which often involve using recycled or post-consumer recycled (PCR) components in product manufacturing processes, contributing to market expansion.
  • Government Regulations: Stringent government regulations aimed at reducing plastic waste encourage manufacturers to recycle produced plastic waste. This, in turn, boosts the demand for recycling services. Moreover, governments worldwide are offering incentives for recycling programs, contributing to market growth.

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Insights from Key Regions

Europe's Leadership in the Plastic Recycling Services Market: What till 2034?

Europe dominated the market with the largest share in 2024. This is mainly due to the increased adoption of recycled plastics due to various factors such as strict sustainability regulations and public awareness about environmental conservation. Stringent government regulations focusing on plastic reduction and circular economy further bolstered the market growth in the region.

The EU commissioned new rules to target the issue of plastic marine litter. Parliament and the Council reached a deal, and Members of the European Parliament (MEPs) approved it in April 2024. The rules include a 25% target for recycled content in plastic bottles by 2025 and 30% by 2030. The rules also mandated EU countries to reduce total packaging waste per capita by 5% by 2030, 10% by 2035, and 15% by 2040 compared to 2018.

There is a heightened adoption of recycled materials, which further boosts the demand for recycling services among businesses. Innovations in recycling technologies that boost recycling output and circular economy approach further contribute to market expansion. In addition, the rising initiatives to address plastic waste challenges influence the market in Europe.

In January 2024, a new European project, “Elevating Reuse In Cities (ERIC),” has been launched, aiming to provide services to European cities that face escalating plastic waste problems. The project aims to empower European municipalities to reduce plastic waste generation.

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Rapid Industrial Growth to Support Asia’s Market

Asia Pacific is expected to experience the fastest growth rate in the plastic recycling services market during the forecast period. This is mainly due to the growing industrialization. As industrial and manufacturing activities increase, the consumption of plastic also increases. Governments across the region have imposed stringent regulations to reduce plastic waste and promote recycling services. The escalating use of recycled plastic products and the growing emphasis on sustainable practices further boost the regional market growth. Governments of various Asia countries are offering incentives for recycling plastic waste, contributing to market growth.

  • In May 2024, Siam Cement Group (SCG) and Dow partnered to recycle plastic waste in several Asian countries, including Thailand. SCG’s chemical subsidiary and Dow also signed a memorandum of understanding to build a system that turns plastic waste into raw materials for developing new plastic.

Market Opportunity

Advancements in Recycling Technologies

Ongoing advancements in recycling technologies create immense opportunities in plastic recycling services market. Technological advancements make recycling more efficient and cost-effective. Innovations such as artificial intelligence (AI) and machine learning (ML) revolutionize recycling by automating sorting and processing tasks. With the help of AI, recycling technologies can sort different types of plastics, ensuring that they are separated accurately. AI also identifies flaws in operation, enhancing operational efficiency. With the growing demand for advanced recycling technologies, market players are focusing on enhancing the operational effectiveness and efficiency of their existing recycling solutions. Companies currently strive to create energy-efficient solutions while improving waste management operations.

  • In March 2024, Dow and Procter & Gamble announced a joint development agreement (JDA) to create a new recycling technology. This initiative aims to efficiently convert hard-to-recycle plastic packaging into recycled polyethylene with near-virgin quality and a low greenhouse gas emissions footprint.

Plastic Recycling Services Market Segmentation

By process, the mechanical recycling segment dominated the market in 2024. This is mainly due to its low operational costs and the ability to process various types of plastics. The carbon footprint is reduced significantly through mechanical recycling because this method needs less energy to produce new products. The cost-effectiveness of mechanical recycling and the ability to minimize environmental pollution further bolstered the segmental growth.

By type, the plastic bottles segment held a significant share of the market in 2024. This is mainly due to the increased adoption of PET bottles in the food & beverage industry due to their easy recyclability. PET is one of the most readily collected and recyclable polymers.

