In a recent study, Transparency Market Research (TMR) offers insights into prevailing trends and growth prospects of the global PCR plastic packaging market. The report is intended to offer a holistic overview of the market, uncovering hidden prospects. It studies the market for a period between 2020 and 2028.
TMR projects the PCR plastic packaging market to expand by 1.7 times its current market value by the end of 2028. 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.
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.
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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.
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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.
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