Recycled Materials Packaging Solutions Market - Growth, Trends, and Forecast (2022 - 2030)

Market Overview

The recycled materials packaging solutions market was valued at USD 217.45 billion in 2018 and is expected to reach USD 281.86 billion by 2024 at a CAGR of 4.67% over the forecast period 2019 - 2024. Government mandates across the world and growing environmental consciousness have made the marketing of packaging solutions more cause-driven.

- Recycled packaging solutions are helping companies differentiate their products in the market along with reaching their sustainability goals. For instance, Amcor is pledging to develop all of its packagings to be recyclable or reusable by 2025.
- Factors like increasing urbanization, the rise in demand for off-the-shelf products, are some of the factors, further driving the market. The growing solar energy market, due to increasing dependence on renewable energy sources, along with the subsidies available for energy storage, is anticipated to contribute the growth of the market, thus, accelerating the glass demand in the market.
- However, growth and advancement in biodegradable plastics is hindering the growth of the market.

Scope of the Report

Recycled materials packaging solutions are the technology of enclosing or protecting products for distribution, storage, sale, and use by using recycled materials. It results in a sustainable packaging solution, and by implementing these kinds of packaging solutions, companies can reduce their carbon footprint.

Key Market Trends

Sustainable Packaging Solutions to Dominate the Market

- Companies around the globe are adopting sustainable packaging solutions, which include the usage of biodegradable paper and recyclable paper. Both the markets are witnessing colossal adoption owing to cleaner environment movements across the globe.
- However, recycling remains one of the significant trends noticed in the industry. Even though paper products are biodegradable, the process has been identified to be inconsistent in landfills due to the presence of external elements. The impact of discharges is creating concerns among the municipalities.
- Thus, governments and organizations are recycling over landfill disposables, with biodegradable packaging having high recyclability, due to the absence of additional external elements. As product recyclability is growing, industries are demanding recycled paper products over virgin solutions, owing to their lower energy consumption.

Asia-Pacific to be the Fastest Growing Market

- Stricter enforcement of regulations on clean production, food safety, hygienic packaging, together with modern consumers’ requirements and attitudes toward product packaging, has pressured large downstream clients to progressively implement advanced, innovative, environmental-friendly packaging solutions in countries such as China, India, and others Asian countries.
- For instance, at the end of 2017, China banned most imports of different recyclables from focussing on waste produced by its residents. The country had been the largest world market for plastics and other recycled materials. As a result, only 9.3 tonnes of plastic scraps were approved to enter China in January 2018. It is estimated that this is more than a 99% reduction as compared with the 3.8+ million tonnes that were approved to be imported at the start of 2017.
- Moreover,due to favorable government policies ,presence of large consumer base as well as growing government focus on adoption of eco-friendly solutions which can facilitate the large-scale use of eco-friendly packaging in many countries such as India,China,Singapore allowing the recycled materials packaging solutions market to have a stronghold in the region. . Furthermore, manufacturers are becoming aware of the negative impact of non-biodegradable packaging and turning to recycled materials packaging for their products.

Competitive Landscape

The recycled materials packaging solutions market is moderately fragmented. Major players have occupied a fair share of the market. Moreover, with the increase in the wide adaption of recycled materials, many players are entering into the market making it more competitive. Some of the key players include Kruger Inc., Amcor Limited, Ranpak Corp., Biopac UK Ltd, Tetra Laval, International Paper, Smurfit Kappa Group, among others.

- May 2019 - KP Tissue Inc. and Kruger Products dedicated the construction site of their future Sherbrooke tissue plant that will be equipped with Canada’s most advanced and best-performing TAD technology. This USD 575-million investment will create 180 jobs in Estrie, as well as some 1,700 direct and indirect jobs during the construction period that will end in 2021.
- May 2019 - Smurfit Kappa invested in its Roermond Paper Mill to meet the growing demand for paper-based packaging. Smurfit Kappa continues to extend its paper portfolio production capabilities by investing in its flagship paper mill in the Netherlands.

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