Recyclable Plastic Films Market is expected to record a significant CAGR of 5.1% from 2023 to 2033

In 2023, the recyclable plastic films market is anticipated to be worth US$24,230 Million. By 2033, it is anticipated to be valued at US$ 39,785 Million, growing at a substantial CAGR of 5.1%.

Plastic films are widely used in various applications but raise environmental concerns due to their disposal and long lifespan.

Recyclable plastic films offer a sustainable solution by reducing environmental impact throughout their lifecycle. They enable effective collection, sorting, and processing, diverting films from landfills and incineration. This reduces greenhouse gas emissions and conserves resources.

These films contribute to the advancement of the circular economy, promoting recycling and reuse. To retain material value, reduce the demand for new plastics, and minimize waste generation.

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Technological advancements support the development of recyclable films with improved properties and end-of-life options. The market is expanding rapidly due to growing consumer awareness and demand for eco-friendly alternatives. Leading industries to incorporate recyclable films.

Collaborative initiatives involving governments, industry associations, and recycling organizations aim to develop efficient recycling infrastructure and legislation. Fostering a productive recycling ecosystem for plastic films.

Polyethylene Terephthalate (PET) dominates the recyclable plastic films industry, accounting for 36.3% of the market in 2022. PET is a widely used thermoplastic polymer known for its transparency, strength, and flexibility. PET films find applications in the packaging, electronics, textiles, and printing industries. They are easily recyclable, allowing for a closed-loop system that reduces the demand for new materials and minimizes waste.

The food industry holds a significant share of the recyclable plastic films market, capturing over 41.2% globally. Its packaging requirements, sustainability commitments, collaborations with suppliers, and adherence to regulations drive the demand for recyclable plastic films. As the industry prioritizes sustainability, market breakthroughs, and innovations are expected.

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North America commands 23.8% of the global market due to stringent regulations. Collaborative initiatives, well-developed recycling infrastructure, and technological advancements in sorting and reprocessing.

Europe holds a substantial share of 21.2% in the market and plays a vital role in driving industry growth. The European Union’s Circular Economy Action Plan, is a well-established recycling infrastructure. The push for sustainable packaging solutions contributes to the adoption of recyclable plastic films.

India is witnessing significant growth in the recyclable plastic films market, with a CAGR of 7.1%. Pro-development government policies, initiatives like Swachh Bharat Abhiyan (Clean India Mission), and the rise of the packaging sector are driving the market. Collaborations between the packaging and recycling industries further support the growth by strengthening the recycling infrastructure.

Competitive Landscape:
The market is moderately fragmented, with various local players present. These market participants are attempting to increase their market share through techniques such as investments, collaborations, acquisitions, and mergers. Businesses are also investing in the development of new products. Furthermore, they are concentrating on keeping competitive pricing.

• May 2021 – Plastipak Holdings has invested in a new recycling unit at its Toledo, Spain, manufacturing location. This plant, which was opened in early 2022, created food-grade recycled PET (rPET) pellets from PET flake for use in preforms, bottles, and containers. This factory may yearly generate 20 kilotons of food-grade pellets.
• Coca-Cola began utilizing 100% rPET packaging in all small plastic bottles sold in the Netherlands and Norway in May 2020. This may help the company’s global World Without Waste initiative. In addition, by 2021, the company intended to use 100% PET in its large plastic bottles.

Some Key Players Operating in the Market:

3M Company, Ashland Global Specialty Chemicals Inc., Bostik SA (Arkema S. A), Coim Group, DIC Corporation, Dow Inc., DuPont de Nemours Inc., Evonik Industries AG, Flint Group, H.B. Fuller Company, Henkel AG & Co. KGaA, L.D. Davis Industries Inc., Sika AG, and Vimasco Corporation.

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Key Segments Covered:

By Material:

• Polyethylene Terephthalate (PET)
• Polyethylene (PE)
• Poly Vinyl Chloride (PVC)
• Polypropylene (PP)
• Polystyrene (PS)
• Bio-based Plastic
• Others (PA, PVDC, EVOH, etc.)

Product:

• Bags
• Pouches
• Sachets
• Stick Packs
• Wraps
• Other Formats

End Use:

• Food
• Beverages
• Pharmaceuticals
• Cosmetics and Personal Care
• Homecare and Toiletries
• Electronics
• Others (Chemicals & Fertilizers, etc.)

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excluding Japan (APEJ)
• Japan
• The Middle East & Africa (MEA)