SEATTLE (Scrap Monster): The global plastic recycling market was valued at USD 28.3 billion in 2022 and is projected to reach USD 60.2 billion by 2031, expanding at a compound annual growth rate (CAGR) of 8.9% during the 2024–2031 forecast period. Growth is being driven by rising environmental awareness, stricter government regulations, circular economy initiatives, and rapid advances in recycling technologies.

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Regulatory pressure and recycled content mandates now account for 55% of global recycling investment drivers, while 81% of consumers actively seek eco-friendly packaging, boosting demand for recycled feedstocks. In India, the plastic credit market is expected to surge 70% to $1.67 billion by 2030, supported by extended producer responsibility policies. Meanwhile, AI-enabled sorting systems have reduced contamination in recycled materials to just 2%.

The packaging sector remains the largest end-use segment, accounting for 45% of recycled plastic consumption, while the automotive industry is increasingly adopting recycled materials for lightweight and sustainable vehicle components. Regionally, Asia Pacific leads with a 48.2% market share, followed by North America at 33.2% and Europe at 27.2%, supported by strong infrastructure, policy incentives, and sustainability mandates.