Recycled Plastic Market Will Reach USD 124,314.1 Million by 2030

The recycled plastic market will reach USD 124,314.1 million, advancing at a rate of 8.5%, by 2030 as per a report by P&S Intelligence. 

The growth of the industry is mainly credited to the increasing focus on reducing the volumes of plastic waste; rising awareness of energy savings; and government policies and initiatives to increase the use of recycled products.

Additionally, government policies and initiatives to reduce the volume of non-recyclable waste by adopting recyclable materials in the packaging industry will boost the growth of the recycled plastic market in the future. 

The volumes of plastics used in the food and beverage industry for storage and transportation in the form of bins, trays, disposables, bottles, and packaging films are accountable for producing a large volume of plastic waste.

In addition, the generation of high-volume of waste puts pressure on the manufacturers of food and beverage to extend producer responsibility agreements, develop circular economic operation models, and adopt the recycling process in their supply chains. These factors have created an easier recycling process. 

On the other hand, the Europe will grow at the highest CAGR, of more than 10%, in the years to come. This can be ascribed to the targets for environmental sustainability by adopting recycled products across the packaging supply chain, initiatives for resurging local manufacturing by the government, and the development of domestic facilities for recycling waste.

Advanced technologies for plastic recycling are boosting the industry by assisting in keeping more plastics in use and out of the environment. The plastic industry is growing constantly and constantly finding innovative ideas for recycled plastics.