PUBLISHER: Grand View Research | PRODUCT CODE: 1493353
PUBLISHER: Grand View Research | PRODUCT CODE: 1493353
The Europe recycled plastics market size is anticipated to reach USD 20.76 billion by 2030 and is projected to grow at a CAGR of 9.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The stringent regulations regarding recycling in the European region and growing awareness in stakeholders for the environment are the critical reasons for market growth. Countries such as Germany, the UK, and France are incentivizing the production of recycled plastics and giving organizations more reasons to adapt. Heavy taxations are levied on virgin plastic/single-use plastic output, and the focus on the circular plastics economy is greatly emphasized.
A fully developed recycling infrastructure attracts the interest of organizations, brainstorming, and creating economies of scale. Concepts like the Extended Producer Responsibility Report (EPR) in the UK help organizations be responsible with their production and take the production responsibility to the post-consumption stage. In February 2021, in collaboration with Stena Recycling, Electrolux developed a visionary vacuum cleaner made entirely from post-consumer electronics, aligning with their goal to incorporate at least 50% recycled materials in all products by 2030. This innovative vacuum cleaner is committed to sustainability and circularity in household appliances.