March 10, 2023 09:00 ET | Source: Transparency Market Research Transparency Market Research

Albany, New York, UNITED STATES

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

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Global Plastic Bottle Recycling Market: Growth Drivers

Global Plastic Bottle Recycling Market: Regional Landscape

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Global Plastic Bottle Recycling Market: Key Players

Global Plastic Bottle Recycling Market: Segmentation

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