By 2026, the market for recycled plastics will be valued $43.5 billion with a 9.3% CAGR.

According to a new market research report, the “Recycled Plastics Market by Type (PET, PE, PP, PVC, PS), Source (Bottles, Films, Fibers, Foams), End-Use Industry (Packaging, Textile, Building & Construction, Automotive, Electrical & Electronics) and Region – Global Forecast to 2026″, size is expected to grow from USD 27.9 billion in 2021 to USD 43.5 billion by 2026, at a CAGR of 9.3% during the forecast period. The market is witnessing growth due to the growing awareness regarding the environmental benefits provided by recycled plastics over virgin plastics. Moreover, the energy consumed in recycling plastics is less than that of virgin plastics, which is further driving the demand for recycled plastics in many applications.

COVID-19 Impact on the Global Recycled Plastics Market

The novel coronavirus (COVID-19) pandemic started from Wuhan, China, and has spread across all the major economies in the world. European countries such as Italy, Spain, France, and Germany; the US in North America; Asia Pacific countries such as China, India, South Korea, Taiwan; Australia; and Saudi Arabia and the UAE in the Middle East are among the most affected economies by the pandemic. The recycled plastic market has been impacted by the outbreak of COVID-19 as most of the recycled plastic services, solutions, and product providers are located in these countries.

Social distancing led to a growth in at-home deliveries, which have increased the packaging rate. The recycling market is drying up due to countrywide lockdowns, and informal waste pickers who play an important role in waste management have either been unable to supply recyclers with raw materials or have been unable to find recyclers ready to shop for their materials.