Good Outlook for the Global Recycled Plastics Market
According to Indian-based Fortune Business Insights, the global recycled plastics market size is projected to reach 72.6 billion US-Dollar by the end of 2026.
The presence of several large-scale companies across the world will have a positive impact on the growth of the market in the coming years, the company emphasized in October last year. The recycled plastics industry was worth 37.8 billion US-Dollar in 2018 and will exhibit a CAGR (compound annual growth rate) of 8.5 percent from 2019 to 2026. The increasing demand for recycled plastics, “resulting from its widespread applications across diverse industries, will contribute to the growth of the market,” the information said. “Accounting to the serious effects of plastic wastes on the environment, governments across the world have imposed strict regulations towards their usage.” The report would encompass several factors that have contributed to the growth of the market in recent years. Plastic waste has a serious effect on the environment, particularly on aquatic and wildlife.
As a result, several large companies were partnering to minimize the use of plastic and make people aware of its negative effects. In March 2019, Coca-Cola, Nestle, and Unilever formed the ‘African Plastics Recycling Alliance’ to bring about a change in the plastic recycling infrastructure across Sub-Saharan Africa. “This alliance will not just influence the regional market, but will also have a direct impact on the growth of the global market,” Fortune Business Insights predicted.
The report had analyzed the ongoing beer market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. “Among these regions, the market in the Asia Pacific is likely to emerge dominant in the coming years. The presence of several bottled water manufacturers will aid the growth of the recycled plastics market.” The market in North America would also witness considerable growth in the coming years, driven by the increasing number of government initiatives.
www.fortunebusinessinsights.com/enquiry/queries/recycled-plastic-market-102568
(Published in GLOBAL RECYCLING Magazine 1/2022, Page 7, Photo: Ludwig Paul, Servicebetrieb Bau & Stadtgrün, Stadt Schweinfurt / abfallbild.de)
