SEATTLE (Recycling Monster): As per recent study report by MarketsandMarkets, the global recycled plastics market is projected to record a CAGR growth of 8.1% from 2023 to 2030. The market is estimated to grow from $69.4 billion in 2023 to $120 billion by the end of the decade, mainly driven by rising environmental awareness and stringent regulations imposed by various countries across the globe.

The study cites that the recycled plastics market may be restrained by the adverse impacts of downcycling. Meantime, the various initiatives to promote use of recycled plastics in developed countries presents great market opportunity.

By source, the plastic bottles segment is likely to emerge as the fastest growing market segment during the forecast period, mainly due to the presence of better network for collection and sorting. By type, the PET segment will dominate the recycled plastics market until 2030. The packaging segment industry, with its increased requirement for a wide range of products, will be the largest end-user of recycled plastics.

By region, Asia Pacific will record the fastest market growth in recycled plastics, the report said. Furthermore, it predicts rising demand for recycled plastics from the building and construction industry in countries such as India, Japan and South Korea.