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  • The global molded fiber packaging market size reached US$ 8.69 billion in 2024 and is projected to hit around US$ 15.57 billion by 2034, expanding at a CAGR of 6% during the forecast period from 2025 to 2034.
  • The global old corrugated container market size to hit USD 76.16 billion by 2034, growing from USD 47.21 billion in 2024, expanding at 4.9% CAGR from 2025 to 2034. The demand for old corrugated container market is growing because of its wide application in the rapidly rising food and beverage industry.
  • The global transparent barrier packaging films market size reached US$ 28.50 billion in 2023 and is projected to hit around US$ 56.39 billion by 2034, expanding at a CAGR of 6.40% during the forecast period from 2025 to 2034.
  • The global ready-to-eat packaging market size was evaluated at US$ 384.11 billion in 2023 and is expected to attain around US$ 752.23 billion by 2034, growing at a CAGR of 6.9% from 2024 to 2034.
  • The global modified atmosphere packaging market size was evaluated at US$ 19.52 billion in 2023 and is expected to attain around US$ 39.43 billion by 2034, growing at a CAGR of 6.6% from 2024 to 2034.
  • The global insulated packaging market size reached US$ 15.29 billion in 2023 and is projected to hit around US$ 31.53 billion by 2034, expanding at a CAGR of 6.8% during the forecast period from 2024 to 2034.

Competitive Landscape

Some of the key players competing in the plastic recycling services market are Deluxe Recycling, Shakti Plastics Industries, KW Plastics, Loop Industries, Birch Plastics, PureCycle Technologies, Mura Technology, Pellenc ST, Rekart Innovations Private Limited, Banyan Nation. These players are providing innovative recycling solutions to meet the growing demand for recycling services.

  • In January 2025, PolyCycl announced the launch of its patented Contiflow Cracker Generation VI chemical recycling pyrolysis technology that enables conversion of hard-to-recycle plastics into food grade polymers, sustainable fuels, and renewable chemicals. Amit Tandon, Founder and CEO of PolyCycl, said that this unique technology offers a novel solution for recycling such plastics by thermally breaking them down to their molecular building blocks (oligomers). He also added that the technology, honed over a decade of R&D, delivers high conversion yields of 65-75% and generates chemical feedstocks that have been qualified for the circular economy by multiple petrochemical companies globally.
  • In December 2024, Telangana-based Banyan Nation’s co-founder Mani Kishore Vajipeyajula honored with the Plastics Recycling Ambassador Award for India. The jury acknowledged Mani for pioneering professional excellence in the Indian plastics industry. Mani said that banyan is investing in additional technology to make recycling systems even more resource efficient.

Recent Developments

  • In August 2024, Germany-based Cirplus GmbH, which offers a platform in Europe for the trading of recycled-content plastics, started its operations in India through Surplus India Pvt. Ltd. The newly established Indian entity positions itself to deliver recycled plastics products in India and all of Asia.
  • In June 2024, Deluxe Recycling opened India’s largest MHLP recycling site in Sarigam, Gujarat, through Circulate Capital's funding. The company strives to build a position as South Asia's leading multi-layered plastic recycler through this development. The new facility will enhance its recycling capabilities to 27,400 tons annually, helping divert more than 200,000 tons of used beverage containers (UBCs) and MLPs by fiscal year 2030.
  • In May 2024, Genox, together with LyondellBasell, introduced a plastic recycling joint venture under the name Genox and LyondellBasell New Materials Co., Ltd in Zhaoqing, Guangdong Province, China. The JV will focus on recycling plastic waste through mechanical methods and producing new polymers, which will be added to LyondellBasell's CirculenRecover product portfolio.

Plastic Recycling Services Market Segments

By Process

  • Mechanical Recycling
  • Chemical Recycling

By Type

  • Plastic Bottles
  • Plastic Films
  • Polymer Foam
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Sweden
    • Denmark
    • Norway
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Thailand
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East and Africa (MEA)
    • South Africa
    • UAE
    • Saudi Arabia
    • Kuwait

Review the Full TOC for the Plastic Recycling Services Market Report: https://www.towardspackaging.com/table-of-content/plastic-recycling-services-market-sizing

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