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New York, USA, November 30, 2022 (GLOBE NEWSWIRE) — PCR Plastic Packaging Market Overview
According to Market Research Future’s (MRFR) Comprehensive Research Report, “PCR plastic packaging market Information by material, application and end use and region – forecast to 2030”, the market is estimated to grow at 6.9% CAGR to reach USD 74,745.2 million by 2030.
Market Synopsis
The market for recycled (PCR) plastic packaging has further growth potential as more and more consumers are willing to pay extra for environmentally friendly packaging. The packaging industry is home to a significant number of businesses that have the foresight to adapt to changing trends.
A number of them are responding to the need by raising the sustainability score of their packaging options. Increasing the PCR content is one approach to this, especially in rigid packaging that often includes polyethylene terephthalate (PET).
Recycled materials are recommended by the Food and Drug Administration for the packaging of new food containers. He created a series of safety rules and laws that guarantee contamination-free packaging. The EU plastics tax, which the European Council included in its €750bn deal for a coronavirus recovery fund, also aims to promote the use of recycled plastics. Such initiatives primarily advocate the transition from traditional plastics to recycled plastics.
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Scope of the report:
| Report Attributes | Details |
| Market size in 2030 | 74,745.2 million dollars |
| CAGR | 6.9% (2022–2030) |
| Basic year | in 2021 |
| Forecast period | 2022–2030 |
| Historical data | in 2020 |
| Forecast Units | Value (million USD) |
| Coverage of the report | Revenue forecast, competitive landscape, growth factors and trends |
| Segments covered | According to material, application and end use and region |
| Geographies covered | North America, Europe, Asia-Pacific and Rest of World (RW) |
| Key market drivers | Raising awareness among packaging manufacturers about sustainable packaging strategies |
| Manufacturers are improving their circular economy plans by producing and launching PCR plastic packaging solutions |
Market competition:
Important companies in the PCR Plastic Packaging industry include
- Berry Global Inc (USA)
- Amcor Plc (Australia)
- Genpak LLC (USA)
- Klockner Pentaplast (UK)
- O.BERK COMPANY (USA)
- Placon (USA)
- Coveris (UK)
- PRETIUM PACKAGING (USA)
- Rose Plastic AG (Germany)
- Borealis AG (Austria)
- Henkel cooperation (Germany)
Competition in the PCR plastic packaging market is extremely fierce, in line with the increase in research and development activities and the launch of new technologies by participants in the value chain. In addition, large companies are implementing various methods of corporate expansion to increase their footprint regionally and internationally.
August 2022
To reduce its reliance on virgin plastics, Europe-based flexible packaging company Coveris has introduced next-generation lightweight stretch film.
USP Market Covered:
Market Drivers:
Government bodies in various countries are heavily supporting the move towards sustainable packaging. In addition, international organizations actively support this endeavor. For example, California lawmakers recently passed a law forcing beverage companies to use recycled plastic. If passed, the bill would be the first law in the country to require recycled material in plastic bottles. Stronger incentives for better design of plastic products that ensure easy recycling and investment in infrastructure to collect waste from various sources are likely to provide a significant boost to the market for PCR plastic packaging.
Consumers are more than willing to contribute to the movement to create a sustainable future for the global economy, which will be greatly aided by product packaging. Recycled or recycled packaging certainly has an advantage as consumers make it clear that they prefer businesses that can guide them in making sustainable decisions.
Consumer awareness of the environmental effects of plastic disposal is growing, which is driving manufacturers away from traditional materials. Consumers are committed to sustainable living. They carefully select their products to achieve this. The market has benefited from changing patterns in customer behavior.
Market restrictions:
One of the most important components of PCR plastic packaging is the recycling of used plastic packaging by end users. The production of post-consumer recycled (PCR) plastic packaging requires suitable and efficient production facilities. The creation of PCR plastic packaging can be hampered by the lack of sophisticated recycling facilities with the necessary equipment. The expansion of the PCR plastic packaging market in these regions is limited by the lack of necessary recycling facilities, especially in Asian, Middle Eastern and African countries.
In addition, lack of knowledge about PCR plastic packaging among brand owners, manufacturers and end-users in Asian countries is also hampering the market expansion to some extent.
View a detailed market research report (110 pages) on PCR Plastic Packaging: https://www.marketresearchfuture.com/reports/pcr-plastic-packaging-market-11051
Analysis of COVID 19
The COVID-19 pandemic has significantly impacted the PCR plastic packaging market. Several nations have had to go into lockdown to contain the rising number of cases due to the pandemic scenario. The result was a disruption in demand and supply chains, affecting the global market. Due to the pandemic crisis, several operations, production facilities and infrastructure projects had to be suspended.
COVID-19 has led to fluctuations in raw material prices, slowing the expansion of the global market. On the positive side, things are starting to return to normal, which bodes well for future market growth. In addition, the development of vaccines against the new corona virus and the restart of various production facilities around the world would lead to the full capacity of the global market.
Market segmentation
By material
Pressure treated wood, redwood, cedar and tropical hardwood are the main types of wood. Global PRR plastic packaging market categories based on material types are polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), and others (PLA, PHA, etc.). The market is primarily led by the PET and PE divisions, which produce polyethylene terephthalate. In addition, given the prominence of these two divisions in rigid packaging, future demand for them looks optimistic.
Bi Application
The divisions of the global PCR plastic packaging market are based on application and include bottles, trays and clamshells, bags and sacks, cups and jars, blisters and others. The bottle segment will dominate the market during the forecast period. Bottles are widely used and in demand, and manufacturers focus on creating and delivering highly sustainable lines of packaging bottles.
By end use
The major end users of PCR plastic packaging include food and beverage, pharmaceuticals, personal care and cosmetics, electronics, and others. The food and beverage segment is expected to dominate the market during the forecast period.
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Regional Insights
North America and Europe are the global leaders in the PCR plastic packaging industry, in terms of share. Leading manufacturers of PCR plastic packaging such as Berri Global Inc, Amcor Plc, Klockner Pentaplast and others have a significant presence in the US and European countries, which significantly contributes to the expansion of the market. The popularity of PCR plastic packaging among end customers has further increased with the new packaging products launched by these manufacturers over PCR plastic packaging. These elements also drive sales of PCR packaging solutions in North America and Europe.
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On the future of market research:
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