Post-consumer Recycled Plastics Market is projected to reach $18.8 Billion, at a CAGR of 5.7% - Global Forecast to 2025
According to the new market research report "Post-consumer Recycled Plastics Market by Polymer Type, Service, Processing Type (Mechanical, Chemical, Biological), End-use Application (Packaging, Building & Construction, Automotive, Furniture, Electronics), and Region – Global Forecast To 2025", published by MarketsandMarkets™, the Post-consumer Recycled Plastics Market size is projected to grow from USD 14.2 billion in 2020 to USD 18.8 billion by 2025, at a CAGR of 5.7% from 2020 to 2025. The increasing urban population, rapid industrialization, growing concern toward the environmental impact of the improper disposal of plastic waste, along with laws & regulations regarding the disposal and treatment of plastic waste, have propelled the growth of the global plastic waste management industry. The increase in the GDP of a country will enable it to work with more advanced and effective waste management solutions, which will, in turn, increase the demand for waste management services, equipment, and technologies.
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In terms of value, recycling is
estimated to lead the post-consumer recycled plastics market in 2019.
Recycling, by service, accounted for the largest market share in the
post-consumer recycled plastics market. The recycling process of consumer
plastic waste involves sorting, cleaning & drying, shredding &
agglomeration, pelletizing, and finally, manufacturing recycled products. In
the case of developing countries such as India, much of the waste collected
from residential areas is not sorted before it is collected, which makes the
recycling of consumer plastic wastes difficult. However, in developed
countries, consumer plastic waste is sorted and deposited in containers;
sorting also takes place after the waste is collected. In this stage, recovered
plastic waste is segregated into different grades either by SPI code or by the
type of plastic, additives, and fillers used. The segregation is done as
different types of plastics require different treatment, while recycling them
to make different types of products.
PP is estimated to be the
fastest-growing segment in the post-consumer recycled plastics market from 2020
to 2025.
PP, by polymer type, is estimated to be the fastest-growing segment in the
post-consumer recycled plastics market from 2020 to 2025, in terms of volume.
Products made from PP offer high stiffness, heat resistance, steam barrier
properties (food protection), elasticity (film and fiber applications), enhanced
transparency, strong impact & rigidity balance. The resistance of PP to
permeation is equivalent to or marginally better than that of high-density
polyethylene (HDPE) and superior to low-density polyethylene (LDPE). It is
recyclable and reused in various applications besides manufacturing plastics.
These properties have led to an increasing preference for PP in the manufacture
of packaging units used in the food & beverage, pharmaceutical, electronic,
and packaging industries. Few packaging applications include bottles, crates,
films, and pots.
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The APAC region is projected to account
for the largest share in the post-consumer recycled plastics market during the
forecast period.
The APAC region is projected to lead the post-consumer recycled plastics
market, in terms of both value and volume from 2020 to 2025. The growing
population, rising GDP, and increasing disposable income in APAC are leading to
the generation of more solid waste, which, in turn, is creating opportunities
for plastic recycling in the region. According to the OECD Development Centre’s
Medium Term Projection Framework (MPF-2019), GDP in the emerging Asian region
is projected to grow by an annual average of 6.1% between 2020 and 2025.
Veolia Environnement S.A. (France), SUEZ (France), Waste Management Inc. (US),
Republic Services Inc. (US), and Stericycle Inc. (US) are the key players
operating in the post-consumer recycled plastics market. Expansions &
investments, mergers & acquisitions, joint ventures & partnerships, and
new product developments are some of the major strategies adopted by these key
players to enhance their positions in the post-consumer recycled plastics
market.
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