World Recycled Plastic Market to Nearly Double by 2032

SEATTLE (Scrap Monster): The latest research report published by Market Research Future forecasts significant growth to recycled plastics market. According to the report, the market is forecast to surge from USD 74.9 Billion in 2023 to USD 143.9 Billion by 2032, growing at a CAGR of 8.5 during the forecast period.

The regulation set forth by the government and regulatory authorities to encourage use of recycled plastics in various applications will drive the market in North America and Europe. The report predicts rising plastic recycling rates in developing nations, especially in Mexico, China and India.

The demand for recyclable polymers in food and beverage industry is expected to rise further, driven by strong need for food-safe packaging materials. The market expansion will be accelerated by increased production of packaging materials for consumer goods. The recycled polymers will be increasingly used in manufacturing of toys, sports equipment, and accessories for clothing.

The North American region has dominated the global recycled plastic market for past several years, accounting for nearly 46% share of the total global market. The region will continue to fuel market expansion, propelled by the region’s boosted demand for packaged and processed foods and the rapidly expanding construction sector.