According to MarketsandMarkets™, the global Recycled Plastics Market size is expected to grow from USD 27.9 billion in 2021 to USD 43.5 billion by 2026, at a CAGR of 9.3% during the forecast period. Favorable initiatives to promote the use of recycled plastics in developed countries, growing acceptance of recycled plastics consumption in the textile industry as fibers in developing countries of Asia Pacific, and cost-effective, sophisticated recycling technologies are some of the major factors driving the global recycled plastics market.
APAC is expected to be the largest market for recycled plastics, with China being the key market in the region. China accounts for a major share of the regional demand for recycled plastics, followed by Japan, India, and South Korea. These countries are expected to witness a steady increase in consumption between 2021 and 2026. According to the World Bank, Asia Pacific is the fastest-growing region in terms of both population and economic growth. The region has experienced significant growth in the last decade and accounted for over a third of the world’s GDP. The high economic growth, coupled with the mounting population, is expected to boost the industrial sector in the region, which will increase the need for plastics from industries. Continuous and easy availability of recycled plastics, low-cost labor, lower price, and environmental benefits are also some of the major factors driving the recycled plastics market in the region
Indorama Ventures Public Ltd. (Thailand), Veolia (France), Suez (France), Jayplas (UK), Alpek (Mexico), Biffa (UK), Republic Services (US), Stericycle (US), Far Eastern New Century Corporation (Taiwan), KW Plastics (US), among others are the leading recycled plastics manufacturers, globally.
