The study, by Fairfield Market, research finds that plastics are durable, versatile, and cost-effective, but their non-biodegradable nature makes their usage a point of contention.
The annual consumption of plastics is more than 300 million tonnes, 50% of which is meant for single-use purposes.
Recycled Plastics Market
Worldwide, the recycled plastics market is anticipated to reach $30.2 billion (€28.3 billion) in 2026, increasing from $19.5 billion (€18.2 billion) in 2019. This equates to a CAGR rise of 8.1%.
The study shows that the packaging industry singlehandedly generates plastic waste of 170 million tonnes in one year.
It added that food packaging is likely to become the largest consumer of recycled plastics.
Fairfield say many companies across the world have embarked on the path of reducing the usage of virgin plastics. This, in turn, expands the opportunity for food-grade recycled plastics and will facilitate a growth of 8.9% during the period 2022 to 2026.
Growth In Opportunities
The research finds that ever since a Chinese ban on importing plastic waste was implemented, North America has seen growth in the opportunities for recycled plastic.
To ensure a continuous supply of recycled plastics, the US government plans to invest in the collection and recycling capabilities.
Fairfield predicts the mutual aim and efforts of government and organisations towards the production of recycled plastics and growing customer awareness in the US would proliferate the demand for recycled plastics in times to come.