Recycled Plastic Bottle Market to Grow by USD 4.89 Billion (2024-2028), with AI-Driven Insights on Rising Demand for Plastic and Recycled Bottles - Technavio

NEW YORK, Oct. 4, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The Global Recycle for Plastic Bottle Market size is estimated to grow by USD 4.89 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 8.06% during the forecast period. Growing use of plastic bottles and their recycled forms is driving market growth, with a trend towards growing focus on recycling plastic by manufacturing companies. However, low recycling rate poses a challenge - Key market players include Amcor Plc, Complete Recycling LLC, ECO2 PLASTICS Inc., Ecoplast Solutions, EREMA Engineering Recycling Maschinen und Anlagen Ges.m.b.H., EVERGREEN A GREENBRIDGE Co., Ioniqa Technologies B.V., Loop Industries Inc., MoistureShield, NATIONAL RECOVERY TECHNOLOGIES LLC, NaturaPCR, perPETual Technologies GmbH, Phoenix Technologies International LLC, PlastiKetic Co., PTP GROUP Ltd., Recycle Clear, UltrePET LLC, United Resource Recovery Corp., and Worn Again Technologies.

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Key Market Trends Fueling Growth

The World Economic Forum estimates that plastic packaging waste costs the global economy between USD80 billion and USD120 billion annually. To meet the UN's Sustainable Development Goal for Sustainable Consumption and Production, companies are shifting towards a circular economy model. This approach reduces plastic waste generation and focuses on recycling. Major brands, such as Colgate-Palmolive, Danone, Amcor, Ecover, and others, have pledged to make all their packaging recyclable, reusable, or compostable by 2025. Unilever aims to reduce virgin plastic use in packaging by half and increase collection and processing by 2025. The Alliance to End Plastic Waste, comprised of various companies, plans to invest USD1.5 billion over five years to develop and scale recycling solutions. These commitments will boost demand for recycled plastic and plastic bottle recycling. 

Businesses are increasingly focusing on Corporate Sustainability Programs to reduce their environmental footprint. One key area of focus is the recycling of Plastic Bottles. Collection and Sorting are crucial steps in the Processing of these bottles into Reusable products. However, Environmental degradation from Plastic Waste remains a challenge. Recycling facilities play a vital role in the Circular Economy, converting Plastic Bottles into Recycled Plastic Feedstock. Virgin Plastic Production has negative environmental effects, so Recycling is a more sustainable alternative. Recycling Technology continues to advance, allowing for the recycling of various types of Plastic Bottles like PET, HDPE, PP, PVC, PS, PA, and Polycarbonate. Programs and incentives, such as Circular Packaging Solutions, encourage the proper Collection Procedures. Contamination is a concern, so proper Sorting and Plastic Composition analysis are necessary. Recycling Infrastructure and Economic Viability are essential for the success of Recycling Programs. Recycling extends to other Plastics like Plastic Films, Synthetic Fibers, Rigid Plastics & Foams. The Recycling Industry also recycles Building & Construction materials, Textiles, and provides Energy Conservation and Reduced Pollution benefits. 

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Market Challenges

• The insufficient infrastructure for plastic bottle waste collection and management poses a significant challenge to the global recycling market. With the mass production of plastics leading to around 8.3 billion metric tons produced in the last six decades, only 9% were recycled, resulting in approximately 6.3 billion metric tons becoming plastic waste. Most of this waste, around 79%, was disposed of in the environment, with over one-fourth of the yearly generated plastic waste being dumped in open areas. Many emerging economies, such as India, lack the capacity to collect and process plastic waste, leading to a loss of potentially recyclable material and limiting the scale of the market for recyclable plastics. Approximately 2 billion people worldwide lack access to basic waste collection services, leading to plastic being dumped when uncollected. By 2050, it is projected that there will be 12 billion metric tons of plastic in landfills if current trends continue, primarily in the form of plastic bottles and containers. Without proper institutions, systems, and incentives, plastic mismanagement will persist, making it difficult for waste systems to recover costs and hindering the growth of the global recycling market for plastic bottles during the forecast period.
• The Recycle For Plastics market faces several challenges in achieving a circular economy for plastic bottles. Programs and incentives for collection are essential but contamination remains a significant issue. Collection procedures for PET, HDPE, PP, PVC, PS, PA, and other rigid plastics and foams need improvement. Plastic composition variability affects recycling infrastructure and economic viability. PET bottle recycling is common, but challenges persist with plastic films, synthetic fibers, and complex plastics like PVC, PS, and ABS. Curbside recycling and drop-off centers are key, but deposit refund systems can boost collection. Mechanical and chemical recycling methods are crucial for various applications, including beverages, personal care, pharmaceutical, food packaging, and closed-loop systems. Environmental consciousness drives demand for reduced pollution, energy conservation, greenhouse gas savings, and CO2 emissions reduction. Protecting biodiversity and aquatic lives is crucial. Recycling products from plastic bottles contribute to building and construction, textiles, and various industries.

