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Plastic Recycling May 07, 2024 04:30:23 PM

Global Recycled Plastics Market to Exceed $58 Billion by 2030

Paul Ploumis
ScrapMonster Author
Based on process, the report segments the market into two types- mechanical and chemical.

Global Recycled Plastics Market to Exceed $58 Billion by 2030

SEATTLE (Scrap Monster): According to latest market research report published by Maximize Market Research, the world recycled plastics market revenue is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2030. The recycled plastics market revenue is projected to touch $57.71 billion by the end of the forecast period. It must be noted that the market was valued at $31.77 billion in 2023.

Over recent years, the recycled plastics market has witnessed significant growth, mainly driven by rising environmental concerns, stricter regulations and growing consumer awareness about sustainability practices. The increasing adoption of recycled plastics by various industries such as automotive, construction and electronics too has contributed to market growth during this period.

Based on process, the report segments the market into two types- mechanical and chemical.

In 2023, North American region accounted for maximum market share of 23%. The region is expected to continue its dominance during the forecast period, with market size predicted to see further expansion. By type, Polyethylene Terephthalate (PET) segment captured substantial share of the recycled plastics market followed by high density polyethylene (HDPE).

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