Wilmington, Delaware , April 10, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Recycled PET (rPET) Market by Type (Flakes and Chips), Source (Bottles & Containers and Films & Sheets), and Application (Packaging, Fiber & Textiles, Sheets & Thermoforming, Construction Materials, Automotive Parts, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "recycled pet (rpet) market" was valued at $8.4 billion in 2022, and is estimated to reach $16.2 billion by 2032, growing at a CAGR of 6.7% from 2023 to 2032.
Prime determinants of growth
The global recycled PET (rPET) market expansion is driven by rise in regulatory initiatives. Governments worldwide are implementing regulations to promote recycling and reduce plastic waste. Legislation such as extended producer responsibility (EPR) laws, plastic bans, and mandates for recycled content in products incentivize the use of recycled PET and drive market growth. However, one of the primary challenges in the recycled PET market is the presence of technological limitations that affect the quality and performance of recycled PET materials. Unlike virgin PET, recycled PET may undergo degradation during the recycling process, resulting in reduced mechanical properties and inferior aesthetics. In addition, the presence of contaminants, such as labels, adhesives, and other polymers, poses challenges in achieving high-purity recycled PET suitable for various applications. Improving recycling technologies, including advanced sorting, cleaning, and purification processes, is essential to enhance the quality and consistency of recycled PET and address these technological limitations.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $8.4 Billion |
| Market Size In 2032 | $16.2 Billion |
| CAGR | 6.7% |
| No. Of Pages In Report | 610 |
| Segments Covered | Type, Source, Application, And Region. |
| Drivers | Increase In Environmental Awareness Rise In Regulatory Initiatives Surge In Corporate Social Responsibility Goals Technological Advancements |
| Opportunities | Rise In Sustainability Trends Recycling Mandates In Both Developed And Developing Economies |
| Restraint | Technical Limitations |
The flakes segment to maintain its lead position during the forecast period.
By type, the flakes segment accounted for the largest share in 2022, contributing to three-fifth of the global recycled PET (rPET) market revenue. Several companies in both developed and developing economies are adopting sustainability goals and commitments, including increase in the use of recycled materials in their products and packaging. This is projected to drive the demand for recycled PET flakes as companies seek to meet their sustainability targets.
The bottles and containers segment to maintain its lead position during the forecast period.
By source, the bottles and containers segment accounted for the largest share in 2022, contributing to more than half of the global recycled PET (rPET) market revenue. Growing concerns about plastic pollution and its impact on the environment, particularly oceans and wildlife, have led to increased emphasis on recycling PET bottles and containers. Recycling PET reduces the need for virgin plastic production, conserving natural resources and reducing energy consumption and greenhouse gas emissions associated with plastic production. Furthermore, consumers are becoming more environmentally conscious and are actively seeking out products with sustainable packaging. This shift in consumer preferences has incentivized companies to prioritize the use of recycled PET in their packaging, thus driving up the demand for PET recycling from bottles and containers.
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The packaging segment to maintain its lead position during the forecast period.
By application, the fiber and textiles segment accounted for the largest share in 2022, contributing to more than one-forth of the global recycled PET (rPET) market revenue. This is attributed to advances in recycling technology and infrastructure. Moreover, using recycled materials, such as recycled PET, in packaging can enhance supply chain resilience by reducing dependence on finite natural resources and mitigating risks associated with raw material shortages or price volatility. Incorporating recycled PET into packaging materials can contribute to a more sustainable and resilient supply chain.
Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global recycled PET (rPET) market and is projected to register the highest CAGR of 7.3% during the forecast period. The Asia-Pacific region has a rapidly expanding packaging industry driven by population growth, urbanization, and increase in consumer spending. With the rising demand for packaged goods, there is a parallel increase in demand for sustainable packaging solutions. Recycled PET offers a viable option for manufacturers looking to meet this demand while reducing their environmental footprint.. Furthermore, investments in recycling infrastructure and technology are helping to expand the availability and quality of recycled PET in the Asia-Pacific region. Improved collection, sorting, and processing capabilities make it easier and more cost-effective for businesses to incorporate recycled PET into their packaging materials.
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Leading Market Players: -
- Indorama Ventures Public Company Limited
- Plastipak Holdings, Inc
- Alpek SAB de CV
- Clear Path Recycling
- CarbonLite Industries, LLC
- Evergreen Plastics
- Phoenix Technologies International LLC
- M&G Chemicals
- Loop Industries, Inc.
- Placon
The report provides a detailed analysis of these key players in the global recycled PET(rPET) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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