The vast majority of beverage bottles are made from PET (Polyethylene terephthalate), it makes up about 18% of polymers produced globally. That bottle can be turned without loss of properties into a perfect functioning, aesthetically pleasing and food contact approved post-consumer plastic beverage bottles again!
Yet, the recycling rate in the USA for PET is below 30%, in fact it has been decreasing in the past 3 years. That water bottle of yours isn’t waste! It is a resource to create new products and those products can be recycled all over again. The recycling technologies to accomplish this feat exist and are well proven.
After putting all that energy into making a package out of plastic that can last more than a lifetime, it seems to make sense to recycle that material and put it into a new shape. As it turns out, even with the energy required to collect the bottles (trucks, recycling systems) it takes 6x less energy to make that same bottle out of recycled material.
See Post 4 of 4 - Post Consumer Plastic Trash Bags.