Global circular economy in plastic packaging waste recycling market fto witness CAGR of over 9% till 2030
Innovative business models such as deposit return schemes, disruptive applications like augmented reality (AR), composite plastic separation, plastic to fuel etc., will drive the circular economy in the plastic packaging recycling market in the future. The market revenue is estimated at US$13.1 bln and an expected CAGR of 9.1% during the forecast period from 2019 to 2030, as per Reportlinker.
This study includes the revenue forecast for plastic packaging waste management. The study also elaborates on the volume forecast of 5 different kinds of plastics - PET, HDPE, LDPE, PVC, and PP-at both the regional and global levels.
Few critical trends like changes in consumer habits, increase in urbanization, increased use of plastic in food packaging, increased use of personal care products, rapid increase in the global bottled water hydration market, etc., have had a significant impact on the plastic packaging waste market. There will be an increase in the number of countries introducing bans on single-use plastics due to various organizations stressing on the impacts of the same on marine life. Due to bigger recycling targets, especially in Europe, the recycling market is set to experience tremendous growth during the forecast period. As a result of stringent environmental regulations and a growing awareness of the environmental harm caused by the ocean dumping of plastic packaging waste, many corporates have vowed to make their plastic packaging recyclable in the coming years. This commitment will drive the recycling market as well. Waste to fuel is becoming increasingly popular and is set to gain traction during the forecast period. Waste to energy plants will also see significant growth during the forecast period, especially in the Asia-Pacific. Even though the Asia-Pacific is the largest generator of plastic packaging waste, it reports lower recycling rates than Europe and the Americas. Even though the per capita consumption is low compared to that of the developed regions, dense population contributes to volumes. When compared to other regions, the European Union (EU) will have the highest recycling rate during the forecast period due to stringent measures taken towards dealing with packaging plastic waste.