November 30, 2022 04:30 ET | Source: Market Research Future Market Research Future
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New York, USA, Nov. 30, 2022 (GLOBE NEWSWIRE) -- PCR Plastic Packaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “PCR Plastic Packaging Market Information By Material, Application, and End Use, and Region - Forecast till 2030”, the market is estimated to grow at a 6.9% CAGR to reach USD 74,745.2 Million by 2030.
The market for post-consumer recycled (PCR) plastic packaging has further potential for growth as more consumers are ready to pay extra for environmentally friendly packaging. The packaging industry is home to a sizable number of businesses that have the foresight to adapt to the changing trends.
Numerous of them are responding to the need by raising the sustainability rating of their packaging options. Increasing the PCR content is one approach to do this, especially in stiff packaging that frequently includes polyethylene terephthalate (PET).
Recycled materials are suggested by the Food and Drug Association for packaging new food containers. It has created a number of safety rules and laws to guarantee contamination-free packing. The EU plastics tax, which has been included by the European Council in its €750 billion accord for a coronavirus recovery fund, is also meant to promote the use of recycled plastic. Initiatives like this primarily advocate switching from traditional plastic to recycled plastic.
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The important companies in the PCR plastic packaging industry include
The competition in the PCR plastic packaging market is extremely cutthroat, in line with the surge in R&D activities and the launches of new technologies by value chain players. Additionally, major businesses are implementing a variety of corporate expansion methods in order to increase their footprint on a regional and international scale.
In order to lessen its reliance on virgin plastics, Coveris, a flexible packaging firm with headquarters in Europe, introduced the lightweight next-generation stretch film.
Government bodies in various countries are overwhelmingly supporting the movement toward sustainable packaging. Additionally, international organizations are actively supporting this endeavor. For instance, recently, California lawmakers adopted a bill forcing beverage businesses to utilize recycled plastic. If the bill is enacted into law, it will be the country's first law requiring recycled material in plastic bottles. Stronger incentives for better plastic product design that ensures simple recycling and investments in waste collection infrastructure from various sources are likely to give the market for PCR plastic packaging a significant boost.
Consumers are more than prepared to contribute to the movement to create a sustainable future for the global economy, which will be greatly aided by product packaging. Recycled or recyclable packaging certainly has an advantage as consumers are making it plain 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 living sustainably. They are choosing their products carefully in order to achieve it. The market has been benefitting from the shifting patterns with respect to customer behavior.
One of the most important components of PCR plastic packaging is the recycling of used plastic packaging by end users. For the production of post-consumer recycled (PCR) plastic packaging, suitable and effective manufacturing facilities are needed. The creation of PCR plastic packaging may be hampered by a lack of sophisticated recycling facilities with the necessary equipment. The expansion of the PCR plastic packaging market in these regions is being limited by the lack of necessary recycling facilities, particularly in Asian, Middle Eastern, and African nations.
Additionally, the lack of knowledge of PCR plastic packaging among brand owners, manufacturers, and end users in Asian nations is also to some extent impeding the market's expansion.
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The COVID-19 pandemic considerably impacted the PCR plastic packaging market. Several nations had to go into lockdown in order to contain the growing number of cases due to the pandemic scenario. The result has been a disruption in the demand and supply chains, which has had an impact on the global market. Due to the pandemic crisis, several operations, manufacturing facilities, and infrastructure projects had to be suspended.
COVID-19 led to fluctuations in raw material prices, slowing down the global market's expansion. On the plus side, things are beginning to return to normal, which bodes well for future market growth. Additionally, the development of vaccines against the new coronavirus and the restart of various production facilities throughout the world would lead to the global market's full-scale capacity.
Pressure-treated wood, Redwood, Cedar, and Tropical hardwood are the major types of wooden The categories of the worldwide PRR plastic packaging market based on material types are Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), and Others (PLA, PHA, etc.). The market is primarily driven by the PET and PE divisions, which produce polyethylene terephthalate. In addition, given the prominence of these two divisions in rigid packaging, the demand for them in the future appears optimistic.
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 segment of bottles will dominate the market during the period of forecasting. Bottles are often used and in demand, and manufacturers are moving their focus to creating and delivering highly sustainable packaging bottle lines.
The top end-users of PCR plastic packaging include food and beverages, pharmaceuticals, personal care & cosmetics, electronics, and others. During the forecast period, the food and beverage segment is expected to rule the market.
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North America and Europe are the global leaders in the PCR plastic packaging industry, in terms of share. Leading PCR plastic packaging producers like Berry Global Inc, Amcor Plc, Klöckner Pentaplast, and others have a considerable presence in American and European nations, which significantly contributes to the market's expansion. The popularity of PCR plastic packaging among end customers is further increased by new packaging products launched by these producers across PCR plastic packaging. These elements are also boosting PCR packaging solution sales in North America and Europe.
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