North America Plastic Recycling Market Size, Share, Trends, Growth, and Industry Analysis, By Product Type (Polyethylene, Polyethylene Terephthalate, Polyvinyl Chloride, Polystyrene, and Others), By Process (Chemical Recycling, Mechanical Recycling, and Others), By End-use (Building & Construction, Packaging, Electrical & Electronics, Textiles, Automotive, Others), Regional Analysis, Competitor Analysis and Forecast 2024-2032.

North America Plastic Recycling Market size was USD 4.54billion in 2023 and the market is projected to touch USD 10.18billion by 2032, at a CAGR of 13.1% during the forecast period. North American consumers' shifting inclinations toward sustainability are driving the market. The dreaded of plastic pollution, the release of harmful emissions from the use of petrochemicals, and the volatility of crude oil prices have all contributed to the growing demand for plastic recycling. The need for plastic recycling in the United States and Canada is expected to increase due to the growing usage of recovered plastics in a number of industries, including building and construction, automotive, packaging, textiles, electrical and electronics, and building.

Concerns regarding the usage of plastics are growing, as is the market's need for alternatives to conventional plastics. Due to the recycled plastics' lower carbon footprint during manufacturing than that of virgin plastics, end-use sectors are beginning to prioritize the usage of recycled Processs. Businesses are always creating new product lines with recycled Processs in order to alleviate the harmful consequences of plastic waste. Some of the local businesses that use recycled plastics are Hamilton Perkins Collection, NIKE, Inc., Reynolds Packaging, Lacerta Group, Inc., and Rothy's, Inc. Growing government spending on cutting-edge plastics recycling technology is expected to open up profitable opportunities for North American industry participants. In 2021, for example, the U.S. Department of Energy (DOE) announced financing of USD 27 million for 12 projects that are expected to help the development of cutting-edge technologies for recycling plastics. Under the DOE's Plastics Innovation Challenge, these initiatives will contribute to the enhancement of current recycling procedures that decompose plastics into chemical building blocks that can be utilized in the production of new goods. By creating energy-efficient recycling technologies and contributing to the decrease of plastic waste in the environment, these new projects should help achieve the goal in the coming years.

North America Plastic Recycling report scope and segmentation.

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 North America Plastic Recycling dynamics

The factors influencing the dynamics of the North America Plastic Recycling Market include regulatory mandates, technological advancements, and increasing industrial safety awareness. The development and execution of cutting-edge recycling technologies, which boost the effectiveness and efficiency of plastic waste management protocols, has led to the potential. One innovative approach that shows promise for expanding the industry is chemical recycling, which converts waste plastic into chemical components for new plastics or other products. Businesses are best positioned to take full advantage of these opportunities if they invest in R&D to enhance recycling techniques and produce goods with value added from recovered plastics. Partnerships and collaborations between manufacturers, waste management companies, and technology developers can also accelerate market growth and innovation by addressing problems like Process quality and contamination.

North America Plastic Recycling drivers

Government Regulations and Policies

The plastic recycling market in North America is mostly driven by increasingly strict government rules and policies targeted at minimizing plastic waste. Various levels of government are putting policies into place, like prohibitions on plastics that are only used once, extended producer responsibility (the EPR) schemes, and requirements for increased recycling rates. For example, there are growing calls for stricter regulations over the Processs used in packaging, and several states and municipalities have levied charges or outright banned plastic bags. Infrastructure and more efficient recycling solutions are required in order to meet the new rules brought about by these laws. Businesses must invest in recycling systems and technologies in order to comply with regulations and avoid fines, which propels market expansion.

Corporate Sustainability Initiatives

In North America, a large number of businesses are implementing sustainability programs and setting high goals to lessen their environmental effect. Businesses are progressively using reused components into their products & packaging as part of these initiatives. Big businesses are making a commitment to increase the sustainability of their supply chains and use recycled plastics. the need for consumers to demand environmentally friendly products and the desire for businesses to improve their reputation. Companies in consumer goods, automotive, & packaging industries, for example, are investing in recycling initiatives and creating new products that incorporate recycled Processs. As businesses look to find high-quality recycled Processs and lessen their total environmental impact, they are also creating a thriving market for plastic recycling services and solutions.

• Restraints:

High Costs of Recycling Infrastructure and Technologies

A significant amount of capital is needed to establish and maintain recycling infrastructures including sorting facilities and sorting plants. Advanced recycling technology, like chemical recycling systems and computerized sorting equipment, can come at a significant cost. The above rates include the one-time fee as well as ongoing maintenance and operating expenses. Furthermore, recycling facilities require trained staff and specific equipment to handle the complexities of managing plastic garbage. The prohibitive costs could pose a problem for smaller companies and communities, which would limit the effectiveness and potential for growth of recycling programs. This cost burden could have an effect on the overall effectiveness of plastic recycling programs and impede the growth of the recycling infrastructure.

Contamination of Recycled Plastics

The recycling process is complicated by the impurities that are frequently present in plastic garbage, including food residue, labels, and other things. The recycled Process's quality may be lowered by contaminated polymers, rendering it less fit for repurposing in premium goods. Because more work must be done to clean and sort the waste, this contamination problem may result in lower recovery rates and greater processing expenses. Contaminants can also affect recycling operations' effectiveness and lessen the profitability of recycling initiatives. The successful growth and expansion of the plastic recycling sector may be impeded by the need to control contamination and guarantee the quality of recycled plastics.

