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Plastic Recycling June 02, 2020 07:00:20 PM

Recycled Plastic Market to Touch $72.6 Billion

Paul Ploumis
ScrapMonster Author
As per data, packaging industry accounts for over 40% of the overall plastics usage across the globe.

Recycled Plastic Market to Touch $72.6 Billion

SEATTLE (Scrap Monster): The latest research report published by Fortune Business Insights suggests tremendous growth to global recycled plastic market, aided by heightened demand from the packaging industry. The market is likely to hit $72.6 billion by 2026, growing at a CAGR of 8.55% between 2019 and 2026. It must be noted that the market was worth $37.8 billion in 2018.

As per data, packaging industry accounts for over 40% of the overall plastics usage across the globe. The increasing demand for food-safety packaging material has led to sudden spike in consumption of recycled plastics. The plastics market will see notable growth, driven by increasing demand for packaging sports equipment, toys and fashion accessories.

Among the various segments, the polyethylene terephthalate (PET) segment is likely to witness significant growth during the forecast period. Meantime, the easy recyclability feature of high-density polyethylene (HDPE) will make it a preferred choice of packaging material.

The report predicts exponential growth to recycled plastics market in the Asia-Pacific region, not only due to presence of established manufacturers in the region but also because of the high consumption of plastics by countries in the region. The region is likely to generate the highest revenue during the forecast period.

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