Growing consumer concerns for the protection of the environment from hazards are anticipated to propel the growth for recycled packaging materials market. The packaging is an integral part of many industries such as food & beverage, pharmaceuticals, personal care, etc. The packaging market expected to impact the recycled packaging materials market due to the shift of consumers toward the usage of sustainable products. Recycled packaging materials can be used without hampering their attributes and protective elements. Many manufacturers choose to use recyclable packaging materials for packaging because they want to minimize their impact on the environment and landfill waste. This is likely to boost the market demand for recycled packaging materials. In addition, recycled packaging materials reduce the efforts to procure or manufacture new materials for packaging. Limited landfills hike the market demand for recycled packaging materials.
Marketing trends such as changing consumer lifestyle and increased awareness for eco-friendly tagged products are supporting the demand for recycled packaging materials. In addition, the demand by manufacturers and distributors for packaging made by recycled packaging material while retaining protective qualities and resistance against water and heat is likely to support the market growth. The emergence of bioplastics such as PLA, PHB and starch-based are likely to have high growth in the years to come. Since it results in lesser footprint and consumes lesser energy compared to traditional packaging materials. Versatility and flexibility are key factors which are likely to boost the market demand for recycled packaging materials. Recycled packaging materials can be used for many products from various industries such as food, beverage, electronic devices, pharmaceutical and cosmetics. The demand for sustainability can lead to improving the brand image and expands the customer base. Machines and equipment which enables faster and bulk production is likely to augment the demand for recycled packaging materials. This results in production efficiency and cost-effectiveness which is beneficial for the brand owners.
Recycled packaging materials market can be segmented on the basis of material, type and end-user industry.
By Material, Recycled packaging materials market can be segmented as
By Type, Recycled packaging materials market can be segmented as
By End-User Industry, Recycled packaging materials market can be segmented as
Europe is expected to dominate the recycles packaging materials market due to stringent policies implemented by the government to curb the use of single-use plastic and hazards of non-environment friendly materials. North America & Latin America are expected to witness steady growth for recycles packaging materials market due to rising awareness for environment protection. The Asia Pacific is a lucrative market for recycled packaging materials owing to its large population and untapped markets. Implementation of regulations for sustainable packaging is likely to boost the market demand for recycled packaging materials.
The COVID 19 outbreak has delayed the production and operations across the globe. This has led to a halt in the processes due to shortage of materials and workforce due to lockdowns and self-isolation policies. This is likely to hamper the growth of recycled packaging materials market. Sustainability has been a major trend recently but the concerns over health and safety of products are likely to make a comeback for disposable bags and single-use plastics to prevent the rise in infections. Recycled plastic with sterilization to prevent contamination can be an ideal solution as it will maintain sustainability without impacting the environment. Thus, manufacturers are likely to benefit in the long run if they integrate sustainability with the need of the hour.
Key players in the recycled packaging materials market are as follows,
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