SEATTLE (Recycling Monster): The global plastic recycling market is predicted to record significant growth during the next decade, according to the latest research report published by Allied Market Research (AMR).
The report states that the global plastic recycling market is likely to be worth around $61 billion by the year 2031, growing at a CAGR of 8.7% during the forecast period from 2022 to 2031. The market had generated revenue of $27.9 billion in 2021. The rising awareness about the harmful impacts of plastic waste and increased efforts to cut carbon emissions are being cited as the primary drivers of market growth.
Product-wise, the polyethylene terephthalate (PET) segment accounted for major share of the global plastic recycling market in 2021. The segment is predicted to witness the fastest growth with 9.4% CAGR through the forecast period. In terms of source, the largest share was recorded by plastic bottles in 2021. The category is expected to report fastest growth with 9.5% CAGR through 2031, the report noted.
Based on application, the packaging subsegment held the largest market revenue in 2021. Among regions, the Asia Pacific (APAC) is forecast to generate the fastest CAGR growth of 9.2% until 2031. The region had recorded largest market revenue in 2021.
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