New York (US), May 26, 2023 (GLOBE NEWSWIRE) — Plastic Bottle Recycling Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Plastic Bottle Recycling Market Information By Material, Application, and Region – Forecast till 2030″, The market for plastic bottle recycling will touch USD 4,170.90 million by 2030, at a rate of 5% from 2022 to 2030.
Bottle recycling is carried out on a large scale to prevent bottle waste, which will cause the market to expand throughout the predicted time. Recycled plastics are rarely utilized in packaging due to safety issues with contaminants from prior use. For food-grade containers, certain jurisdictions allow the use of recycled plastic resin in combination with virgin resin, although the recycled quality cannot be maintained to the necessary standard.
High-end items, where the chemical makeup of the plastic must be accurate, may only be made from virgin resources, which restricts the market’s expansion. Recycled PET, the most common recycled resin globally, is most typically employed in fiber applications, making textiles one of the main end-use industries for recycled plastics. The number of large enterprises, organizations, and environmental groups that have begun to employ plastics in their fabrics to prevent plastic pollution has increased significantly. As a result, goods created from recycled plastic bottles indirectly help to stabilize the economy. These plastics are being used in textiles at an accelerated rate.
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Market Competitive Landscape:
The affluent vendors in the market for plastic bottle recycling are
- Cospack America Corporation
- Amcor Limited
- BERICAP GmbH & Co. KG
- Rexam, Inc.
- Berry Global Inc,
- Graham Packaging Company Inc.
- Container Corporation of Canada
- Ontario Plastic Container Producers Ltd.
- Constar Internationals Inc.
- Alpha Packaging
- Alpack Plastics
- Plastipak Holdings Inc.
- Resilux NV
- Among others.
|Market Size in 2030||2030: USD 4,170.90 billion|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||increased awareness towards the environment the advanced recycling processes|
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Market USP Covered:
The surging use of plastic bottles and their recycled forms is one of the major causes fueling the expansion of the worldwide market for the plastic bottle recycling sector. Due to rising demand for a variety of consumer goods, including beverages, as well as rising disposable income, plastic bottles are becoming more and more in demand. Plastic waste is being created at a faster rate thanks to the rising quantity of plastic bottles being manufactured. The global recycling market for the plastic bottle industry is expected to expand steadily over the next several years as a result of the rising number of applications for recycled plastic from bottles.
Plastic bottles can be recycled and used for a variety of things thanks to innovation and new technologies. For instance, after being purified and re-polymerized, plastic bottles can be hydrolyzed into monomeric form and transformed into food-grade plastic. The price of bottle-to-bottle recycling will be decreased as a result of these variables, which will lead to a rise in the demand for recycled plastic from bottles.
One of the important recycling trends for the plastic bottle industry that is anticipated to have a favorable impact on the sector in the projected period is manufacturing businesses’ increasing attention to recycling plastic. The World Economic Forum estimates that the annual cost of wasted plastic packaging to the global economy ranges from USD 80 billion to USD 120 billion. As a result, several businesses are offering their assistance to help attain plastic-free goals.
For instance, by 2025, Colgate-Palmolive pledged to have all of its product categories’ packaging 100% recyclable. In addition, 11 additional businesses, including Mars, M&S, PepsiCo, Unilever, Walmart, and Werner & Mertz, have pledged to utilize only recyclable or compostable packaging by 2025 or earlier. As a result, increasing support from well-known and significant consumer goods businesses will significantly increase demand for recycled plastic and for the recycling of plastic bottles.
Many social groups are actively involved in recycling-related programs in industrialized nations including the US, Europe, and North America, and the public sector is subsidizing these sectors with more than $100 million. The recycling market has benefited greatly from the increasing knowledge thanks to factors including lower collection costs, higher market share percentages, and tax exemptions. In order to drive the growth of the plastic bottle recycling industry, such measures should be implemented globally.
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The plastic recycling market heavily depends on the correct raw material collection. If we look at the entire world, just 14% of the plastic garbage has been recycled and can be used further based on the needs. Because of this, biodiversity is damaged and aquatic life is endangered. By regulating the disposal of waste plastics, numerous groups and governments are promoting market expansion.
COVID 19 Analysis
The global market for recycling plastic bottles was hindered by the COVID-19 outbreak in 2021 as a result of the temporary shutdown of some recycling facilities due to lockdown measures put in place by various governments. Activities in the region’s supply chain were negatively impacted by this. During the projected period, the recycle market for the plastic bottle sector will have moderate growth due to additional factors such price competition and rising applications and attention to recycled plastic.
Plastic Films, Synthetic Fibers, Rigid Plastics & Foams, and more (furniture, electrical goods, auto parts, and others) are the key sources of plastic bottles.
By Raw Material Type
Polyethylene (PE) – LPDE & HDPE, Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyamide (PA), Polycarbonate Acrylonitrile-butadiene Styrene, and others are the raw material types.
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By Recycling Method
Thermal decomposition, Heat compression, Distributed recycling, and Pyrolysis are some of the recycling methods covered in the study.
Building & Construction (Pipe, Lumber, Carpets & Rugs, Furnishings, and Others), Textiles, Automotive (Batteries), Electrical & Electronics, and others like Agriculture, Aerospace, and more.
The market for recycling plastic bottles is governed by North America. The industry is expanding as a result of strict laws prohibiting the use of non-recyclable plastics and rising consumer demand for beverages like beer and bottled water. Additionally, recycled bottles are becoming more and more popular across all end-use industries, which supports market expansion in the area.
One of the key regions in the global plastic bottle recycling market is Asia Pacific. Developing nations with rapidly growing economies like India, China, and Brazil have altered their purchasing habits by consuming more packaged foods. In the Asia-Pacific area, demand for packaged goods has been rising, largely as a result of changing lifestyles and rising levels of spending power. The need for plastic bottle recycling in the area will rise as a result.
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