The Global Plastic Recycling Market is estimated to be USD 45.5 Bn in 2021 and is expected to reach USD 65.3 Bn by 2026, growing at a CAGR of 7.5%.

Factors such as rising demand for plastics in various end-user industries and favorable government initiatives towards the reduction of plastic waste has strengthened the growth of this market. With the increasing awareness about global warming, plastic manufacturers are largely focusing on developing new recycling concepts to reduce greenhouse gas emissions and maintain environmental sustainability.

Conversely, the increasing use of virgin plastics and the lack of a proper plastic collection system has hampered the growth of this market. The lack of an established waste collection and sorting system for solid waste is posing a challenge for this market. Increasing demand for recycled PET and HDPE is creating an opportunity for the Plastic Recycling market due to its low costs.

Some of the companies covered in this report are Envision Plastics, Custom Polymers, Inc., Plastic Recycling Inc., UltrePET, LLC, KW Plastics, Inc., CarbonLITE Industries, and Kuusakoski Group Oy.

By Application, the Packaging segment is anticipated to account as the fastest-growing segment during the forecast period. The packaging sector makes very high use of plastics in food and beverage packaging with the rise of RTE (ready to eat) and RTS (ready to serve) products. Moreover, there is an increased demand in the healthcare sectors, which has boosted the growth for this segment.

By Process, the Mechanical segment is anticipated to account as the fastest-growing segment during the forecast period. The factors such as low prices, easy availability, and wide availability of the equipment for mechanical pressing are contributing to its growth.

By Material, Polyethylene Terephthalate (PET) is anticipated to account as the fastest-growing segment during the forecast period. It is cost-efficient in terms of its recycling process, has high flexibility, which makes it suitable for use in various industries like packaging, textiles, films, to molded parts for automotive and electronics. Moreover, recycled PET and polyethylene is known for 70% of total post-consumer plastic recycling, which has also supported the segment's growth.

By Geography, APAC is anticipated to lead the market. The factors attributed to the growth of the market are rapid industrialization and the importance of waste management in countries like China, Japan, and India. The use of plastics has also risen due to the rising automotive production, demand from the textile and the construction industry. Besides, there have been stringent laws to waste management, which have additionally contributed to the growth of the market.