The worldwide plastic recycling market will grow by more than 50 percent by the end of the decade, according to a new projection by one market research firm.
Market Research Future valued the plastic recycling market at $41.24 billion in 2022 and said the industry is expected to have a compounded annual growth rate of 7.1 percent through 2030. This would put the market at $66.66 billion in 2030.
Market Research Future valued global plastic recycling activities at $38.51 billion in 2021 in its new report, "Plastic Recycling Market Information by Material, Recycling Process, Application, and Region – Forecast till 2030."
"The demand for sustainable packaging solutions is growing rapidly, driven by the increasing concern about the environmental impact of plastic waste. Companies are increasingly adopting eco-friendly packaging solutions, such as recycled plastic packaging, to reduce their carbon footprint," the research company said."
Plastic waste disposal regulations also are driving the market, the research firm said.
"One of the market restraints for plastic recycling is the high cost of the recycling process. The process of collecting, sorting, cleaning and processing plastic waste requires significant investments in machinery, labor and energy. The high cost of the recycling process makes it challenging to achieve profitability in the plastic recycling market," Market Research Future added.
Packaging holds the largest market share by end use in recycled plastics worldwide and will continue to do so in the years ahead. That is followed by construction, textiles, automotive and then other applications, the report states.