Post-Consumer Recycled Plastics Market to Grow with a CAGR of 4.85% through 2028
Consumer preference for sustainable products and
increasing environmental awareness and regulations are factors driving the
Global Post-Consumer Recycled Plastics Market in the forecast period 2024-2028.
According to TechSci Research report, “Post-Consumer
Recycled Plastics Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Post-Consumer Recycled
Plastics Market has valued at USD 65.34 billion in 2022 and is anticipated to
project robust growth in the forecast period with a CAGR of 4.85% through 2028.
The Global Post-Consumer Recycled Plastics Market is
experiencing a profound transformation, and at its core is the driving force of
technological advancement. Post-consumer recycled plastics, derived from used
plastic products and packaging materials, have surged in demand due to
continuous innovations and advancements in recycling technologies, sorting
processes, and sustainable material solutions.
One of the primary drivers of the demand for
post-consumer recycled plastics is the relentless progress in recycling
technologies. Technological innovations have led to the development of more
efficient and sophisticated recycling methods that can process a wider range of
plastic waste streams. These advancements have improved the yield of
high-quality recycled plastics, reducing waste and enhancing resource
utilization.
Furthermore, the global push for environmental
sustainability and circular economy practices has accelerated the adoption of
post-consumer recycled plastics. As industries and consumers become
increasingly aware of the environmental impact of plastic waste,
technology-driven solutions are pivotal. Advanced recycling processes can
transform used plastic products and packaging materials into high-quality
recycled plastics that can be used in a multitude of applications, from
packaging materials to automotive components.
The automotive industry, in particular, is benefiting
from technological advancements in post-consumer recycled plastics. As
automakers seek to reduce their carbon footprint and embrace sustainable
practices, they are turning to recycled plastics for interior components, such
as dashboards and door panels. Innovations in recycling technologies and
material formulations have made it possible to produce recycled plastics that
meet the industry's stringent performance and safety standards.
Moreover, advancements in sorting and processing
technologies are improving the quality and consistency of post-consumer
recycled plastics. High-speed sorting equipment, automated systems, and
artificial intelligence-driven processes are streamlining the recycling of
plastic waste. These technologies enable the separation of plastics by type and
color, ensuring that the recycled materials meet the specific requirements of
various industries. As technological progress continues in this direction, the
versatility of post-consumer recycled plastics as a sustainable material
solution expands further.
Additionally, the development of advanced material
formulations is enhancing the performance characteristics of recycled plastics.
Technological innovations in compounding and material blending enable the
creation of recycled plastics with properties comparable to or even exceeding
those of virgin plastics. This is particularly valuable in industries such as
packaging, where the demand for sustainable materials that offer strength,
durability, and environmental responsibility is high.
Furthermore, government regulations and initiatives
promoting recycling and sustainability are encouraging industries to embrace
post-consumer recycled plastics. Technological advancements play a pivotal role
in helping businesses comply with these regulations while also reducing costs
and environmental impact. These regulations create a favorable market
environment, incentivizing the adoption of recycled plastics across various
sectors. Technological advancement stands as the
driving force behind the growing demand for the Global Post-Consumer Recycled
Plastics Market. These technologies, encompassing recycling processes, material
formulations, sorting techniques, and regulatory compliance, are pivotal in
reshaping the plastics industry towards sustainability and environmental
responsibility. Technology not only enhances the quality and versatility of
recycled plastics but also fosters a circular economy where plastic waste is
transformed into valuable resources. The trajectory is clear: technology will
remain the catalyst propelling the Global Post-Consumer Recycled Plastics
Market into new frontiers of innovation and application, ultimately reducing
plastic waste and mitigating environmental impact.
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Recycled Plastics Market”
The Global Post-Consumer Recycled Plastics Market is
segmented into source, type, end user, regional distribution, and company
Based on the source, the bottle segment emerged as the
dominant player in the global market for Post-Consumer Recycled Plastics.
