PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515596
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515596
Post Consumers Recycled Plastic Market size was valued at USD 92,709.32 Million in 2023, expanding at a CAGR of 8.40% from 2024 to 2032.
Post-consumer recycled plastic is a plastic material that has been used by consumers, then collected, sorted, cleaned, and processed for recycling. This involves transforming used plastic items, such as bottles and containers, into new products. Utilizing post-consumer recycled plastic decreases the demand for new, virgin plastic, conserving resources and energy while preventing plastic waste from ending up in landfills or polluting the environment. It supports a circular economy by closing the loop on plastic production, enhancing sustainability, and reducing the environmental impact of plastic pollution.
Post Consumers Recycled Plastic Market- Market Dynamics
Increasing sustainability initiatives adopted by food and beverage, as well as packaging companies to propel market demand
The market growth is largely driven by the increasing sustainability initiatives adopted by food and beverage, as well as packaging companies, which are incorporating recycled plastic materials into their products. These efforts are part of a broader push towards a circular economy, with end-users across various industries striving to reduce waste and promote recycling. The rising use of post-consumer recycled (PCR) plastics in sectors such as packaging, textiles, and other end-use industries is expected to significantly boost global demand. Additionally, technological advancements in recycling processes have enabled the production of highly effective and advanced recycled plastics, further propelling market growth. These innovations not only enhance the quality and functionality of recycled plastics but also make the recycling process more efficient and cost-effective, thus attracting more industries to adopt PCR plastics.
Post Consumers Recycled Plastic Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.40% over the forecast period (2024-2032)
Based on Product Type segmentation, polyethylene (PE) was predicted to show maximum market share in the year 2023
Based on Source segmentation, bottles was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Post Consumers Recycled Plastic Market is segmented on the basis of Product Type, Source, and Region.
The market is divided into seven categories based on Product Type: Polypropylene (PP), Polystyrene (PS), Polyethylene (PE), Polyvinyl Chloride (PVC), Polyurethane (PUR), Polyethylene Terephthalate (PET) and others. In terms of revenue, the polyethylene (PE) type segment accounted for the largest share in 2023. Post-consumer recycled PE, derived from various plastic products like films, sheets, and pellets, offers excellent barrier performance and enhanced protection, making it ideal for several food and beverage packaging applications. Looking ahead, the polypropylene (PP) type segment is expected to grow significantly.
The market is divided into three categories based on Source: Bottles, Non-bottle Rigid, and Others. Regarding the source, the bottles segment dominated the market in 2023 with a substantial revenue share. Plastic bottles, commonly used for packaging beverages, cleaning supplies, cosmetics, and other products, are a major source for the post-consumer recycling process. The large volume of plastic bottle waste generated by consumers serves as a crucial material for recycling. Additionally, increased awareness about sustainable practices is expected to support the growth of this segment.
Post Consumers Recycled Plastic Market- Geographical Insights
This market boasts a global presence, spanning Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Within these regions, individual countries create distinct market segments. The North American market for post-consumer recycled plastics accounted for a significant share in 2023. This regional market is notable for the presence of several key players, such as Eastman Chemical Company. Factors driving demand include heightened concerns about landfills, a robust regulatory framework, and a growing emphasis on reducing carbon footprints. Moreover, consumers' increasing preference for sustainable packaging products, building and construction materials, and electrical and electronics products is anticipated to boost the demand for various post-consumer recycled plastics, such as PE, PP, and Polyethylene Terephthalate (PET), in North America in the coming years.
Key players in the post-consumer recycled plastic market are actively developing frameworks to enhance their market share. They are pursuing regional expansion strategies by entering new geographic areas, forming partnerships with local distributors, and customizing their products to meet the increasing demand for recycled materials, including plastic, in each region. These strategic efforts are aimed at tapping into emerging markets and addressing region-specific requirements for sustainability, thereby strengthening their position in the global market.
In October 2023, Repsol S.A. and Signode Industrial Group LLC introduced a ready-to-use strap made from a polypropylene (PP) composition that includes 30% recycled content. This product is designed for use in high-tenacity applications, demonstrating a significant advancement in the incorporation of recycled materials in industrial products.
GLOBAL POST CONSUMERS RECYCLED PLASTIC MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
BASF SE
SABIC
Evonik Industries AG
Sumitomo Chemical Co., Ltd.
Arkema
Celanese Corporation
Eastman Chemical Company
Chevron Phillips Chemical Company
Exxon Mobil Corporation
Covestro AG
Others