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NEW YORK , April 4, 2022 /PRNewswire/ -- According to the market research report published by P&S Intelligence, the recycled plastic market value is set to increase to $124,314.1 million by 2030 from an estimated $59,777.3 million in 2021, at an 8.5% CAGR. In recent years, a number of companies have started to collect plastic waste and recycle them into reusable resins and fibers. They include MBA Polymers Inc., Vikoz Enterprises Inc., Phoenix Technologies International LLC, Terracycle US Inc., DS Smith Plc, KW Plastics, PETCO, Custom Polymers Inc., and Waste Connections Inc.
In the coming years, the value of recycled packaging plastic sales is set to grow at a healthy rate because much of the packaging is currently designed for single use. With the rising demand for packaged consumer goods, the plastic packaging sector is growing, as is the amount of waste plastic. Additionally, governments in several countries have implemented rules that seek to curb the volume of plastic waste that can't be recycled.
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Key Findings of Recycled Plastic Market Report
In the coming years, the highest market CAGR will be witnessed in Europe , which is taking concrete pledges to reduce its plastic waste. As per Plastics Europe, of the around 29.5 million tonnes of plastic waste collected in EU+27 in 2020, 34.6% was sent for recycling. Moreover, China , once the major importer of such waste from Europe and North America , banned the inflow of certain kinds of plastic waste in 2017 under its National Sword Policy, which has made it imperative for the waste to be reprocessed at the source itself.
Browse detailed report on Global Recycled Plastic Market Size, Recent Developments, and Growth Forecast Report
Therefore, the recycled plastic market players in Europe and all other regions and countries are expanding their reprocessing capacities and acquiring sourcing, sorting, and recycling firms. For instance, Mura Technology constructed a recycling plant that uses chemicals for the process in May 2021 in Teesside, England . Similarly, MOL Group agreed to acquire recycled plastic compounder Aurora in April 2019 .
Recycled Plastic Market Size Breakdown by Segments
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Prajneesh Kumar P&S Intelligence Phone: +1-347-960-6455 Email: [email protected] Web: https://www.psmarketresearch.com Follow Us: LinkedIn Twitter
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