The market is showcasing expansion owing to rising preference for recycled plastics over pure plastics as a result of high pollution caused by the disposal of utilized plastics in oceans and the scarcity of landfill areas in different parts of the world. The growing concern about sustainable as well as green packaging solutions has escalated mainly with the progress in customer education and raising awareness about health & environment, and have generated new opportunities for the recycled plastics business. The increasing call for artificial textiles will be one of the significant trends in the recycled plastics business.Įlements like expanding urbanization, industrialization, and decreased effect on the environment by plastic recycling, has led to boosting the call for the recycled plastics in the market. Eyeing potential for expansion, many brands are looking to enter fast-developing regions of the global market. Though widely spread, the global recycled plastic market is majorly segmented owing to the presence of numerous unorganized and small players in underdeveloped countries. In the last few years, many companies have entered the global recycled plastics market.
Plastic has become one of the most considerable troubles to the environment, and with the rise in consumer awareness, the need for recycling plastic is gaining speed. Asia Pacific (APAC) region had the largest market share of the Recycled Plastics market in 2020, and its stock is projected to grow during the forecast period continually. As of 2021, the Recycled Plastics market industry is valued at 41.47 Billion USD, and it is estimated to reach 56 Billion USD by the year 2026. The Recycled Plastics Market is a growing market with an average CAGR of 8.5% during the forecast period. Recycled Plastics Market Size, Share & Growth (2021 - 2026)
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