PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1575013
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1575013
Post-consumer Recycled Plastics Market size was valued at USD 10,680.32 million in 2023, expanding at a CAGR of 10.20% from 2024 to 2032.
The Post-consumer Recycled Plastics Market encompasses the collection, processing, and repurposing of used plastics into new products, thus contributing to sustainable practices and reducing environmental impact. Increasing global plastic waste, estimated to reach over 400 million tons annually, propels demand for recycled materials. Heightened awareness of environmental issues, coupled with strict regulations promoting recycling, drives growth. Conversely, challenges such as fluctuating prices of virgin plastics and inadequate recycling infrastructure can restrain market expansion. Opportunities abound in developing innovative recycling technologies and expanding applications across various industries, including automotive, construction, and packaging. Major players are investing in R&D to enhance the quality and efficiency of recycling processes, indicating a robust commitment to sustainability and circular economy principles.
Post-consumer Recycled Plastics Market- Market Dynamics
Growing Environmental Awareness Fuels Demand in the Post-consumer Recycled Plastics Market
Growing environmental awareness has significantly boosted the demand for post-consumer recycled plastics, as individuals and organizations increasingly recognize the importance of sustainable practices. According to the Environmental Protection Agency (EPA), nearly 9% of plastic waste generated in the U.S. was recycled in 2020, highlighting a need for improved recycling systems. Initiatives like the Ellen MacArthur Foundation's "New Plastics Economy" aim to create a circular economy for plastics, promoting innovation and collaboration among businesses to reduce plastic waste. Furthermore, companies like Coca-Cola have committed to using 50% recycled content in their packaging by 2030, reinforcing the shift towards sustainable materials. These developments not only reflect consumer preferences but also encourage manufacturers to invest in recycled plastics, contributing to a more sustainable future.
Post-consumer Recycled Plastics 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 10.20% over the forecast period (2024-2032)
Based on Plastic Type segmentation, Polyethylene Terephthalate was predicted to show maximum market share in the year 2023
Based on Recycling Process segmentation, Mechanical Recycling was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Post-Consumer Recycled Plastics Market is segmented on the basis of Plastic Type, Recycling Process, End-User, and Region.
The market is divided into four categories based on Plastic Type: Polyethylene Terephthalate, High-Density Polyethylene, Polypropylene, and Low-Density Polyethylene. Polyethylene Terephthalate leads due to its extensive recyclability and demand in packaging. Following closely are High-Density Polyethylene and Polypropylene, while Low-Density Polyethylene ranks lower due to limited recycling applications.
The market is divided into two categories based on the Recycling Process: Mechanical Recycling and Chemical Recycling. Mechanical Recycling takes precedence due to its established processes and cost-effectiveness. Chemical Recycling follows, offering the advantage of converting plastics back into their original monomers, enabling higher quality recycling, albeit at a higher cost and complexity.
Post-consumer Recycled Plastics Market- Geographical Insights
The Post-consumer Recycled Plastics Market is witnessing notable geographical disparities, with North America emerging as a leading region. The United States has implemented significant policies to promote recycling, with the EPA reporting a recycling rate of 8.7% for plastics in 2020, highlighting the need for enhanced initiatives. In Europe, the European Union's Circular Economy Action Plan aims to ensure that all plastic packaging is recyclable or reusable by 2030, propelling growth in recycled plastics. Notably, Germany is a frontrunner in recycling rates, boasting around 47% as of 2019. In Asia-Pacific, countries like Japan are making strides through comprehensive waste management systems, with a reported 84% recycling rate for PET bottles. Additionally, initiatives in Australia, such as the National Plastic Plan, aim to phase out problematic plastics, further driving demand for recycled materials. Collectively, these regions are not only advancing their recycling capabilities but also fostering a global shift towards sustainable plastic use.
In the competitive landscape of the Post-consumer Recycled Plastics Market, North America leads, primarily driven by companies like Waste Management, Inc. and Republic Services, Inc., which focus on innovative recycling solutions. The United States has implemented the National Recycling Strategy, aiming to increase recycling rates to 50% by 2030, with plastic waste being a significant focus. In Europe, firms like Veolia and SUEZ are pivotal, supported by the EU's ambitious Circular Economy Package, which mandates recycling targets for plastic waste, striving for 55% recycling of plastic packaging by 2030. Germany's "The Packaging Act" reinforces producer responsibility, further enhancing market competition. Meanwhile, in the Asia-Pacific region, companies such as China National Chemical Corporation and Indorama Ventures are actively involved in recycling initiatives, with Japan leading the way with a recycling rate of about 84% for PET bottles. These regional dynamics underscore the collective push toward a sustainable future, driven by government initiatives and corporate responsibility in the recycling sector.
In February 2023, ExxonMobil launched 50% post-consumer recycled (PCR) plastic pails for lubricating oils in India, reducing waste and advancing sustainability. The PCR pails aim to help customers reduce waste, convert waste to value, and advance sustainability ambitions.
In June 2024, Dow launched two new REVOLOOP(TM) Recycled Plastics Resins with up to 100% post-consumer recycled (PCR) content for shrink films, advancing circularity and enabling demanding applications by maximizing the value of recycled household plastics waste in collaboration with RKW Group.