SEATTLE (Recycling Monster): The latest research report published by SkyQuest Technology Consulting Pvt. Ltd. states that the global recycled plastic market is projected to grow at a CAGR of 6.8% during the period from 2021 to 2028. The market, valued at $48.58 billion in 2021, is projected to surpass $77 billion by the end of the forecast period, the report said.

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According to the report, the global recycled plastic market is dominated by the Asia-Pacific region, with China possessing nearly two-thirds of the total value. The significant investments in recycling infrastructure by China over the recent years have boosted demand for recycled plastics. In terms of volume, China is followed by Europe and the Americas in second and third spot respectively.

The rising recycling awareness among consumers and businesses and initiatives by various governments to promote recycling have been identified as the key drivers of global plastic recycling market. On the contrary, the report identifies increased production of virgin plastics and higher landfill disposal costs for recycled materials as the key factors that knock down the recycling of materials including plastic.

The market may need to address several challenges, in order to achieve the projected market growth over the forecast period.