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Segment Overview 

This recycle for plastic bottle market report extensively covers market segmentation by

1. Grade Type
• 1.1 PET
• 1.2 HDPE
• 1.3 PP
• 1.4 Others
2. Geography
• 2.1 APAC
• 2.2 Europe
• 2.3 North America
• 2.4 Middle East and Africa
• 2.5 South America

Research Analysis

The Recycle For Plastic Bottle Market encompasses various types of plastic waste, including PET bottles, plastic films, synthetic fibers, rigid plastics & foams, and various polymers such as Polyethylene Terephthalate (PET), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polyamide (PA), and Polycarbonate. Plastic bottles are a significant portion of this market, derived from beverages, personal care, pharmaceutical, and food packaging industries. Collection, sorting, and processing of these plastic wastes are crucial steps in the recycling process. Mechanical recycling and chemical recycling are two primary methods used to convert plastic waste into new products. However, environmental degradation and plastic waste accumulation remain pressing issues. Recycling facilities play a vital role in the circular economy by transforming waste into valuable resources. Closed-loop systems and sustainable packaging initiatives are essential in reducing the environmental impact and promoting a more circular economy. Plastic films, synthetic fibers, and rigid plastics & foams, such as PP bottles, also contribute to the market. Polymers like PET, PP, PVC, PS, PA, and Polycarbonate are essential raw materials in various industries, making recycling a crucial aspect of their production processes.

Market Research Overview

Recycle For Plastic Bottle Market: Transforming Waste into Valuable Resources The Recycle For Plastic Bottle Market is a dynamic and growing industry focused on the collection, sorting, processing, and reuse of various types of plastic bottles. This market encompasses a wide range of applications, including PET bottle recycling, plastic films, synthetic fibers, rigid plastics & foams, and more. PET bottles, made from Polyethylene Terephthalate, are a significant part of this market. Other types of plastic bottles, such as High-Density Polyethylene (HDPE) and Polypropylene (PP), are also in high demand. Mechanical and chemical recycling processes are used to convert these bottles into recycled plastic feedstock, which can then be used to produce new products. The benefits of recycling plastic bottles are numerous. It reduces environmental degradation and pollution, conserves energy, and decreases greenhouse gas emissions. Recycling also helps protect biodiversity and aquatic lives by reducing CO2 emissions and minimizing the production of virgin plastic. The Recycle For Plastic Bottle Market serves various industries, including building & construction, textiles, and energy conservation. Recycled plastic is used in closed-loop systems, where it is reused in the same application, as well as in new applications, such as beverages, personal care, pharmaceutical, and food packaging. Recycling infrastructure, economic viability, and environmental consciousness are key considerations in this market. Programs and incentives, such as deposit refund systems and curbside recycling, encourage the collection and sorting of plastic bottles. Proper collection procedures and contamination prevention measures are essential to ensure the quality of the recycled plastic feedstock. The Recycle For Plastic Bottle Market is an essential component of the circular economy, which aims to minimize waste and reduce the negative environmental effects of virgin plastic production. With continued innovation and investment in recycling technology, this market will continue to grow and play a crucial role in creating a more sustainable future.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Grade Type
• PET
• HDPE
• PP
• Others
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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