The global PCR plastic packaging market is expected to reach over US$ 36.4 Bn by the end of 2020 at a CAGR of 6.4% over forecast period 2021 to 2030. The rising demand from diverse industries such as cosmetics and personal care, food, beverages, pharmaceuticals, and others is expected to support the expansion of the market. The demand witnessed in this category is poised to surge in response to the need for better barrier strength from packaging.
Based on application, bottles are expected to account for the leading percentage of PCR plastic packaging used across industries. The segment is forecast to create an incremental opportunity of US$ 13.5 Bn in 2020-2030.
Among end users, the cosmetics and personal care industry is forecast to emerge as a lucrative segment. It is expected to showcase growth at above 6% CAGR.
Homecare and Toiletries segment as well is forecast to record a gain of 20 bps by the end of 2030.
Regionally, Europe is forecast to account for leading share in the global market. Asia Pacific also will emerge as a lucrative pocket, backed by the abundant availability of raw materials and cost-effectiveness
Environmental Focus Driving Growth
Recyclable and recycled plastic packaging is considered as next-generation trends in the industry currently struggling to explore ways of lessening the impact on environment. Driven by the surging focus on containing pollution caused due to plastic waste, the market for PCR plastic packaging is expected to record impressive growth in the coming years.
This packaging solution has particularly evolved from the need of alleviating environmental burden caused due to unbridled production of plastic, which eventually ended up in landfills. Since consumers are more cautious about their choices, TMR foresees the demand for PCR plastic packaging to surge exponentially in the coming years.
Besides inherent benefits to the environment, these packaging solutions also offer greater protection from moisture, oxygen, and bacteria. This makes it highly suitable for packaging of a multitude of items. Producers operating within the market also adheres to FDA regulations, which has been at the core of impetus recorded in the last few years.
Spurred by aforementioned factors, the demand for PCR plastic packaging is forecast to increase in industries such as food, beverages, pharmaceutical, and healthcare. According to TMR, the demand for packaging solutions made from PET will push growth in the segment, enabling it account for over 55% of the market over the forecast period.
Technological Improvements Streamlining Process
Technological improvements in the last few years have helped in streamlining recycling processes and improving overall efficiency. Recycling requires various types of plastics for which hand sorting can be time consuming and expensive. This has pushed recyclers towards high-tech solutions such as infrared (IR) lasers that can ease their workload and streamline the overall process.
IR beams help in detecting compositions of different types of plastics and then air spurts are used to puff varied kinds of plastics into separate steams for recycling. Traditionally recycling also requires a lot of water however thanks to latest technologies it has become possible to clean, cool, and create recycled plastic without wasting water.
Reduced consumption of water and energy results in added environmental benefits, while lowering the overall cost incurred on recycling. Spurred by these, some of the leading companies operating in the market are developing innovative technologies to boost production.
For instance, a technology developed by Marco Adame, founder of Ak Inovex, can process over 90% of any type of plastic, curbing water waste as well as reducing production cost by half without compromising on the quality of recycled pellets.
Likewise, AMP Cortex™ is a high speed and intelligent robotic system designed to cater to the dynamic needs of modern recycling operations. Steered by artificial intelligence (AI), the robot is functioned to intelligently perform physical tasks of picking, sorting, and placing materials.
Focus on Sustainability Driving Growth
The staggering volume of plastic waste generated around the world is a direct outcome of the linear model of consumption, also called ‘take-make-dispose’ consumption. According to the World Economic Forum, plastic packaging waste incurs a loss of US$80 to US$120 Bn to the global economy every year.
Against this backdrop, economists are in favor of a circular economy, wherein materials constantly flow in a ‘closed-loop’ system, rather than being used once and then discarded. This model ensures that value of materials, including plastics is not lost. Transitioning to a circular economy might result in less shared plastic in the environment.
It will also contribute towards the UN Sustainable Development Goal on Sustainable Consumption and Production (SDG 12), which targets at reducing waste generated through reduction, recycling, reuse, and prevention.
Such initiatives are expected to work in favor of the growth of the market. Driven by these concerns, key players have begun emphasizing on plastic recycling to reduce carbon footprints. In FY2019, RPC bpi recycled product, a division of RPC group and Berry Global, Inc. bought over 70,000 metric tons (nearly 154 pounds) of recycled plastic for use in product packaging.
Likewise, Sonoco Products Company recycles nearly 3 million tons of post-consumer material every year. This is indicative of changing policies of manufacturers, wherein they are visibly showing inclination for the use of PCR plastic packaging over conventional packaging solutions.
The global market is likely to witness increasing competition between market players. Competition in developed markets as well as high potential countries is expected to get fiercer in the coming years as market players aim at expanding their footprint for competitive advantage.
The market is defined by the presence of established companies as well as numerous local participants who contribute towards its revenue generation. Developing countries are dense with local players, which has been making it difficult even for the established companies to penetrate.
VRR profiles some of the leading companies operating in the market to gauge the prevailing competition. These include Amcor Plc, RPC bpi recycled product (RPC Group + Berry Global, Inc.), Sonoco Products Company, Genpak, LLC, Alpha Packaging Holdings Inc, Pactiv LLC, Anchor Packaging Inc, Placon Corporation, ALPLA-Werke Alwin Lehner GmbH & Co KG., Envision Plastics, Eco-Products, Inc., D&W Fine Pack LLC and many others.
By End Use Industry
The PCR plastic packaging market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of PCR plastic packaging market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global PCR plastic packaging market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the PCR plastic packaging market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted PCR plastic packaging market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the PCR plastic packaging capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of PCR plastic packaging by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global PCR plastic packaging market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major PCR plastic packaging market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of PCR plastic packaging market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the PCR plastic packaging industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
PCR plastic packaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to PCR plastic packaging market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of PCR plastic packaging market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new PCR plastic packaging market. These factors have benefited the growth of the global market for PCR plastic packaging. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for PCR plastic packaging. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of PCR plastic packaging are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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