Dublin, June 26, 2023 (GLOBE NEWSWIRE) -- The "Recycled PET Market by Type (Flakes, Chips), Grade (Grade A, Grade B), Source (Bottles & Containers, Films & sheets), Application ( Bottles, fiber, Sheets, Strapping), Color (Clear, Colored), & Region (APAC, NA, Europe, MEA, SA) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global Recycled PET market is estimated to be USD 11.0 billion in 2023 and is projected to reach USD 15.0 billion by 2028, at a CAGR of 6.5% from 2023 to 2028. The growth is due to the growing demand for bottles, sheets, fiber, and other applications throughout the world.
Flakes are expected to be the fastest-growing type in the recycled PET market during the forecast period.
The demand for rPET flakes has been increasing due to several factors. One of the main drivers is the growing emphasis on sustainable packaging solutions. Brands and manufacturers are seeking ways to incorporate recycled materials into their packaging, and rPET flakes offer a viable solution. These flakes are derived from the recycling process, where PET bottles are sorted, cleaned, and shredded into small pieces. The resulting flakes can be used to produce various products such as fibers, films, sheets, and other packaging materials.
Bottles are expected to be the largest and fastest-growing application.
The large-scale adoption of rPET in the bottle industry can be attributed to its feasibility, cost-effectiveness, and positive environmental impact. By utilizing recycled PET in bottles, the industry contributes to reducing plastic waste, conserving resources, and lowering carbon emissions associated with the production of virgin PET.
While bottles continue to be the fastest-growing and largest application for rPET, other segments, such as films and sheets, textiles, automotive parts, and construction materials, are also showing growth potential as the market for recycled PET expands.
Asia Pacific is the largest market for recycled PET
The Asia Pacific (APAC) region is recognized as both the fastest-growing and largest market for recycled PET (rPET). This dynamic can be attributed to several factors.
Firstly, the APAC region has a substantial population and a rapidly expanding middle-class segment. This demographic shift leads to increased consumption of packaged goods, which in turn drives the demand for sustainable packaging solutions like rPET.
Secondly, APAC has been experiencing significant economic growth and urbanization. This growth has resulted in increased industrialization, manufacturing activities, and infrastructure development, leading to higher production and consumption of products packaged in rPET.
The report provides insights on the following pointers:
- Analysis of key drivers, restraints, opportunities, and challenges
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the recycled PET market
- Market Development: Comprehensive information about lucrative markets - the report analyses the recycled PET market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the recycled PET market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Indorama Ventures Public Limited (Thailand), Biffa (UK), Far Eastern New Century Corporation (Taiwan), Plastipak Holdings Inc (US), Alpek (Mexico), PolyQuest (US), OCTAL (Oman), Loop Industries (Canada), EverGreen (US), and PLACON (US), among others in the Recycled PET market.
- The report also helps stakeholders understand the pulse of the automotive airbags & seatbelts market and provides them information on key market drivers, restraints, challenges, and opportunities
An increasing trend in terms of collection, domestic recycling, recovery of PET, export of PET waste, and implementation of legislative regulations has been witnessed in the market for recycled PET. These activities have contributed significantly to the growth in demand for recycled PET in various applications such as food & beverage bottles, textile fiber, and strapping.
The strict laws pertaining to plastic waste management and disposal, along with the increasing awareness of the adverse impact of accumulating plastic waste, have led to the involvement of the public sector (such as municipalities) and the private sector in PET waste collection and recycling.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 297 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $11 Billion |
| Forecasted Market Value (USD) by 2028 | $15 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Premium Insights
- Attractive Opportunities in Recycled Pet Market
- Recycled Pet Market, by Application
- Recycled Pet Market, by Source
- Asia-Pacific: Recycled Pet Market, by Country and Type
- Recycled Pet Market: Major Countries
Market Dynamics
Drivers
- Increasing Demand for Recycled PET from Food & Beverage Industry
- Laws & Regulations Enforced by Governments
Restraints
- Absence of Required Framework for Plastic Waste Collection and Segregation
- Few Treatment Plants and Lack of Expertise in Recycling Pet Waste
Opportunities
- Increasing Demand for Sustainable Packaging Solutions
Challenges
- High Cost of Recycled Plastics
Companies Mentioned
- Al Mehtab Industries
- Aloxe Holding B.V.
- Alpek SAB. De C.V.
- Biffa PLC
- Clear Path Recycling, LLC
- Evergreen Recycling LLC
- Extrupet (Pty) Ltd.
- Far Eastern New Century Corporation
- Green Recycled & Modified Polymer Co. Ltd. (Grm)
- Indorama Ventures Public Co. Ltd.
- Jp Recycling Ltd.
- Lavergne, Inc.
- Libolon
- Loop Industries, Inc.
- Lotte Chemical Corporation
- Marglen Industries
- Peninsula Plastics Recycling, Inc.
- Petco
- Placon Corporation
- Plastipak Holdings, Inc.
- Polyquest, Inc.
- Reliance Industries Limited (Ril)
- Repro-Pet
- Seiu Japan Co. Ltd.
- Verdeco Recycling, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/q4yat0
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