Global PCR Recycled Plastics Market Value to 16.239 Billion USD in 2022

        According to the latest Post-Consumer Recycled Plastics Market Report 2023-2033 released by Visiongain, the global post-consumer recycled plastics (PCR) market was valued at $16.239 billion in 2022 and is expected to grow at a CAGR of 9.4% during the forecast period of 2023-2033.

        Government-mandated plastic products contain PCR

         Using regulations to enforce recycled content seems to have become an economic tool to drive the PCR market. From Europe to North America, the use of minimum requirements for recycled plastic content is used to increase the supply of high-quality PCR. For example, the UK imposes a mandatory plastic packaging tax, requiring less than 30% recycled plastic packaging to be taxed at £200 per ton; California's Bill 793 and New Jersey's Bill 2515 also require plastic packaging to contain PCR ingredients.

        The latest news indicates that the EU plans to increase demand for PCR by expanding the recycling content target from plastic bottles to all plastic packaging. Proposals in this regard will be part of the revision of the EU Packaging and Packaging Waste Directive and are expected to be made on November 30. An unpublished draft requires that by January 2030, all plastic packaging on the EU market must "contain a certain amount of recycled content from post-consumer plastics."

        "2022 New Plastics Economy Global Commitment Progress Report": PCR content in plastic packaging has doubled in the past three years

        The "2022 New Plastics Economy Global Commitment Progress Report" jointly compiled by the Ellen MacArthur Foundation and the United Nations Environment Program was officially released on November 2. The report shows that the use of recycled content in plastic packaging has doubled in the past three years, continuing to maintain a strong growth momentum.

        The use of PCR in plastic packaging has increased from 4.8% in 2018 to 10% in 2021. In the past, it took companies decades to achieve the use of 5% recycled materials. The signatories of the global commitment doubled this figure to 10% in just three years. To achieve the total target of 26% by 2025, brands and retailers must continue to redouble their efforts to increase the use of recycled plastics. Although some companies have achieved their set targets ahead of schedule, some still need to step up their efforts.