By 2032, a market research firm predicted that the global recycled plastic market would be worth more than $141.9 billion in value.
The compound annual growth rate will be 7.9 percent during the 10-year period, while the expected annual growth rate is 7.9 percent.
The market's expected growth can be attributed to a surge in interest in environmentally-friendly products, particularly products that can reduce greenhouse gas emissions and ocean waste.
The research firm said that inconsistencies in government regulations could slow the market down. The COVID-19 pandemic caused significant changes to the market, with many recycling sites having to close down or pause operations to establish new health protocols.
In 2022, polyethylene terephthalate is the biggest material in the market, with the largest share at 58.5%. PET is frequently utilized in both single-use products and food packaging, as well as textiles. Other recycled plastics include polypropylene and high-density polyethylene.
The industry with the highest share of the recycled plastic market is the agriculture, farming, and garden sector. In recent years, recycled plastics have been incorporated into agricultural practices to reduce garbage being dumped in oceans or landfills.
The Asia-Pacific region is expected to stay the largest consumer of recycled plastic. In 2022, the region was responsible for 45% of the market share, and is predicted to grow at a CAGR of 8.4%.
The most prominent recycled plastic companies in the study included B. Schoenberg & Co., Custom Polymers, and Ultra Poly Corporation.