Introduction and Need of the Product:
Eliminating packaging waste is the major concern in today’s world. Both developed and developing countries are continuously implementing several rules and regulations to curb and recycle immense waste generated from plastic, paper, glass, and metal packaging products. Growing concern towards plastic waste may lead to ban on plastic packaging products in some of the countries. Plastic waste has increased substantially in the last ten years due to increase in demand for packaged food and consumer goods globally. It is estimated that less than 40% of all plastic waste is recycled all over the world. The large proportion of this waste ends up in landfill or thrown into the ocean. Non-biodegradable plastic such as Polyethylene, Polypropylene, PVC, etc. takes more than 400 years to degrade.
Packaging waste, if not recycled, may pollute the environment and create serious health problems. More than 50% of the plastic waste collected worldwide is household waste. Household waste comprises of bottles, jars, buckets, equipment, etc. Packaging companies are focusing to reduce the weight of a packaging product to further reduce consumption of the packaging material which in turn generate less waste. PET is widely used material for the packaging of bottled water, beverages, and other household products. It is cheap and highly recyclable plastic material. Despite being highly recyclable material, PET recycling rates are very low in most of the regions including Europe and North America.
Packaging Waste Recycling Market: Market Dynamics
Recycling rates are increasing at a much faster pace than before due to growing concern over the use of plastic all over the world. Recently, Saudi Arabia government imposed a ban on non-biodegradable plastic packaging products, it has directed the use of only oxo-biodegradable products provided by supplier, certified by Saudi Arabia government. It is estimated that Americans throw away more than 34 billion plastic bottles every year which creates enormous waste in the country and this needs to be recycled every year. Demand for packaging waste recycling is expected to increase substantially in the next few years. One ton of the recycled plastic can save up to 5,700 kWh of electricity, 680 gallons of oil, 98 million Btu’s of energy and more than 30 cubic yards of landfill space. And recycled plastic takes 88% less energy than making plastic from virgin raw materials. Approximately 25% plastic produced in the U.S. is recycled every year. The figure is expected to grow in the next few years as the collection and segregation process become more efficient than before. Glass is also a highly recyclable material and glass bottles could also be reused again and again for long period of time. However, only 20-30% of the glass products used today are sourced from recycled material. It is estimated that every ton of recycled glass material could save up to 693 pounds of carbon dioxide. Also, the manufacturing process of producing recycled glass is less complex than making it from virgin raw material. Metal packaging products such as aluminum and steel could also be recycled and reused again and again. Recycled material takes around 95% less energy than making it from virgin raw materials.
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Every ton of recycled steel could save up to 2,500 pounds of iron ore, 1,000 pounds of coal, and 40 pounds of limestone. All of these factors increase the need for packaging waste recycling as recycled material could save a lot of resources from depleting. In case of paper, one ton of recycled paper could save more than 17 trees, 7,000 gallons of water, 460 gallons of oil, more than 587 pounds of air pollution. Some of the restraints in packaging waste recycling market is that any product made up of the composite material is very hard to recycle. However, companies are investing high amounts of money to overcome this problem and gain a competitive edge in the packaging waste recycling market. There are lots of opportunities for the new entrants in the packaging waste recycling market. But the company could succeed only it operates on an efficient waste collection and segregation model.
Packaging Waste Recycling Market: Regional Overview
On the basis of region, the Packaging Waste Recycling market is segmented into seven regions which include North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific, Middle East & Africa, and Japan. Europe & North America dominates the packaging waste recycling market with the highest number of recycling companies in the region. Both of these regions have very efficient waste collection and segregation technologies which help recycling companies to collect waste systematically. Also, increasing opportunities in the packaging waste recycling market will attract new manufacturers in the region. Asia-Pacific generates the highest amount of packaging waste globally and also there is very low penetration of recycling companies in the region.
Also, due to lack of proper collection and segregation systems, the recycling process becomes inefficient and costly. Government aids could help smaller companies to grow and change the packaging waste recycling landscape of the region. In MEA region, most of the countries are planning to ban plastic in the country which will ultimately decrease the demand for plastic recycling in the region. However, it is estimated that there are still good growth prospects in the MEA region due to very high consumption of the plastic products which will not easily diminish in few years. In Latin America, Brazil and Argentina create enormous opportunities for the new entrants in the packaging waste recycling market.
Packaging Waste Recycling Market: Market Players
Some of the key players in the Packaging Waste Recycling market are KW Plastic, Inc., B. Schoenberg & Co. Inc., B & B Plastics, Inc., Green Line Polymers, Inc., Custom Polymers Inc., Clean Tech Incorporated, Joe’s Plastics Inc., RJM International, Inc., Clear Path Recycling, LLC, CarbonLite Industries LLC, WTE Corporation, Plasgran Ltd., REPLAS, CarbonLite Industries LLC, DS Smith Plc, Hanna Paper Recycling, Inc., International Paper Company, National Fiber Supply LLC, Pioneer Industries International Inc., Ball Corporation, Greenblott Metal Co.
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Report Highlights : Detailed overview of parent market,Changing market dynamics in the industry,In-depth market segmentation,Historical, current and projected market size in terms of volume and value,Recent industry trends and developments,Competitive landscape,Strategies of key players and products offered,Potential and niche segments, geographical regions exhibiting promising growth,A neutral perspective on market performance,Must-have information for market players to sustain and enhance their market footprint.