The global market for recycled plastics is expected to reach US$ 65 billion (EUR 62 billion) by 2030, up from US$ 43.8 billion at the end of 2021 and at a 4.5% compound annual growth rate, according to Straits Research.
The packaging application segment continues to dominate the market for recycled plastics and is anticipated to maintain its position. Construction materials and the automotive sector are also hailed as booming markets in a report from the consultants.
Another key take-away is that the textile industry in emerging countries across the Asia-Pacific region provides ‘promising potential’ for recycled plastics.
Within the last five years, it says, there has been an ‘enormous spike’ in large clothing companies, businesses, and conservation groups employing plastics in their garments to reduce plastic waste. Market analysts cite recycled PET bottles as the main element of this segment.
The Asia Pacific region continues to be the biggest plastics recycling player, followed closely by Europe which is the fastest growing market. Other regions covered in the report include the Middle East & Africa, Latin America and North America.