Recycled Plastics Market by Type, Source, End-Use Industry and Region - Global Forecast to 2026
The Recycled Plastics Market is projected to grow from USD 27.9 billion in 2021 to USD 43.5 billion by 2026, at a CAGR of 9.3% from 2021 to 2026. One of the key factors driving the growth of recycled plastics market include the growing awareness regarding energy saving and government responses. Also, governments around the world are concerned about plastic wastes, especially single-use packaging wastes, and are implementing regulations to both minimize environmental waste and improve waste management processes. This, in turn, is expected to contribute to the growth of the recycled plastics market.
By type, PET is estimated to be the largest segment in recycled plastics market. It is primarily used into fashion products such as polar fleece clothes, backpacks, and carpets. PET can be recovered and recycled repeatedly and remelted to produce new PET products. It can also be chemically broken into its constituent raw materials, which can then be purified and converted into a new PET resin.
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