Selbyville, Delaware, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Recycled Plastic Packaging Market was valued at USD 27.76 billion in 2023 and is projected to be worth USD 67 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
As awareness of environmental issues rises among consumers, businesses, and governments, the demand for sustainable packaging solutions has surged. This global pivot towards sustainability is largely fueled by concerns over plastic pollution, climate change, and the overarching impact of packaging waste on our planet.
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Investments from both government entities and private corporations are playing a pivotal role in shaping technological advancements in recycling and sustainable packaging. These investments focus on boosting recycling efficiency, elevating the quality of recycled materials, and pioneering innovative packaging solutions. With mounting environmental concerns and regulatory pressures, both sectors are emphasizing the adoption of state-of-the-art technologies. A notable example is the Australian Government's allocation of USD 20 million in July 2024, aimed at establishing a cutting-edge soft plastics recycling facility in Kilburn, South Australia, with a goal to divert over 14,000 tonnes of soft plastics.
Driven by the push for sustainable practices, the packaging industry is witnessing the rising adoption of post-consumer recycled (PCR) plastics. Unlike virgin plastics, PCR plastics originate from materials reclaimed from consumer’s post-use. This transition not only curtails the environmental footprint of packaging by diminishing the need for new plastic production but also conserves resources and reduces waste. Factors, such as regulatory mandates, consumer preferences for eco-friendly products, and corporate sustainability objectives are also steering the industry's shift towards PCR plastics.
The overall recycled plastic packaging market is divided into plastic type, source, recycling process, end-use industry, and region.
The market segments based on plastic type include PET (polyethylene terephthalate), HDPE (high-density polyethylene), LDPE (low-density polyethylene), PP (polypropylene), PS (polystyrene), and others. PET dominated the landscape, capturing over 37% share in 2023. Strong prevalence in beverage bottles and food packaging, coupled with commendable recycling rates, solidified PET's leading position in the recycled plastic packaging arena.
Recycled plastic packaging market segmentation by includes mechanical and chemical recycling. Chemical recycling emerged as the front runner, boasting a CAGR of over 12% during the forecasted period. Its rapid ascent can be attributed to its versatility in processing a broader spectrum of plastics, especially those challenging for conventional mechanical methods. By deconstructing plastics to their core monomers, chemical recycling technology produces high-quality, virgin-like recyclates, even from mixed and contaminated waste.
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Asia Pacific dominated the recycled plastic packaging market, holding a substantial share of over 34% in 2023. The vibrant industrial activities and burgeoning urban populations generate significant plastic waste, amplifying the demand for recycling solutions. Furthermore, countries like China and India are witnessing a surge in the adoption of recycled plastic packaging, bolstered by increasing regulatory support and government initiatives aimed at fortifying waste management and recycling infrastructures.
Recycled Plastic Packaging Market Players
Companies including Amcor plc, Berry Global, Inc., Sealed Air Corporation, Nampak Limited, Indorama Ventures, Placon Corporation Inc., Graham Packaging Company, L.P. are some firms working in recycled plastic packaging industry.
The recycled plastic packaging market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2021 to 2032, for the following segments:
Market, By Plastic Type
- PET (Polyethylene Terephthalate)
- HDPE (High-Density Polyethylene)
- LDPE (Low-Density Polyethylene)
- PP (Polypropylene)
- PS (Polystyrene)
- Others
Market, By Source
- Plastic Bottles
- Plastic Films
- Polymer Foam
- Fibers
- Others
Market, By Recycling Process
- Mechanical Recycling
- Chemical Recycling
Market, By End Use Industry
- Food and Beverage
- Consumer Goods
- Healthcare
- Industrial
- Others
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
