The global plastic recycling services market size was estimated at USD 26.55 billion in 2023 and is projected to grow at a CAGR of 8.11% from 2024 to 2030. Globally the rise of non-degradable plastic pollution is increasing the threat to the environment. Such ill effects caused by this pollution lead to a surge the demand for the recycling services to manage plastic pollution effectively.

A significant trend in the plastic recycling services market is the growing emphasis on the circular economy. Governments and companies are shifting towards recycling models that help to reduce waste and reuse of plastic materials. This trend is driven by the global sustainability movement, where industries are adopting practices to minimize their carbon footprint. Large corporations, especially in packaging, automotive, and consumer goods, are integrating recycled plastic into their products, driving demand for high-quality recycling services. The adoption of extended producer responsibility (EPR) programs also reflects the increased accountability for plastic waste management, contributing to market growth.

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Key Plastic Recycling Services Company Insights

The plastic recycling services market is highly competitive, with several key players dominating the landscape. The plastic recycling services market is characterized by a competitive landscape with several key players driving innovation and market growth. Major companies in this sector are investing heavily in research and development to enhance the performance, cost-effectiveness, and sustainability of their products.

Key Plastic Recycling Services Companies:

The following are the leading companies in the plastic recycling services market. These companies collectively hold the largest market share and dictate industry trends.

• Deluxe Recycling

• Shakti Plastics Industries

• KW Plastics

• Loop Industries

• Birch Plastics

• PureCycle Technologies

• Mura Technology

• Pellenc ST

• Rekart Innovations Private Limited

• Banyan Nation

Recent Developments

• In August 2024, Honeywell and Hinergy launched an advanced plastic recycling program to improve the sustainability of plastic waste management. This initiative will utilize innovative technologies to convert plastic waste into valuable materials, thereby reducing environmental impact. The collaboration seeks to enhance the circular economy by ensuring that plastics are recycled more effectively and can be reused in various applications.

• In August 2023, Polyplastics launched a new recycling service aimed at engineering plastics. This initiative is designed to help companies manage their plastic waste more effectively by providing a solution for recycling materials that are typically difficult to process. The service will allow businesses to send their used engineering plastics to Polyplastics, where they will be recycled and repurposed into new products.

Global Plastic Recycling Services Market Report Segmentation

Grand View Research has segmented Plastic Recycling Services market report based on process, type, and region:

Process Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• Mechanical Recycling

• Chemical Recycling

Type Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• Plastic Bottles

• Plastic Films

• Polymer Foam

• Others

Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)

• North America

o U.S.

o Canada

o Mexico

• Europe

o UK

o Germany

o France

o Italy

o Spain

• Asia Pacific

o China

o India

o Japan

o South Korea

o Indonesia

• Central & South America

o Brazil

o Argentina

• Middle East & Africa

o South Africa

o Saudi Arabia

o UAE

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