PCR Plastic Packaging Market to Witness Expansion at 6.9% CAGR
PCR Plastic Packaging Market is expected to grow USD 74,745.2 million at a CAGR 6.9% during the forecast period 2022-2030.
Market Dynamics
Both large and small firms in the global packaging sector are actively working to minimize their carbon footprints and increase the availability of environmentally friendly and recyclable packaging options. One of the most important reasons propelling the expansion of the global PCR plastic packaging market is the rising consciousness of packaging makers toward sustainable packaging strategies and initiatives. Producing and releasing PCR plastic packaging solutions on a regular basis is helping manufacturers improve their circular economy strategies. In addition, major drivers of the PCR plastic packaging market are the persistent investments made by major manufacturers to improve their product’s package portfolio.
Production of PCR plastic packaging may be hampered by a dearth of sophisticated recycling facilities. The expansion of the PCR plastic packaging business is being stymied by the fact that many countries in Asia, the Middle East, and Africa lack the appropriate recycling facilities. Along with this, brand owners, manufacturers, and end users in Asian countries aren’t as well-informed about the benefits of PCR plastic packaging, which is slowing down the market.
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Market Segmentation
The global PRR plastic packaging market may be broken down into the following submarkets: polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), and others (polylactic acid, polyhydroxyalkanoate, etc.). Segments such as polyethylene (PE), and polyethylene terephthalate (PET) are major drivers of the industry. As a result of its widespread application in rigid packaging, we anticipate a robust future market for these two categories.
The global PCR plastic packaging market is divided into the following categories: bottles, trays & clamshells, bags & sacks, cups & jars, blister packs, and others. During the estimated time frame, the bottle subsector will account for the largest share of the market. The target market is profitable because of the enormous volume of bottle sales, as well as manufacturers’ recent shift in focus toward producing and introducing highly sustainable packaging bottle variants. It is expected that the bottle industry would continue to account for a sizable chunk of the market share.
The global PCR plastic packaging market is divided into sectors depending on end use, including food & beverages, pharmaceuticals, personal care & cosmetics, electronics, and others. Over the course of the next few years, the food and beverage industry is likely to be the most lucrative. Increasing global food and beverage production and a consequent increase in the need for rigid packaging have combined to create a remarkable demand for PCR plastic packaging in the intended market.
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Regional Analysis
North America, Europe, Asia-Pacific, the Middle East and Africa, and South America are the different regions. The PCR plastic packaging market is dominated and led by the North American and European regions. Key players in the PCR plastic packaging industry, including those based in the United States and Europe like Berry Global Inc, Amcor Plc, Klöckner Pentaplast, and others, are expanding their operations and so contributing to the market’s expansion. The introduction of innovative new packaging products by PCR plastic packaging producers also contributes to the material’s rising appeal among consumers. Sales of PCR packaging solutions in North America and Europe can also be attributed to these causes.
However, APAC is forecasted to become the manufacturing industry’s primary income generator in the near future. Growth in the PCR plastic packaging market is being fueled by rising consumer interest in eco-friendly products and rapid technological advancements in packaging in Asia’s most promising economies, including China, Japan, and India. If a company wants to maximize its profits in the worldwide PCR plastic packaging industry, it should concentrate on the lucrative markets of Asia.
Competitive Analysis
The major market players are Berry Global Inc (USA), Amcor Plc (Australia), Genpak, LLC (USA), Klöckner Pentaplast (U.K), O.BERK COMPANY (USA), Placon (USA), Coveris (U.K), PRETIUM PACKAGING (USA), Rose Plastic AG (Germany), Borealis AG (Austria), Henkel cooperation (Germany.
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