Gurugram, India, April 26, 2023 (GLOBE NEWSWIRE) — Driven by increasing consumption from various end-use industries such as packaging, automotive, electronics and others, the global market for recycled plastics is expected to exceed US$75 billion by 2028, it says Ken Research Study.

Plastic recycling is the process of recovering plastic waste and reprocessing the material into useful products. Plastic waste is collected from landfills and other sources and sent to recycling centers, where it is typically separated into different types of polymers. Polymers are then shredded and melted back into polymer pellets. The pellets are resold to be used in new products in various end-use industries. Recycling and other collection routes help reduce environmental impact and save costs, especially in the construction, manufacturing, and retail industries. Most plastics are not biodegradable, so recycling is part of a global effort to reduce plastics in waste streams. Accordingly Ken Research estimates that Global market for recycled plastics — which will be around $45 billion in 2022 — and is expected to continue growing to more than $75 billion by 2028.

Ken Research shares 5 key takeaways from its latest research study about this promising market.

1. The increasing consumption of recycled plastics in the textile industry is driving the market worldwide

Green clothing refers to fabrics derived from sustainable materials such as hemp, bamboo or recycled plastic, and the methods used to create these fabrics are highly sustainable. Significant reductions in carbon emissions are observed when using recycled plastic fibers compared to virgin material. Using products made from recycled plastic bottles indirectly contributes to creating a sustainable life and environment as it helps reduce air, water and soil pollution. Due to these environmental concerns, several brands in the fashion industry are working to create ways to reduce their environmental impact….