Recycled Plastic Market Trends and Future Growth Study 2022-2030

The European recycled plastic market will grow at the highest CAGR in the coming years.
 
NEW YORK - Aug. 16, 2022 - PRLog -- To contain air, land, and marine pollution, manufacturers, governments, and customers are changing their patterns of plastic consumption, recycling, remaking goods that are easily processable post-use, and overhauling the traditional lines of production, to generate a low volume of plastic waste. All this has been a result of the increasing awareness regarding the harmful impact of plastics worldwide. Due to these reasons, the recycled plastic market is set to advance at a CAGR of 8.5% between 2021 and 2030. At this rate, the market will swell from $59,777.3 million in 2021 to $124,314.1 million by 2030.

According to P&S Intelligence, the Asia-Pacific region accounted for the highest volume of plastic recycled, due to the large-scale import and availability of domestic waste. As per data by the Organisation for Economic Corporation and Development (OECD), around 70% of plastic waste imported by APAC nations in 2016 was from high-income countries. In addition to this, cheap labor allows for smooth labor-intensive operations such as sorting, collection, and cleaning in APAC nations. Both these reasons assist in the development of small- and large-scale reprocessing facilities in India, Indonesia, China, Malaysia, Thailand, and Vietnam.

As a result, the European recycled plastic (https://www.psmarketresearch.com/market-analysis/plastic-...) market is expected to showcase rapid growth in the future. This can also be ascribed to the several steps taken by the government to increase local production, development of domestic recycling facilities, and targets of environmental sustainability that aspire to recycle plastic products across the supply chain. European countries are expanding the capacities of their recycling units to deal with the growing plastic waste in the region.

Thus, a decline in the consumption of virgin plastic and increase in the number of recycling and reprocessing units are expected to drive recycling activities in the foreseeable future.

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