PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616015
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616015
Recycled Plastic Packaging Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
The Global Recycled Plastic Packaging Market was valued at USD 27.76 billion in 2023 and is projected to grow at a CAGR of 10% from 2024 to 2032. 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. 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 industry 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.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $27.76 Billion |
| Forecast Value | $67 Billion |
| CAGR | 10% |
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. Market segmentation by recycling process 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. 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.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definition
- 1.2 Base estimates & calculations
- 1.3 Forecast parameters
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Vendor matrix
- 3.3 Technology & innovation landscape
- 3.4 Patent analysis
- 3.5 Key news and initiatives
- 3.6 Regulatory landscape
- 3.7 Impact forces
- 3.7.1 Growth drivers
- 3.7.1.1 Increasing demand for sustainable packaging solutions
- 3.7.1.2 Growing environmental awareness
- 3.7.1.3 Technological advancements
- 3.7.1.4 Regulatory support and legislation
- 3.7.1.5 Increased focus on circular economy
- 3.7.2 Industry pitfalls & challenges
- 3.7.2.1 High cost of recycling technologies
- 3.7.2.2 Quality and contamination issues
- 3.7.1 Growth drivers
- 3.8 Growth potential analysis
- 3.9 Porter's analysis
- 3.9.1 Supplier power
- 3.9.2 Buyer power
- 3.9.3 Threat of new entrants
- 3.9.4 Threat of substitutes
- 3.9.5 Industry rivalry
- 3.10 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Company market share analysis
- 4.2 Competitive positioning matrix
- 4.3 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Plastic Type, 2021 - 2032 (USD Million)
- 5.1 Key trends
- 5.2 PET (Polyethylene Terephthalate)
- 5.3 HDPE (High-Density Polyethylene)
- 5.4 LDPE (Low-Density Polyethylene)
- 5.5 PP (Polypropylene)
- 5.6 PS (Polystyrene)
- 5.7 Others
Chapter 6 Market Estimates & Forecast, By Source, 2021 - 2032 (USD Million)
- 6.1 Key trends
- 6.2 Plastic bottles
- 6.3 Plastic films
- 6.4 Polymer foam
- 6.5 Fibers
- 6.6 Others
Chapter 7 Market Estimates & Forecast, By Recycling Process, 2021 - 2032 (USD Million)
- 7.1 Key trends
- 7.2 Mechanical recycling
- 7.3 Chemical recycling
Chapter 8 Market Estimates & Forecast, By End Use Industry, 2021 - 2032 (USD Million)
- 8.1 Key trends
- 8.2 Food and beverage
- 8.3 Consumer goods
- 8.4 Healthcare
- 8.5 Industrial
- 8.6 Others
Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2032 (USD Million)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Rest of Asia Pacific
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Rest of Latin America
- 9.6 MEA
- 9.6.1 UAE
- 9.6.2 Saudi Arabia
- 9.6.3 South Africa
- 9.6.4 Rest of MEA
Chapter 10 Company Profiles
- 10.1 AEP Industries Inc.
- 10.2 Amcor Plc
- 10.3 Banyan Nation
- 10.4 Berry Global Inc.
- 10.5 Constantia Flexibles Group GmbH
- 10.6 Coveris Holdings S.A.
- 10.7 Crown Holdings, Inc.
- 10.8 DS Smith Plc
- 10.9 Graham Packaging Company, L.P.
- 10.10 Huhtamaki Oyj
- 10.11 Indorama Ventures
- 10.12 Mondi Group
- 10.13 Nampak Limited
- 10.14 Novolex Holdings, Inc.
- 10.15 Pactiv Evergreen Inc.
- 10.16 Placon Corporation Inc.
- 10.17 Plastipak Holdings, Inc.
- 10.18 Royal Vaassen Flexible Packaging
- 10.19 Schur Flexibles Group
- 10.20 Sealed Air Corporation
- 10.21 Smurfit Kappa Group
- 10.22 Sonoco Products Company
- 10.23 Tetra Pak International S.A.
- 10.24 WestRock Company
- 10.25 Winpak Ltd.
