The global post-consumer recycled plastics market is expected to post a CAGR close to 9% during the period 2019-2023, according to a market research report by GTechnavio. A key factor driving the growth of the market is the increased demand for recycled plastics from the packaging industry. Many industries are adopting green and sustainable solutions, with the increase in awareness about healthy living. Therefore, in the packaging industry, post-consumer recycled plastics are used in a wide range of applications, such as the manufacturing of Food and Drug Administration (FDA}-approved food packaging. Recycled from previously used plastics, post-consumer recycled plastics offers new possibilities for reducing waste, energy consumption, carbon emissions, and water consumption while achieving high quality and performance. Post-consumer recycled plastics are also useful in increasing shelf Iife and offering product protection. Thus, with an increase in the adoption of green options in various applications in day-to-day businesses, the global post-consumer recycled plastics market is expected to grow at a significant pace during the forecast period.
As per Technavio, the technological advances in plastic recycling will have a positive impact on the market and contribute to its growth significantly over the forecast period. Plastic recycling is a tedious task as sorting plastic waste is time-consuming. Also, it is not viable to dedicate manual labor for sorting plastic waste due to low profits from the process. Thus, heavy machinery that can transform recycled plastics into usable products by sorting waste appropriately is required. In addition, artificial intelligence (AI) is contributing to the development of waste recycling techniques. To address the issues associated with plastic recycling, International Business Machines Corp. (IBM) invented a pressure reactor that renders recycling more accessible and sustainable. The reactor can break down plastic materials that are often difficult to recycle. In addition, the machine can break down hard plastics derived from bottles, containers, caps, toys, and buckets. A wide range of such technological advances, which streamline the plastic recycling process and increase the overall efficiency of the recycling business, are present in the market Thus, the global postconsumer recycled plastics market is expected to grow at a significant pace.
“Apart from technological advances in plastic recycling, the rise in awareness about using recycled plastics through social media and the improved material sorting infrastructure are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio. During the forecast period, the APAC region is expected to register the highest incremental growth due to the changing lifestyle and high disposable income of the populace in the region.