Global Post Consumer Recycled Plastics Market Size, Share, Trends, Opportunities Analysis Forecast Report by 2026
According to Facts & Factors, the global Post Consumer Recycled Plastics market size in terms of revenue was worth around USD 7.7 Billion in 2019 and is expected to reach USD 10.2 Billion by 2026, growing at a CAGR of 6 from 2020 to 2026. The global eyeglass lens coating machine market is projected to grow at a significant growth rate due to a number of driving factors.
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Plastic that has been recycled after it has been used by a consumer, after it has finished its life cycle, and before it is disposed of as solid waste. The plastic that is gathered from home and commercial recycling programmes, such as bakery containers, drink cups, serving bowls, supermarket containers, etc., is referred to as post-consumer recycled plastic. The recovered plastic is processed and rebuilt into a useable product throughout the recycling process. Recycling lowers energy use, air and water pollution, greenhouse gas emissions, and the need for new raw materials. It also reduces waste generation. Additionally, it helps businesses get rid of the requirement for fossil fuels as a raw material and lowers their carbon footprint.
The market is expanding as a result of rising demands for recycled plastic across numerous industries. Major firms are concentrating on developing new technologies for the production of products made from post-consumer recycled plastic. These goods are lightweight and resistant to cracking. These elements are accelerating the market’s expansion.
Growing urbanisation, rising infrastructure development, such as recycling plants, and rising awareness of green packaging techniques are key factors influencing the market’s expansion. The market is anticipated to increase as a result of the rising demand for packaging products made from recycled plastic. However, the lack of post-consumer recycled plastic may limit the market’s expansion. On the other side, growing consumer knowledge of environmental and public health issues, as well as green packaging options, may open up a wide range of business prospects.
Due to its simplicity of technological processing and ability to be recycled, the Polyethylene Terephthalate (PET) category is anticipated to contribute the biggest market share to the worldwide post-consumer recycled plastics market by material type.
The recycling category led the market in terms of the service segment in 2019, and it is predicted to increase in the coming years due to the expansion of recycling facilities in infrastructure projects and growing public concern over the need to reduce landfill usage.
The packaging category, which includes products like bottles, cups, containers, and other packaging, had the biggest market share among end users in 2019, and it is anticipated to increase at the fastest rate throughout the projection period.
Due to rigorous rules regarding the collection, disposal, and recycling of plastic and growing technical advancements in the waste management sector, North America dominated the market for post-consumer recycled plastics in 2019.
DS Smith, Waste Management, Inc., Republic Services, SUEZ, Veolia Environnement, Waste Connections Inc, Clean Harbors, Biffa, Stericycle, Remondis SE & Co. KG, and others are the leading market participants.