Dublin, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The "Global Post-Consumer Recycled Plastics Market by Source (Bottles, Non-bottle Rigid), Polymer Type, Processing Type (Mechanical, Chemical, Biological), End-use (Packaging, Building & Construction, Automotive, Electronics), and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Post-Consumer Recycled Plastics Market is set for significant growth, with projections indicating an increase from USD 62.1 billion in 2023 to USD 92.6 billion by 2028. A Compound Annual Growth Rate (CAGR) of 8.3% between 2023 and 2028 is expected, driven by a growing global awareness of environmental issues, coupled with economic growth, rapid urbanization, and changes in consumer lifestyles.
Key Drivers for the Post-Consumer Recycled Plastics Market:
- Swift Urbanization: As the world's population increasingly resides in urban areas, waste generation continues to rise.
- Economic Growth: Growing economies have contributed to the generation of more waste.
- Changing Lifestyles: Changing consumer lifestyles has led to increased consumption and waste production.
- Environmental Awareness: Greater consumer education and understanding of environmental and health impacts have raised awareness about waste management.
- New Technologies: Globally, advancements in recycling technologies are reducing waste production and promoting sustainable development.
Non-Bottle Rigid Plastics and Polypropylene Lead the Way: Non-bottle rigid plastics, including containers, packaging trays, and automotive parts, are a significant source of recycled plastics. Advancements in sorting technologies and recycling processes are allowing for the recovery and reprocessing of non-bottle rigid plastics.
Polypropylene (PP) is the fastest-growing polymer type in the post-consumer recycled plastics market due to its versatile applications and increased consumer demand for sustainable products. Advancements in recycling technologies are making recycled PP more viable for various sectors, including packaging, automotive, and consumer goods.
Mechanical Processing Dominates: Mechanical recycling offers advantages in plastic recycling, including energy efficiency and lower environmental impact. This approach minimizes energy consumption and preserves polymer properties, making it suitable for various applications and promoting resource conservation and sustainable waste management practices.
Building & Construction Adoption on the Rise: The utilization of recycled plastics in building and construction is increasing due to the sector's emphasis on sustainability, resource efficiency, and waste reduction. Recycled plastics find applications in products such as insulation, roofing materials, and structural components, aligning with sustainable building practices and addressing environmental concerns.
Europe Takes the Lead: Europe is a major player in the post-consumer recycled plastics market. The region's robust regulatory framework, environmental consciousness, and circular economy initiatives have accelerated the adoption of recycled plastics across various industries, including packaging, automotive, and electronics.
The Global Post-Consumer Recycled Plastics Market is undergoing rapid expansion, driven by environmental concerns, stricter regulations, and a growing emphasis on sustainability.
Premium Insights
- Increased Awareness Toward Sustainable Packaging Solutions
- Automotive and China to be Major Stakeholders in 2022
- Bottles to be Largest Segment by Volume During Forecast Period
- Polyethylene Terephthalate (Pet) to Surpass Other Segments by Volume During Forecast Period
- Mechanical Segment to Lead Market by Volume in 2028
- Packaging Segment to Register Highest Growth by Volume During Forecast Period
- UK to be Fastest-Growing Market by Volume During Forecast Period
Market Dynamics
Drivers
- Stringent Government Regulations
- Awareness Programs for Sustainable Waste Management
- Growing Urban Population
- Consumer Preference for Sustainable Products
Restraints
- Non-Compliance with Plastic Waste Management in Residential Sector
- Absence of Framework for Plastic Waste Collection and Segregation
- Lack of Adequate Recycling Facilities
Opportunities
- Growing Demand for Plastic Waste Management from Emerging Economies
- Increased R&D Investments in Plastic Recycling Technologies
- Rise in Public-Private Partnerships for Plastic Waste Management
Challenges
- High Cost of Recycling
- Challenges Associated with Supply Chain Management
Competitive Portfolio:
- Avangard Innovative
- B&B Plastics, Inc.
- B. Schoenberg & Co., Inc.
- Biffa plc
- Clean Harbors, Inc.
- Custom Polymers, Inc.
- Dalmia Polypro Industries Pvt. Ltd.
- Ds Smith plc
- Envision Plastics Industries LLC
- Fresh Pak Corporation
- Jayplas
- Kw Plastics
- Lucro Plastecycle Private Limited
- Mba Polymers Inc.
- Merlin Plastics
- Plastipak Holdings, Inc.
- Plastrec
- Remondis Se & Co. Kg
- Republic Services, Inc.
- Revital Polymers, Inc.
- Stericycle, Inc.
- Suez Sa
- Van Werven Recycling Bv
- Veolia Environnement Sa
- Waste Connections, Inc.
- Waste Management, Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 315 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $62.1 Billion |
| Forecasted Market Value (USD) by 2028 | $92.6 Billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/dbzal7
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