Global plastics recycling revenues are anticipated to grow by roughly 30% a year over the next ten years. The global market for recycled plastics is anticipated to reach US$30.2 billion in 2026, up from US$19.5 billion in 2019, driven by favourable laws and consumer demand for recycled plastic items.

Stronger public-private agreements to reduce plastic pollution, growing consumer preference for recycled plastic items, and expanding infrastructure for managing plastic trash have put the worldwide market for recycled plastics on a sharp development trajectory. Consumers, producers, and decision-makers are all moving quickly today towards waste management methods that are more sustainable. Corporate entities and governments all over the world have stepped up their efforts to implement effective plastic recycling programmes after becoming aware of the potentially harmful environmental effects of untreated industrial waste, illegal landfill and ocean plastic waste disposal, and the widespread use of virgin plastic in almost every product.

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Packing, Automotive, and Electronics are Important End-Use Industries

About 60% of the overall market share of the global recycled plastics market will be accounted for by the packaging industry during the forecasted period. This is mainly because the circular economy concept and environmentally friendly packaging are receiving more attention. The food and beverage industry is the main growth engine for packaging. The demand for recycled plastics in the food and beverage industry is being fueled by technological advancements that have made recycled resins appropriate for use in food applications. As a result, major producers of food and drinks have committed to considerably increasing the amount of recycled plastic and compostable packaging used throughout their supply chains and facilities. The automotive and electrical & electronics sectors are two more that are seeing an increase in demand for recovered plastics.

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Despite the market for recycled plastics having good development prospects, cost-related worries and stiff rivalry with first-use plastics in terms of performance are anticipated to be the main roadblocks to market expansion. Moreover, insufficient waste management infrastructure and import restrictions on specific waste plastic materials in some nations may in the near future further impede the expansion of the market.

The market for recycled plastics will see North America take the lead regionally.

North America is the region with the fastest-growing market for recycled plastic because of its robust plastic recycling systems, unrelenting green innovation, and presence of multinational firms. By 2026, Asia Pacific will hold more than half of the demand for recycled plastics due to the consistent demand for recycled plastics in the packaging, construction, and textile industries of China, India, and Southeast Asia. Further, innovation and greater consumer awareness are expected to substantially improve the plastic recycling rates in the EU by 2030. Prominent market players include Custom Polymers, Clear Path Recycling, Plastipak Holdings, Veolia, KW Plastics, Suez, B. Schoenberg & Co., Green Line Polymers, B&B Plastics, and Jayplas.

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