The recycled plastics market is expected to grow from $69.4 billion in 2023 to $120.0 billion by 2030, at an 8.1 per cent CAGR, according to MarketsandMarkets. The market has shown stable growth throughout the study period, driven by growing awareness of energy savings and government initiatives.

Recent developments include Indorama Ventures and Evertis collaborating to use flake from recycled PET trays for food packaging trays, Loop Industries, SUEZ, and SK geocentric confirming the Grand Est region of France as a manufacturing site for virgin-quality PET plastic made from 100 per cent recycled content, and Plastipak Holdings opening a recycling plant in Toledo, Spain.

The market dynamics include increasing use in packaging, automotive, and electrical & electronics industries, resistance to the adverse impact of downcycling, opportunities for promoting recycled plastic use in developed countries, and challenges in collecting raw materials.

The market is expected to continue growing due to increasing awareness of energy savings and government initiatives.