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The global plastic recycling sector will be worth around US$ 45.5 billion this year, new market data reveals. The figure is expected to exceed US$ 65 billion by 2026, representing a compound annual growth rate of 7.5% during the forecast period. On a global scale, the Asia Pacific region is anticipated to lead the plastics recycling market, says a new report by Research & Markets. This is mainly thanks to rapid industrialisation and the importance of waste management in countries like China, Japan, and India. Other factors include a surge in automotive and textile production as well as a big appetite for plastics in the construction industry. By material, polyethylene terephthalate (PET) is believed to be the fastest-growing segment in the years to come. ‘It is cost-efficient in terms of its recycling process, has high flexibility, which makes it suitable for use in various industries ranging from packaging, textiles and plastic film, to moulded parts for cars and electronics,’ market analysts state.