Bottles are one of the most commonly used single-use plastics, and consumers
are increasingly aware of the environmental impact of plastic waste. As a
result, there may be higher demand for recycled plastic bottles compared to
other plastic products. The collection and recycling infrastructure for plastic
bottles may be more established and efficient in many regions, making it easier
to recycle and reintroduce them into the market.
Apart from these, Technology for recycling bottles,
especially PET (polyethylene terephthalate) and HDPE (high-density
polyethylene) bottles, is relatively advanced compared to some other forms of
plastic. Bottles, especially PET bottles, have a relatively high resale value
compared to some other recyclables. This can make the economics of recycling
bottles more favorable. Bottles, especially those produced by big brands, tend
to be quite uniform in terms of material composition and design. This uniformity
makes the recycling process more efficient.
The Asia-Pacific region currently holds a dominant
position in the Post-Consumer Recycled Plastics market, both in terms of market
share and revenue. In the foreseeable future, the construction sector in the
Asia Pacific region is poised for significant expansion, primarily due to the
increasing demand for non-residential construction projects like hospitals,
schools, and colleges. This heightened construction activity is expected to
boost the need for personal protective equipment, including safety vests, helmets,
safety belts, and various related products, thereby driving growth in this
industry. Apart from these, growing government initiatives for creating a
circular economy and development of new industrial setup are pushing demand in
the region and make APAC as dominating region.
Europe, on the other hand, emerged as the
second-largest regional market in 2019. The region's market growth is being
propelled by the widespread adoption of circular economy practices aimed at
reducing the carbon footprint associated with plastic production. This approach
focuses on enhancing post-consumer plastic recycling efforts across Europe.
Stringent landfill bans have led to limited production
growth in European countries, as an increasing emphasis is placed on expanding
post-consumer plastic recycling activities. With exceptionally high landfill
taxes in certain European nations, the cost of disposal has become more
expensive than recycling, motivating the European population to actively engage
in the collection and recycling of post-consumer plastics.
North America holds the third position in terms of
revenue generation. The market in this region is being driven by the growth of
major end-use industries such as electrical and electronics, construction, and
packaging. The rising demand for packaged and processed food, coupled with the
booming construction sector in countries like the United States, Mexico, and
Canada, is expected to further bolster market growth in the near future.
Major companies operating in Global Post-Consumer
Recycled Plastics Market are:
- DS Smith Plc
- Veolia Environnement SA
- Suez SA
- Waste Management, Inc.
- Republic Services, Inc.
- Waste Connections, Inc.
- Biffa plc
- Clean Harbors, Inc.
- Stericycle, Inc.
- Remondis SE & Co. KG
- Plastipak Holdings Inc
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“The Global Post-Consumer Recycled Plastics Market is
experiencing significant growth due to the increasing awareness of
environmental sustainability and the need to reduce plastic waste.
Post-consumer recycled plastics are derived from used plastic products and
packaging materials, which are collected, processed, and transformed into new
plastic products.
Key factors driving market expansion include growing
concerns about plastic pollution, government regulations promoting recycling
initiatives, and the rising demand for eco-friendly and sustainable materials.
As industries and consumers become more environmentally conscious, the demand
for post-consumer recycled plastics as an alternative to virgin plastics is on
the rise. Moreover, advancements in recycling technologies and
the development of efficient sorting and processing methods are further
propelling the market. These innovations improve the quality and consistency of
recycled plastics, making them suitable for a wide range of applications in
industries such as packaging, automotive, and construction. As the global
commitment to reducing plastic waste and adopting circular economy practices
strengthens, the Global Post-Consumer Recycled Plastics Market is poised for
sustained growth,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Post-Consumer Recycled Plastics Market- Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented
by Source (Bottles, Non-bottle Rigid),
By Type (Polypropylene, Polystyrene, Polyethylene, others), By End User
(Packaging, Building & Construction, Automotive, Electronics and Others),
By Region and competition”, has evaluated the future growth potential of Global
Post-Consumer Recycled Plastics Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Post-Consumer Recycled Plastics Market.
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