Newark, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 58.9 billion post-consumer recycled plastics market will reach USD 125.9 billion by 2033. Over the forecast period, rising plastic use in manufacturing lightweight components in various industries, including food processing, automotive, and construction, is anticipated to support market expansion. Due to the rise in online sales of electrical and electronic devices, cosmetics, personal hygiene goods, and personal protective equipment like gloves and face masks, there is a greater demand for various packaging items amid the global COVID-19 pandemic. This is, therefore, driving the need for post-consumer recycled plastics in packaging applications. Plastic recyclers are migrating to Southeast Asian nations like Malaysia and Indonesia due to strict laws on post-consumer plastic recycling in China, which makes up a sizable portion of the plastic recycling market. The automotive, building and construction, and packaging industries are expected to drive demand over the forecast period due to the ability of plastic to replace conventional metal and wooden parts in vehicles. This is due to the growing purchasing power and disposable income in Southeast Asian countries. The market expansion is also aided by developing public, commercial, industrial, and residential infrastructure.
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Asia Pacific will account for the largest market size during the forecast period.
The world's growing purchasing power has prevented people from recycling plastic garbage. Still, the governments of China and India have taken the initiative to raise awareness of the problem and encourage the use of recyclables. Several governments have also imposed limitations on their use to lessen the damage of single-use plastics to the environment. By the end of 2020, China announced a ban on non-recyclable plastics in its major cities, which would be extended to the entire nation by 2022. An increase in India's small-scale processing facilities and the increased attention of non-governmental organisations to the secondary use economy.
The bottles segment dominated the market with the most significant revenue of USD 25.3 billion.
The bottles segment dominated the market with the most significant revenue of USD 25.3 billion. Due to their widespread use, growing consumer awareness, and deliberate focus on minimising single-use plastic trash, bottles are becoming the source of recycled plastics with the fastest pace of growth. Because bottles are used so often for packaged goods and beverages, their presence in waste streams provides a conveniently available feedstock for recycling. Environmental concerns and increased public awareness of plastic pollution further drive the demand for recycled bottle plastics. It is the fastest-growing segment of the post-consumer recycled plastics industry. As businesses and governments prioritise sustainable practices, the emphasis on reducing single-use plastics leads to creative recycling solutions that target bottles.
The polyethylene (PE) segment dominated the market with the most significant revenue of USD 14.1 billion.
The polyethylene (PE) segment dominated the market with the most significant revenue of USD 14.1 billion. This explains its resistance to various chemicals, such as alcohols, diluted acids, solvents, and alkalis. Polyethylene is mostly used in packaging, electrical and electronics, and automotive sectors. It also comprises films, tubes, laminates, and plastics.
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Market Dynamics:
Drivers: Stringent government regulation
Government regulations and strict legislation drive the post-consumer recycled plastics sector. These regulations force businesses to use recycled plastics in their operations, which helps achieve the circular economy's objectives and waste reduction. In addition to encouraging environmentally friendly activities, adhering to recycling quotas and environmental regulations also stimulates innovation in recycling technologies and supply chain procedures. Governments prioritising environmental preservation use stringent policies that incentivise firms to adopt post-consumer recycled plastics. This leads to increased demand, industry change, and a more sustainable plastic waste management environment.
Restraint: Absence of a well-defined framework
One major impediment to the post-consumer recycled plastics sector is the lack of a clear structure for the collection and segregation of plastic waste. The lack of effective processes makes it difficult to find clean, sorted plastic garbage and provide high-quality feedstock for consistent recycling. The viability and economy of recycling processes are impacted by contaminated and mixed material streams caused by inadequate infrastructure. The expansion of post-consumer recycled plastics programmes is hindered by the absence of standardised collecting procedures, which reduces their capacity to satisfy rising demand, fulfil sustainability objectives, and successfully handle plastic waste issues.
Opportunity: Growing need from rising economies for the handling of plastic waste
There is a significant opportunity in the post-consumer recycled plastics market due to the growing demand from emerging economies for efficient plastic waste management. Strong waste management solutions are required as these economies experience significant expansion and urbanisation. The rise in plastic use causes a corresponding increase in the generation of plastic garbage. To meet global sustainability goals and reduce their environmental influence, these economies can adopt post-consumer recycled plastics owing to the demand for sustainable practices. By taking advantage of this chance, we may not only solve urgent trash issues but also stimulate innovation, market growth, and the implementation of circular economy techniques in areas where plastic waste is becoming an increasing problem.
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Some of the major players operating in the post-consumer recycled plastics market are:
● Amcor plc
● Biffa
● Coveris
● Eco-Products, Inc.
● Placon
● Sealed Air
● Stericycle
● Veolia
● Alpha Packaging
● Berry Global Inc.
● CLEAN HARBORS, INC.
● DS Smith
● Mondi
● REMONDIS SE & Co. KG
● Seventh Generation Inc.
● WM Intellectual Property Holdings, L.L.C.
● SUEZ
Key Segments cover in the market:
By Source:
● Non-bottle Rigid
● Bottles
● Others
By Type:
● Polystyrene (PS)
● Polyvinyl Chloride (PVC)
● Polyethylene Terephthalate (PET)
● Polypropylene (PP)
● Polyethylene (PE)
● Polyurethane (PUR)
● Others
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About the report:
The global post-consumer recycled plastics market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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