PLASTIC RECYCLING MACHINE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Plastic Recycling Machine Market Size and Trends

Global plastic recycling machine market is estimated to be valued at USD 3.59 Bn in 2024 and is expected to reach USD 5.46 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

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Strict regulations around plastic waste recycling and rising adoption of sustainable plastic waste management practices are expected to boost demand for plastic recycling machines. Growing concerns about environmental pollution due to plastic waste is expected to boost demand for effective plastic recycling solutions. The market is witnessing growth due to implementation of plastic bans in many countries like, Netherlands Japan, Thailand, etc. and favourable government initiatives like Plastic Resource Recycling Promotion Law, by Japan to promote plastic waste recycling practices. However, high installation and maintenance costs of plastic recycling machines can hamper the market growth.

Strict regulations on plastic waste disposal

Plastic, being a non-biodegradable material, tends to accumulate in landfills and the environment, if not disposed of properly. This has led governments across many countries to implement stringent regulations regarding plastic waste disposal and recycling. Major economies like China, India and several European nations have either banned or imposed heavy restrictions on importing plastic waste for disposal.

This has disrupted the existing plastic waste management processes and forced cities and waste management companies to find sustainable solutions within their territories. With landfills filling up rapidly and incineration not being a viable long-term option, plastic recycling is now being encouraged and incentivized through policy support and initiatives. Financial incentives are being offered for setting up plastic recycling infrastructure and achieving recycling rates. Compliance to recycling norms is being closely monitored through periodic audits and checks.

The aggressive regulatory push is aimed at creating a circular economy for plastics and minimizing environmental pollution from plastic waste. Municipalities and companies now have no choice but to collaborate with recycling technology companies and invest in plastic recycling machinery to reuse plastics domestically. Large recycling projects are being rolled out across many cities and regions. All these factors boosts demand for different types of plastic recycling machines capable of processing diverse plastic streams in an automated, cost-effective manner. For instance, in May 2022, Xycle a plastic recycling company, began construction of a plant in the port of Rotterdam to convert 20,000 tons of non-mechanically recyclable plastic into sustainable raw materials annually, providing an alternative for the chemical industry.

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Growing public concern about plastic pollution

Single-use plastics have become an inseparable part of one’s daily lives. However, increasing instances of marine life entanglement in plastic debris, graphics images of animal/bird ingestion of plastic, and plastic trash clogging water bodies and landscapes have raised serious public concern about plastic pollution in recent years. High-profile social media campaigns and documentaries covering the plastic pollution crisis like Blue Planet II have brought international attention to this issue. Younger consumers are more likely to choose brands that are committed to sustainability and addressing plastic pollution through tangible actions rather than commitments.

Public outcry has pressured consumer brands as well as cities and countries to reduce plastic usage and prioritize recycling. Companies now recognize the business and branding risks of not being seen to take plastic pollution seriously. Making recycling easily accessible to citizens and displaying tangible progress on plastic waste management through scientifically designed systems has become a priority for many urban local bodies and waste management authorities. This shift not only aims to address environmental concerns but also to meet the growing expectations of environmentally conscious consumers and stakeholders. For instance, in June 2021, GENIUS MACHINERY, recycling machines manufacturer, responded to increased demand for washing machines and waste film recycling by providing solutions for PE, PP, LDPE, and HDPE recycling that are energy-efficient and low-maintenance.