Growing demand for recycled plastics from a large number of packaging industries is one of the major driving factors boosting the growth of the global post-consumer recycled plastic packaging market. In addition, many industries are implementing sustainable as well as green solutions, with the growing awareness regarding healthy living. Hence, across the packaging industry, post-consumer recycled plastics are utilized in the huge number of applications such as the production of FDA (Food & Drug Administration) approved food packaging. Recycled from existing used plastics, the post-consumer recycled plastics provide new possibilities for diminishing carbon emissions, energy consumptions, waste, as well as water consumption when obtaining performance and high-quality. In addition to this, post-consumer recycled plastics are also used in raising shelf life and providing product safety. On the other hand, with the growing adoption of green options across the huge number of applications in the increasing businesses, the global market for post-consumer recycled plastic packaging s likely to grow at a substantial pace over the prediction period.
Additionally, plastic recycling is a difficult task owing to the sorting plastic waste is a very time-consuming process. Moreover, it is not feasible to offer manual labor for sorting out such plastic waste owing to low profits from this procedure. However, heavy machinery which can convert recycled plastics in usable products with the help of sorting waste precisely is essential. In addition to this, AI (Artificial Intelligence) is also helping the rapidly growing waste recycling technologies. To address the problems related to plastic recycling, IBM (International Business Machines Corp.) launched a pressure reactor technology that renders recycling more sustainable as well as accessible. However, the reactor can break down the tough plastic materials which are often difficult to recycle. Likewise, the machine can break down hard materials that are derived from caps, bottles, buckets, containers, and toys. In addition to this, the huge numbers of technological advancements that streamline the plastic recycling process and raise the overall efficiency of the recycling process to exist across the market. However, the global post-consumer recycled plastic packaging market is anticipated to grow with a substantial growth rate.
According to the geographical landscape, the North American market accounted for the highest market share in the year 2018 followed by South America, Europe, Asia Pacific, and MEA respectively. On the other hand, over the prediction period, the Asia Pacific region is anticipated to register the largest significant growth owing to the rapidly changing lifestyle as well as the huge disposable income of the people across the region. The competitive landscape of the global post-consumer recycled plastic packaging market is extremely fragmented. With the existence of the number of service providers, the market offers a huge number of lucrative opportunities to these providers. However, these robust service providers are specially designed to aid consumers to improve their market footprint. In addition to this, technological developments in the material sorting services in eth major regions across the world have hugely responsible for the growth of the market.