The global plastics recycling market is predicted to witness an increase in revenues from US$ 32,640 million in 2018 to over US$ 54,019 million by 2026 at a stable compound annual growth rate of 6.5% in the seven years from 2019.
The main market drivers are rising population, growth in disposable incomes and continuous product innovation. In this context, the higher manufacturing costs of virgin resins have necessitated greater use of recycled plastics, thereby bolstering the growth in the global recycled market.
Plastics manufacturers and recyclers are now more focused on adding value and consumer appeal to their recycled plastic products and are devising secondary containment products (laundry carts, bulk storage containers, etc.) through rotational moulding methods. Several brands are investing in research and development to enhance the quality performance of recycled plastic products and are incorporating them in every plastic component that they use.
From a regional perspective, North America enjoys a leading position in the global recycled plastics market on account of growing demand attributable to various pro-recycling initiatives undertaken by the government and other organizations. Next come Europe, Asia-Pacific, Latin America, the Middle East and Africa.
Regarding the momentum anticipated for the global plastics recycling market, the mechanical recycling sub-segment is set to gain the highest market share while PET is predicted to dominate. In addition, the Asia-Pacific region is expected to add significantly to its market growth.