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

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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