Global use of recycled aluminium packaging could soar by 75 per cent in the next decade, according to research.
Future Market Insights said the sector was worth $7.5bn this year and this could rise to $13.2bn by 2024.
Growth was being driven by several factors, the research specialist said in a report, including ballooning environmental awareness, regulatory pressures and shifting consumer preferences.
“As concerns about climate change and resource depletion escalate, businesses and consumers are seeking alternatives to traditional packaging materials like plastic and virgin aluminium,” said the study.
“Recycled aluminium offers a compelling solution as [it] requires significantly less energy and emits fewer greenhouse gases during production [than] primary aluminium.”
It added that governments worldwide were implementing policies such as extended producer responsibility, deposit-return schemes and recycling targets to incentivise use of recycled materials.
“Technological advancements and innovations in recycling processes are augmenting efficiency improvements and cost reductions in the production of recycled aluminum packaging,” said the study.
“Advanced sorting technologies, metallurgical innovations and improvements in recycling infrastructure are enabling higher recovery rates and better quality recycled aluminium by expanding the market potential for recycled aluminium packaging solutions.”
