Global PCR Films and Foils Market Size, Share & Trends Analysis Report, by Type, by Application, By Region Forecasts, 2023 - 2030

Global PCR Films and Foils Market Size, Share & Trends Analysis Report, by Type, by Application, By Region Forecasts, 2023 - 2030

Global PCR Films and Foils market was valued at US $79 MM in 2022 and is expected to reach US $ 127.8 MM by 2030 growing at a CAGR of 6.2% during the forecast period 2023 – 2030.

The catastrophic environmental effects of plastic waste—from its ongoing presence in landfills and seas to its conversion into dangerous microplastics—have forced organisations, individuals, and governments to take immediate action. While businesses are progressively adopting ecologically friendly packaging materials and procedures, several governments have implemented rules aimed at restricting the usage of single-use plastics. Customers are clearly favouring reusable alternatives, demonstrating a higher level of understanding of their options, and endorsing companies who place a high priority on environmental responsibility. Additionally gaining appeal are innovations such as garbage cleaning programmes and biodegradable plastics.

For example, an alarming trend shown by a recent OECD research in 2022 is that the globe is producing twice as much plastic waste as it did twenty years ago. Merely 9% of this garbage is effectively recycled; the rest either ends up in landfills, gets burned, or leaks into the surrounding area. This waste of plastic comes from OECD countries in over half of cases. The amount of plastic garbage generated annually per person varies; it can reach as high as 221 kg in the US and 114 kg in OECD countries in Europe, with an average of 69 kg in Korea and Japan. There is growing concern over the release of microplastics (synthetic polymers smaller than 5 mm in diameter) from various sources, including industrial plastic pellets, synthetic textiles, road markings, and tyre wear. While the majority of plastic pollution is caused by the inadequate collection and disposal of larger plastic debris, known as microplastics, this issue is also being addressed.

“Polypropylene segment, by type, to be dominating market from 2023 to 2030.”

Polypropylene is widely used in many industries, such as consumer products, automotive, and packaging. Its longevity, cost-effectiveness, and versatility have contributed to its rising appeal. The increased need for recyclable and environmentally friendly polymers and advancements in processing methods have driven a significant development in the use of polypropylene. On the other hand, polyester, especially as PET (polyethylene terephthalate), has experienced a notable surge in demand, mostly from the beverage and packaging sectors. PET is widely used in the bottling of drinks, including soda, water, and juices. It is also used in apparel and textiles. There has been a surge in demand for recycled and sustainable PET materials.

“Food Packaging segment, by application, to be dominating market from 2023 to 2030.”

PCR films and foils are widely used in the food and beverage industry, and many of these businesses are showing an increasing interest in eco-friendly packaging options. PCR films and foils are widely used in a wide range of food products, including beverages, dry goods, and snacks. On the other hand, there is a growing movement in the pharmaceutical and healthcare industries to incorporate PCR films and foils into packaging for prescription prescriptions, over-the-counter medications, and medical devices. Sustainability is becoming more and more important in this industry as well.

“Europe to be largest region in PCR Films and Foils market.”

With a significant market share in 2022, the European region demonstrated its supremacy in the PCR Films and Foils market. Europe has been a leader in the use of PCR materials for foils and films, among other applications. This can be mostly ascribed to the region's strict laws and proactive programmes that encourage the usage of recycled plastics.

In the meantime, the Asia Pacific area, supported by its vast industrial capacities, also contributed significantly to the market for PCR materials. Nonetheless, there were differences in how PCR films and foils were adopted across this region's nations. While some Asian countries, like South Korea and Japan, adopted sustainable methods early on, others were still coming up.

PCR Films and Foils Competitive Landscape

The competitive landscape of the PCR Films and Foils market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of PCR Films and Foils technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The PCR Films and Foils market is highly competitive, with numerous companies vying for market share. Prominent companies in the PCR Films and Foils Market include:

Innovia Film, Placon Corporation, Inteplast Group, PlateSeal, Biopointe Scientific, Amcor plc, Borealis AG, Berry Global Group, Inc, Taghleef Industries LLC, Jindal Poly Films, Eppendrof, Huhtamaki, Thermo Fisher, Tekni-Plex, Constantia Flexibles, Mondi plc, Graham Packaging, Novolex, Uflex Limited, Sealed Air Corporation, and others.

Recent Developments:

Pregis AirSpeed® Hybrid Cushioning (HC) RenewTM PCR, a cutting-edge high-pressure air cushioning fabric with 80% post-consumer recycled (PCR) content, was introduced by Pregis® in June 2023. This product innovation is very important for companies that want to increase the protective packaging's sustainability without sacrificing performance. The need for eco-friendly packaging solutions is growing as customer awareness of the environment grows at every point of the shopping process. In order to meet this need, HC Renew PCR functions as an in-the-box shipping option that reduces its environmental impact while providing comparable protection and durability to conventional air cushions.

In June 2023, the first-ever thin-gauge stretch film focused on circularity, called Power Edge PCR (dubbed ""the thinnest gauge hand film derived from PCR content ever sold"" by Paragon CEO Darin Tang), has been launched by Paragon Films, a manufacturer of value-added, ultra-high performance stretch film products. The most recent model in Paragon's SVPR (Sustainability: Virgin Plastic Reduction) product range, which includes thin-gauge, extremely high-performance stretch films that allow for significant downgauging and the use of less virgin plastic, is the 27.5-gauge hand film. In a sector where PCR (post-consumer resin) films have historically performed best in thicker-gauge films, Power Edge PCR launches a thin-gauge product. Power Edge PCR employs less virgin plastic than any other hand film on the market, with a 25% PCR and 75% virgin resin composition, or 20.6 gauge.