In 2021, global plastic recycling was estimated at roughly 40 billion US dollars. This market was forecast to grow at a compound annual growth rate (CAGR) of seven percent between 2022 and 2031, to reach some 78 billion dollars in the latter year.
The global plastic waste industry has faced some challenges in recent years. New environmental regulations in China — once the main importer of plastic waste from around the world — resulted in a huge decline in the country's plastic imports from rich nations.
