diff --git a/config/config.default.yaml b/config/config.default.yaml
index 51080862..5afc6f8e 100644
--- a/config/config.default.yaml
+++ b/config/config.default.yaml
@@ -606,9 +606,34 @@ industry:
   MWh_NH3_per_MWh_H2_cracker: 1.46 # https://github.com/euronion/trace/blob/44a5ff8401762edbef80eff9cfe5a47c8d3c8be4/data/efficiencies.csv
   NH3_process_emissions: 24.5
   petrochemical_process_emissions: 25.5
-  HVC_primary_fraction: 1.
-  HVC_mechanical_recycling_fraction: 0.
-  HVC_chemical_recycling_fraction: 0.
+  #HVC primary/recycling based on values used in Neumann et al https://doi.org/10.1016/j.joule.2023.06.016, linearly interpolated between 2020 and 2050
+  #2020 recycling rates based on Agora https://static.agora-energiewende.de/fileadmin/Projekte/2021/2021_02_EU_CEAP/A-EW_254_Mobilising-circular-economy_study_WEB.pdf
+  #fractions refer to the total primary HVC production in 2020
+  #assumes 6.7 Mtplastics produced from recycling in 2020
+  HVC_primary_fraction:
+    2020: 1.0
+    2025: 0.9
+    2030: 0.8
+    2035: 0.7
+    2040: 0.6
+    2045: 0.5
+    2050: 0.4
+  HVC_mechanical_recycling_fraction:
+    2020: 0.12
+    2025: 0.15
+    2030: 0.18
+    2035: 0.21
+    2040: 0.24
+    2045: 0.27
+    2050: 0.30
+  HVC_chemical_recycling_fraction:
+    2020: 0.0
+    2025: 0.0
+    2030: 0.04
+    2035: 0.08
+    2040: 0.12
+    2045: 0.16
+    2050: 0.20
   HVC_production_today: 52.
   MWh_elec_per_tHVC_mechanical_recycling: 0.547
   MWh_elec_per_tHVC_chemical_recycling: 6.9
diff --git a/doc/release_notes.rst b/doc/release_notes.rst
index 6fa88738..a3331748 100644
--- a/doc/release_notes.rst
+++ b/doc/release_notes.rst
@@ -64,6 +64,12 @@ Upcoming Release
 
 * The ``highs`` solver was added to the default environment file.
 
+* Default settings for recycling rates and primary product shares of high-value
+  chemicals have been set in accordance with the values used in `Neumann et al.
+  (2023) <https://doi.org/10.1016/j.joule.2023.06.016>`_ linearly interpolated
+  between 2020 and 2050. The recycling rates are based on data from `Agora
+  Energiewende (2021)
+  <https://static.agora-energiewende.de/fileadmin/Projekte/2021/2021_02_EU_CEAP/A-EW_254_Mobilising-circular-economy_study_WEB.pdf>`_.
 
 
 PyPSA-Eur 0.9.0 (5th January 2024)