According to MarketsandMarketstm's latest report, "Global Forecast of recycled plastics in 2026 -- according to varieties (PET, PE, PP, PVC, PS), sources (bottle, film, fiber, foam), usage (packaging, textiles, construction and construction, automotive, electrical and electronic) and regional classification", it is estimated that the global recycled plastics market will grow from 27 billion 900 million US dollars in 2021 to US $43 billion 500 million in 2026.

The compound annual growth rate during the forecast period is 9.3%. There are two main reasons for this substantial growth. First, people realize that recycled plastics have environmental protection advantages over primary plastics, leading to market growth; Second, the energy consumption of recycled plastics is smaller than that of primary plastics, which further promotes the demand for recycled plastics.

Pet: the regenerated variety with the largest yield

Because PET plastic is 100% recyclable, easy to recycle and low recycling cost, the report predicts that pet will become the largest recycled plastic variety by 2026.

Pet is the world's largest production of recycled plastics, and will continue to be the largest demand for recycled plastics. Pet can be recycled and regenerated repeatedly to produce new pet products.

Waste PET can also be decomposed into monomers by chemical recovery method and transformed into pet resin by purification. It can be used to produce many products, such as containers, low-carbon, textiles, protective packaging, industrial strapping, auto parts and building materials. Pet is the plastic with the highest recovery rate in the world, which is only limited by the amount that can be recycled.

Plastic bottles: the largest and fastest growing renewable source

Plastic bottles will be the largest and fastest growing source of recycled plastics. Since post consumer PET bottles have high recycling feasibility and can be well collected and sorted, post consumer pet is the most common recycled plastic.

Textiles: the most important use

Textile is one of the main uses of recycled plastics, and recycled PET is most used in textile.

In the past five years, the use of recycled plastics in large clothing companies has decreased significantly. Clothes made of recycled plastics have no difference in quality and texture from ordinary clothes, so the application of recycled plastics in textile has increased significantly.  

Asia Pacific region: the world's largest market share

The Asia Pacific region is the world's largest recycled plastics market, accounting for the largest market share. China is the main emerging market.

As China's ban on the import of waste plastics has affected the global pattern of recycled plastics, many developed countries have to find new "exports" for their growing garbage. Although the destination of these wastes has always been other emerging countries, such as India, Pakistan or Southeast Asia, its logistics cost is much higher than that of China.

The report also predicts that North America will become the fastest-growing recycled plastics market.