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Post-Consumer Recycled Plastics Market Trends, Analysis, Growth Prospects And Forecast 2033
Post-Consumer Recycled Plastics Market Trends
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According to The Business Research Company's, The post-consumer recycled plastics market size has grown strongly in recent years. It will grow from $15.07 billion in 2023 to $16.06 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to corporate sustainability initiatives, consumer demand for sustainable products, voluntary industry initiatives, infrastructure for plastic waste collection, reduced dependence on virgin plastics, economic incentives for recycling.
The post-consumer recycled plastics market size is expected to see strong growth in the next few years. It will grow to $20.26 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to rising global plastic waste concerns, extended producer responsibility (epr) programs, green labeling and certification, consumer education and advocacy, expansion of collection infrastructure, influence of global sustainability goals. Major trends in the forecast period include growing awareness of plastic pollution, advancements in recycling technologies, government regulations and policies, focus on closed-loop recycling systems, development of pcr content standards, collaborations across the value chain, economic incentives for recycling.
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Market Drivers and Trends:
The increasing demand in automotive industry is expected to propel the growth of the post-consumer recycled plastics market going forward. The automotive industry refers to the business sector that encompasses the design, development, manufacturing, marketing, and sales of vehicles. Post-consumer recycled plastics is used in the manufacturing of various interior components, such as dashboards, door panels, and trim pieces for automotives. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, in February 2022, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase. Therefore, the increasing demand in the automotive industry is driving the growth of the post-consumer recycled plastics market.
Technological advancement is a key trend in the post-consumer recycled plastics market. Major companies involved in post-consumer recycled plastics are focusing on developing new technological solutions adaptable to other elements, fueling the growth of technologies such as AI-powered sortation, which advances the circular economy for recycled plastics. For instance, in April 2021, AMP Robotics Corp., a pioneer in artificial intelligence (AI), robotics, and infrastructure for the waste industry, deployed six AI-guided robotic sorting systems with Evergreen, one of the nation's largest recyclers of PET bottles. AMP's technology identifies and sorts green and clear PET from post-consumer bales of plastic soft drink bottles, which Evergreen recycles into reusable flakes or pellets (rPET) and sells to end markets as feedstock for new containers and packaging.
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Major Key Players of the Market:
Veolia Environnement SA, Suez SA, Biffa PLC, DS Smith plc, Genpak LLC, Envision Plastics Industries LLC, Multiplast Systems Inc., KW Plastics Inc., Clear Path Recycling LLC, Jayplas, Delta Plastics, Custom Polymers Inc., MBA Polymers Inc., Waste Management Inc., Republic Services Inc., Waste Connections Inc., Clean Harbors Inc., Remondis SE & Co. KG, Stericycle Inc., Plastipak Holdings Inc., CarbonLITE Industries LLC, Avangard Innovative LP, B. Schoenberg & Co. Inc., Mohawk Industries Inc., Omachron Plastics Inc., Otto Environmental Systems Inc., Closed Loop Partners, Ecoraster Inc., GridX LLC, Braskem
Post-Consumer Recycled Plastics Market 2024 Key Insights:
• The post-consumer recycled plastics market size is expected to see strong growth in the next few years. It will grow to $20.26 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Surging Demand In Non-Residential Construction Boosts Growth In The Post-Consumer Recycled Plastics Market
• Amp Robotics Redefines Post-Consumer Recycled Plastics Market With Artificial Intelligence (AI)-Powered Sorting Innovation
• Asia-Pacific was the largest region in the post-consumer recycled plastics market in 2023
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