Global Post-consumer Recycled Plastics Market: Snapshot
The massive business value that plastics has been associated with over the past several years has caused their bans cutting slack. With new options for recycling, in relation to technology and the will of governments to do, banning has become impractical and will remain so in some time to come. The global post-consumer recycled plastics market has made strides on the back of the increasing inclination of brands to recycle plastics. The proclivity in large part is driven by the adoption of sustainability initiatives and to an extent by several waste management legislation in various parts of the world. Plastics additive manufacturer have been focusing on preserving the value chain of plastics, in the light of the versatile use of plastics.
A growing number of brands are seeing large capitalization potential in the path of sustainable packaging and products. The key motivation for doing so is to divert the plastic waste away from landfills. Plastic manufacturers have also shown an increasing stake in the post-consumer recycled plastics market is the reduction of carbon footprints.
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The value chain of the post-consumer recycled plastics market are collection and transportation, recycling, landfills, and incineration. The key materials that are recycled are PP, PET, LPPE, HDPE, PVC, and PS. Among these, Polyethylene terephthalate (PET) due to abundance use has risen in popularity as the material recycled in the post-consumer recycled plastics market.
Global Post-consumer Recycled Plastics Market: Growth Dynamics
Growing partnerships among companies on reclaiming post-consumer waste products for recycling is paving way to new avenues in the post-consumer recycled plastics market. Advent of the state-of-the-art reclining technologies and growing adoption for using the waste innovatively are factors shaping the contours of the market.
Growing awareness among consumers of the high carbon footprint of plastic waste has reinforced interest in the post-consumer recycled plastics market. Over the past few years, around the world numerous companies that claim to be green and sustainable businesses have started adopting post-consumer recycled plastics. This is opening new avenues in the market. The use of post-consumer recycled plastics has also been filliped by implementation of regulations that reduce plastic waste.
A significant part of the momentum to the post-consumer recycled plastics has come from initiatives taken by cosmetic companies in the uptake. Rapid pace of urbanization around the world has stirred industry players to reduce the carbon footprint of plastic recycling, expanding the revenue prospect in the post-consumer recycled plastics market.
Global Post-consumer Recycled Plastics Market: Notable Developments
The post-consumer recycled plastics market has seen chemical companies and businesses in other industries partnering with players that engage in post-consumer waste products for recycling. This will fuel the utilization of reclaimed polymers to be used as a chemical feedstock.
A U.S.-based specialty plastic company, Eastman Chemical Company, has entered into an agreement with Circular Polymers, to utilize post-consumer recycled plastics. The former has chosen this to extract PET fiber from carpet as use it as a feedstock for its chemical recycling technology. The low recycling rate of the plastics from carpet has ignited interest of Eastman in post-consumer recycled plastics. A growing number of robust recycling programs has reduced the cost of carpet reclamation, incentivizing entrepreneurial growth ambitions.
Some of the well-entrenched players in the post-consumer recycled plastics market are DS Smith, Remondis SE & Co. Kg, Waste Connections, Inc., Stericycle, Waste Management Inc., and Veolia Environmental Services.
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Global Post-consumer Recycled Plastics Market: Regional Assessment
On the regional front, North America has been contributing generously to the revenues of the global post-consumer recycled plastics market. Advancements made in plastic recycling programs and high consumer awareness have cemented consolidated the shares of the global market. Some of the other key regions in the post-consumer recycled plastics market are Asia Pacific, Europe, South America, and the Middle East and Africa.
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