Plastics Industry Unlocks Sustainable Growth Avenues in Recycled Materials - Grand View Research, Inc.
SAN FRANCISCO, May 11, 2023 /PRNewswire/ -- The global plastics industry market size stood at 307,966.7 kilotons in 2021 and will observe an upward growth trajectory on the back of heightened demand from automotive, food & beverage, consumer goods, packaging and electrical & electronics, according to the "Plastics Industry Data Book, 2023-2030," published by Grand View Research. In essence, the automakers have upped investments in lightweight plastics, thereby helping reduce emissions. However, a UNEP study infers that plastics-linked GHG emissions could contribute 15% of the total emissions allowable by 2050. Incumbents are poised to bank on recycled materials to foster their sustainability profile and brand position.
An unprecedented rise in plastic waste, along with unsatisfactory end-of-life waste management, has compelled governing bodies to prioritize a circular economy. A robust approach to preventing plastic pollution could see recycled plastics gain ground globally. Prominently, businesses have exhibited huge traction for plastics for durability and protection from contaminants.
The urge to make plastics more sustainable will encourage manufacturing firms to use sustainable plastics. The global recycled plastics market size garnered 50,465.24 kilotons in 2021 and will depict a CAGR of 3.3% from 2022 through 2030. A marked rise in plastics recycling rates and better plastic waste treatment could facilitate the circular economy. Forward-looking companies will likely focus on diverting waste plastics towards recycling facilities, a trend poised to favor market growth.
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Amidst soaring demand and material shortages, plastic resins have witnessed a proliferation in consumption across automobile parts, packaging, medical devices, electronics and construction. Resin shortage is traced to the brutal winter storm and the COVID-19 onslaught. For instance, in Q1 2021, oil refineries across large parts of the U.S., including Texas and Louisiana, were shut down due to storms. Meanwhile, a dip in energy costs and heightened demand for epoxy resins made from organic materials will accentuate the industry outlook. The global plastic resins market size stood at 349.628.9 kilotons in 2021 and will observe a 3.2% CAGR through 2030.
Stakeholders are expected to deliberate upon the following opportunities and trends to tap into the global landscape:
- The rising footfall of residential and commercial spaces across emerging regions will propel the penetration of plastic additives. Besides, the need to enhance the shelf-life, reduce the risk of microbes and boost the aesthetic value will foster the demand for additives.
- An exponential rise in plastic consumption in the automotive sector and the use of PET in bottle production will augur innovation for plastic compound manufacturers.
- Asia Pacific market will provide compelling growth opportunities on the back of bullish construction activities, surging demand for consumer goods and expanding automotive sector.
Industry participants expect North America plastics industry to witness investment galore on the heels of heightened demand for the material in durable goods, including furniture and appliances and non-durable products, such as medical devices, disposable diapers, cups, trash bags and utensils. Additionally, the food & beverage sector across the U.S. and Canada has shown traction for PET beverage bottles, HDPE bottles for water and other materials for bags, lids and containers.
An unprecedented spike in plastic pollution across U.S. and Canada has underscored the recycled plastic trend. The UNEP infers that plastics contribute 85% of total marine waste, prompting governing bodies and other stakeholders to push for recyclability. For instance, in March 2022, BASF Venture Capital announced an infusion of funds into Oceanworks to make it easier to source recycled plastics. The startup will use digitized blockchain technology for traceability.
Go through the table of content of Plastics Industry Data Book to get a better understanding of the Coverage & Scope of the study
The competitive landscape suggests that key players will emphasize organic and inorganic strategies, including geographical expansion, product offerings, R&D activities, technological advancements, innovations and mergers & acquisitions. To illustrate, in August 2022, Covestro announced robust plans to establish mechanical recycling (MCR) of polycarbonates in Shanghai to deliver over 60,000 tons of polycarbonates in the Asia Pacific with recycled content until 2026. The first dedicated line is expected to keep up with the demand for sustainable solutions in manufacturing consumer goods, electrical and electronic products and automotive applications.
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