World Recycled Plastic Market to Hit Peak by 2032

SEATTLE (Scrap Monster): The latest research report published by Allied Market Research predicts boom in global recycled plastic market during the period from 2022 to 2032. The market value id projected to reach $141.9 billion by the end of the forecast period. It must be noted that the market was significantly disrupted during the Covid-19 pandemic period.

The above forecast translates to a more than two-fold jump in market value, equivalent to CAGR growth of 7.9% until 2032. The world recycled plastic market was worth $66.7 billion last year.

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The anticipated market growth will be mainly triggered by rising demand for environmentally-conscious products among consumers. However, inconsistent government regulations are a threat to the projected market growth.

Within the market, PET is expected to continue its dominance. The agriculture, farming and gardening sectors will account for highest share of the recycled plastic market. Among regions, Asia-Pacific, which accounted for almost 45% of the total market share, will continue to dominate the world recycled plastic market during the forecast period. The dearth of raw materials in the region is expected to add to the recycled plastic demand.