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.

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.