Global Recycled Plastics Market to Exceed $30.2 Billion by 2026

The packaging industry will account for over 60% of the market share of the global recycled plastics market during the forecast period, mainly driven by the rising appeal for sustainable packaging and the circular economy model.

SEATTLE (Scrap Monster): The latest market research report published by Fairfield Market Research predicts significant growth to world recycled plastics market over the next five-year period.

As per the report, the global plastics recycling market is forecast to touch $30.2 billion by 2026. This compares with the market which was valued at just $19.5 billion in 2019. This translates to a robust CAGR growth rate of 8.1% between 2022 and 2026. Also, the global revenues from plastics recycling are expected to register strong annual growth by nearly 30% over the coming decade.

The packaging industry will account for over 60% of the market share of the global recycled plastics market during the forecast period, mainly driven by the rising appeal for sustainable packaging and the circular economy model. The key growth driver within the packaging industry would be the food and beverages sector. The report cites increased demand for recycled plastics from automotive as well as electrical and electronics industries.

The Fairfield Market Research report says that North America will emerge as the regional market leader across the global recycled plastics market. However, by 2026, Asia-Pacific will account for more than 50% of the global demand for the material. Also, the report predicts substantial improvement in plastics recycling rates in the EU region by 2030.

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