Tokyo, March 17, 2022 (GLOBE NEWSWIRE) -- The global recycled polyethylene terephthalate market size was valued at US$ 8.56 billion by 2021. The growth of the market is primarily driven by changing consumer behavior regarding sustainability. In addition, a ban on landfills introduced in several advanced countries in North America and Europe is likely to drive the product demand during the forecast period. The major factor boosting the demand for Recycled Polyethylene Terephthalate (rPET) in these region is its broad application scope in various crucial industries, similar as FMCG, apparel & cloth, consumer goods, and automotive.
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In addition, despite significant investments, utmost post-consumer PET bottles are highly exported to Southeast Asian countries for recycling and further re-imported to different countries in North America in the form of new bottles manufactured from recycled PET. According to the World Economic Forum, as the demand for single- use Particular Defensive Outfit (PPE) has surged the outburst of COVID-19 has made plastic waste recovering and application more complex in nature.
| Report Scope | Details |
| Market Size in 2028 | USD 12.65 Billion |
| CAGR | 5.8% from 2022 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing Region | North America |
| Base Year | 2021 |
| Companies Covered | Placon, Ergis Recycling, Phoenix Technologies, Libolon, M&G Chemicals, BariQ, Zhejiang AnshunPettechsFibre Co. Ltd., PolyQuest, Clear Path Recycling LLC, Verdeco Recycling, Inc., Sorema, Evergreen Plastics, Inc. |
Report Highlights
- On the basis of product, the clear product segment led the global market in 2020 and anticipated for a profit share of over 76%. The segment will retain the commanding position expanding at a steady CAGR from 2021 to 2030. Low energy conditions and ease of bottle-to-bottle recycling are anticipated to drive the demand for clear recycled PET during the forecast period. In addition, clear rPET is lightweight, largely durable, non-reactive, and shatterproof.
- On the basis of end use, Fiber was the dominant application segment that anticipated for over 44% of the global profit share in 2020. The segment will expand further at a steady CAGR from 2021 to 2030, retaining the commanding position. High demand from the consumer goods, FMCG, telecom, motorcars, apparel & accessories, cloth, and home furnishing sectors is adding to the growth of the market. Fiber is generally used for making mattresses, car seating, cushions, and even insulation products. Numerous types of apparel, similar as jackets and t-shirts, use fiber produced from reused PET.
- Asia-Pacific region dominates the market owing to adding demand for non-food and food bottles across a huge number of end- use diligence and perfecting profitable conditions in this region. Latin America is anticipated to be the fastest growing region in terms of recycled polyethylene terephthalate market growth in packaging market owing to surge in technological modernization in the product ways, low product cost of recovering polyethylene as compared to other polymers, growing awareness regarding plastics recycling coupled with favorable government policies regarding the plastics recycling, and rising product in this region for the end users.
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Future of Recycled polyethylene terephthalate Market
Rising enterprises about environmental pollution have increased the demand for eco-friendly and sustainable packaging results including recycled plastic. Packaging manufacturers are fastening on developing sustainable and green packaging products which can be reclaimed and reused. These manufacturers are investing in R&D conditioning and technologies to develop sustainable packaging results which are eco-friendly, cost-effective, and don't compromise on the protection position offered to the packed product. Leading brands similar as Coca-Cola, Danone, and PepsiCo have called for the 50% use of RPET in their bottles by 2030. Beverage producers are looking forwards for machines that are easy to acclimate and are flexible in nature, enabling them to accommodate oscillations in the quality of RPET. Similar enterprise for the development of sustainable packaging accoutrements is projected to give openings for growth for manufacturers in the RPET market.
COVID-19 Impact Analysis:
- The global Recycled PET market has witness a slight decrease in its growth rate in 2020-2021, as the plastic recycling activities are diminished due to the covid-19 pandemic.
- The downfall in the market sales curve is reasoned to the disruptions in raw material supply chain, temporary halt in manufacturing industries, and reduced workforce in production units.
- The growth is attributed by the growing demand for packaged food &beverages that came in the lieu of infection blowout scare amongst population.
Key Developments in the Marketplace:
- In 2018, a key player named PepsiCo Inc. declared its plans in order to reuse 25% of recycled content in plastic packaging by the year 2023. Furthermore, the company is likely to collaborate with partners and suppliers in order to educate people regarding the benefits of recycling. The company is further investing in infrastructure and technology of recycling in order to boost the use of recycled content in packaging.
Market Segmentation
By Product Type
- Clear
- Colored
By End Use Type
- Food & Beverage Containers and Bottles
- Fiber
- Sheet and Film
- Strapping
- Non-Food Containers and Bottles
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
- Rest of the World
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