The global recycled plastic market size was valued at USD 45.1 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2020 to 2027. Increasing plastic consumption in the production of lightweight components, which are used in various industries including building & construction, automotive, electrical & electronics, and others, is expected to propel the market growth over the forecast period. Amid the global COVID-19 pandemic, the demand for various packaging products has increased owing to the rise in the online purchase of electrical & electronics, personal care products, and personal protective equipment, such as gloves and face masks.
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