The recycled plastic market will reach USD 124,314.1 million, advancing at a rate of 8.5%, by 2030 as per a report by P&S Intelligence.

The growth of the industry is mainly credited to the increasing focus on reducing the volumes of plastic waste; rising awareness of energy savings; and government policies and initiatives to increase the use of recycled products.

The revenue generated from recycled plastics from packaging materials will grow with more than 8% rate in the years to come. This is credited to the ease of recycling packaging material of wraps, pouches, films, and bottles; and the increasing demand for recycled products.

Additionally, government policies and initiatives to reduce the volume of non-recyclable waste by adopting recyclable materials in the packaging industry will boost the growth of the recycled plastic market in the future.

The volumes of plastics used in the food and beverage industry for storage and transportation in the form of bins, trays, disposables, bottles, and packaging films are accountable for producing a large volume of plastic waste.

In addition, the generation of high-volume of waste puts pressure on the manufacturers of food and beverage to extend producer responsibility agreements, develop circular economic operation models, and adopt the recycling process in their supply chains. These factors have created an easier recycling process.

APAC held the largest revenue share, 52.3%, in recent years. Due to the availability of domestic waste and high-volume imports of plastic waste, and low costs of labor, APAC has a high capacity for the production of recycled plastics.

These factors have helped in the development of low-to-high recycling facilities in India, Vietnam, Malaysia, Thailand, Indonesia, and China.

Advanced technologies for plastic recycling are boosting the industry by assisting in keeping more plastics in use and out of the environment. The plastic industry is growing constantly and constantly finding innovative ideas for recycled plastics.

Key players in the industry are involved in mergers and acquisitions and expanding their facilities to gain a competitive edge in the industry.

For example, in May 2021, a plastic recycling service provider, Mura Technology, based in the U.K., created the world’s first commercial-scale recycling plant using chemical recycling and generates profit.

Recycled Plastic Market Report@ https://www.psmarketresearch.com/market-analysis/plastic-recycling-market