• Opportunities:

Expansion of Circular Economy Initiatives

The market for plastic recycling has a lot of potential because circular economy concepts are becoming increasingly important. The goal of a circular economy is to develop systems and products that optimize Process reuse and recycling while minimizing waste. Circular economy techniques are being adopted by governments and companies more frequently in an effort to build sustainable supply chains & lessen their impact on the environment. For instance, companies are working together on closed-loop recycling systems, creating take-back programs, and producing goods with recyclable components. These measures boost the recovered plastics market and increase demand for efficient plastic recycling technologies. In addition, there is a growing market for products created from recycled Processs as corporate and consumer demand for environmentally friendly activities rises. The transition to a circular economy might make plastic recycling programs more financially sustainable and open up new business opportunities.

• Segment Overview

By Product Type, The North America Plastic Recycling Market is segmented into Polyethylene, Polyethylene Terephthalate, Polyvinyl Chloride, Polystyrene, and others. The Polyethylene Terephthalate (PET) product segment commanded the largest market share, nearly 33.0%. Recycled PET is anticipated to significantly increase throughout the estimated time due to how easy it is to gather in the form of PET bottles. Polyethylene terephthalate is commonly found in plastic food and liquid containers, soft drink bottles, and other containers. It is also used in medical treatments like as sutures and vascular grafts. As a result, the growing need for PET in the previously described application is what is driving the growing volume of PET waste. It is also expected that this will support PET's growth in the recycling of plastics. Moreover, consistent increase in the polyvinyl chloride segment is predicted over the duration of the forecast. Shrink wrap, wire/cable insulating coated fabrics, clamshells, flexible medical & bedding bags, and floors all include polyvinyl chloride. The two biggest obstacles to PVC recycling are sorting and separation. It can be challenging to distinguish between different kinds of plastics, fillers, and stabilized flame retardant substances because PVC plastic goods are made using a variety of formulations made up of additives. Hydrochloric acid (HCI) release at high temperatures is also a serious danger associated with contamination with other waste streams, such as polystyrene, polyethylene terephthalate, and polyethylene with polyvinyl chloride. The market demand for PVC is being adversely impacted by these problems related to its recycling.

By Process, The North America Plastic Recycling Market is segmented into Chemical Recycling, Mechanical Recycling and others. The market was headed by the mechanical recycling sector, which had the largest revenue share of over 67.8%. The mechanical recycling process reduces the company's carbon footprint by producing recovered plastics with incredibly low emissions. Plastic waste from both residences and businesses is disposed of there. Over the process, the chemical structure is kept intact. After being mechanically crushed, the plastic is remelted into granules. Then, this granulate is utilized to create new goods in a range of sectors, including building and construction, textiles, automotive, electrical and electronics, and packaging. Plastic trash is predominantly hydrolyzed and pyrolyzed in chemical recycling processes. Because it is processed at temperatures higher than 300°C, recycled plastic from chemical recycling is a simple substitute for virgin polymer. Chemical recycling starts with the same basic processes as mechanical recycling: gathering, sorting, grinding, washing, & drying. Pyrolysis and hydrolysis are further processes in chemical recycling that result in the creation of plastic pellets, fibers, & granules.

North America Plastic Recycling Overview by Region

The US dominated the North American plastic recycling business, accounting for almost 90% of total revenue. Most of the plastic waste produced in the country is sent to other countries for recycling. In reaction to China's recent ban on the import of plastic waste, the United States has started selling its plastic waste to countries in Southeast Asia. Many American communities, such as Austin, Seattle, and Phoenix, charge their residents for waste streams that wind up in landfills rather than covering the cost of recycling them. When it comes to recycling plastic, Charlotte, Houston, and Chicago have the worst records. The use of recycled plastics in food packaging solutions, including polyethylene terephthalate, polystyrene, poly vinyl chloride, and polyolefins, has been permitted by the US Food and Drug Administration. The most prevalent waste kinds produced in the nation are polyethylene terephthalate, also known as low-density polyethylene, a high level of polyethylene, polypropylene polyvinyl chloride, and polystyrene. Among other things, these polymers are used to make blister packs, films and wraps, bottle closures, containers, and food and beverage bottles.

North America Plastic Recycling Market competitive landscape

Leading companies such as CUSTOM POLYMERS, B & B Plastics Inc., Transcontinental Inc., ENVISION PLASTICS, Jayplas, Joe’s Plastics , K K Asia (HK) Ltd., Berry Global Inc., MBA Polymers Inc., Plastipak Holdings, Inc., SUEZ, Ultra-Poly Corporation, VEOLIA ENVIRONNEMENT SA, KW Plastics, Birch Plastics Inc., and RJM INTERNATIONAL, INC.. The market is typified by the joint venture and expansion strategies adopted by plastic recycling companies in the region. It also features competition among major players based on creating applications capabilities as well as emerging technologies utilized for plastic recycling; well-established players like Agilyx are investing in R&D to create new and sophisticated recycling techniques in order to gain a competitive advantage in the market.

Scope of North America Plastic Recycling report

 North America Plastic Recycling report segmentation