Recycled Plastic Market Report
As reported by Indian-based market research firm Prescient & Strategic Intelligence, the global recycled plastic market size is expected to be worth about 124,314 million US-Dollar by 2030.
In 2021, the market stood at an estimated revenue of around 59,777 million US-Dollar in 2021, “which is projected to advance at a CAGR of 8.5 percent during 2021-2030”. The growth of the industry was primarily attributed to the surging focus on reducing plastic waste volumes, supportive government policies and initiatives to increase the adoption of recycled products; and growing consciousness of energy savings, the firm explained.
The revenue generation from plastics recycled from packaging materials is expected to grow with over eight percent CAGR during the forecast period in the market. “This can be attributed to the relative ease of recycling packaging materials generated from bottles, films, pouches, and wraps; high demand for reprocessed products; and ease of commercial adoption of mechanical recycling for packaging waste.”
The Asia-Pacific (APAC) region, which – depending on context – generally includes East Asia, Oceania, the Russian Far East, South Asia, and Southeast Asia, is estimated to have accounted for the largest revenue share of 52.3 percent in the recycled plastic market in 2021. As underlined, this part of the world has a “high capacity for producing recycled plastics, owing to high-volume imports of plastic waste and availability of domestic waste, and low labor costs, which allow for easier operation of labor-intensive allied operations, such as collection, cleaning, and sorting”. These factors had assisted in the development of low-to-high reprocessing facilities in several countries in the region, such as China, Thailand, Malaysia, Indonesia, Vietnam, and India.
However, the European market is expected to grow at a CAGR of over 10 percent in terms of revenue. “This can be attributed to the development of domestic recycling facilities, government initiatives for resurging local manufacturing, and environmental sustainability targets aimed at integrating recycled products across the packaging supply chain,” the company informed.
www.psmarketresearch.com/market-analysis/plastic-recycling-market
(Published in GLOBAL RECYCLING Magazine 2/2022, Page 6, Photo: Harald Heinritz / abfallbild.de)
