Recycled Polyethylene Terephthalate Market – Latest Report on the Current Trends and Future Opportunities to 2030 | Polyquest, Evergreen Plastics, Montello S.p.A, Phoenix Technologies, M&G Chemicals

 Recycled Polyethylene Terephthalate Market

The Recycled Polyethylene Terephthalate Market is projected to register a CAGR of over 7.6% to reach USD 13,941.16 million by the end of 2028. 

The market growth is primarily driven by changing consumer behavior towards sustainability. In addition, a ban on landfills introduced in several developed countries in North America and Europe is likely to drive the product demand over the forecast period. The primary factor driving Recycled Polyethylene Terephthalate (rPET) demand in North America is its broad application scope in several key application industries, such as FMCG, consumer goods, clothing & textile, and automotive. Various government initiatives regarding the recycling of plastics coupled with high investments have resulted in a decent rPET market in the region.

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Competitive Dashboard

Placon, Verdeco Recycling Inc., Clear Path Recycling, Indorama Ventures Public Company Limited, PolyQuest, Evergreen Plastics, Zhejiang Anshun Pettechs Fiber Co., Ltd, Montello S.p.A., M&G Chemicals, Phoenix Technologies, and LIBOLON are some reputed names in the global recycled polyethylene terephthalate market that are listed by MRFR.

Segmental Analysis

MRFR studied the global recycled polyethylene terephthalate market by segment analysis, based on type and application. Insights into the RPET market can help investors make high return-oriented decisions.

The type-based segments of the recycled polyethylene terephthalate market are clear and colored. The clear segment can thrive in the near future as the preference for colored RPET is high due to its superior quality. The clear segment is expected to value over USD 6 Mn by 2023 from USD 4,203.6 Mn in 2023. The rise in application of clear RPET in the booming packaging industry can contribute to the expansion of the clear segment in the years ahead.

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The application-based segments of the recycled polyethylene terephthalate market are sheet & film, fiber, strapping, non-food grade bottles & containers, and food-grade bottles & containers among others. The fiber segment can thrive in the study tenure by holding the maximum market share. The food-grade bottles and containers segment can exhibit healthy CAGR over the analysis period, suggests MRFR analysis. The extensive application of polyester fiber in textile production and the rise in the construction of plastic roads can yield high returns for the market. The rise in the number of market participants in the construction of plastic roads due to the high durability of RPET can favor the market in the foreseeable future. In addition, the scarcity of drinking water due to a lack of effective water treatment solutions. RPET is also used in the production of nanofibers and the upscaling demand for nanofibers can add thrust to the market growth pace.

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Regional Outlook

The recycled polyethylene terephthalate market in the Asia Pacific region can secure about 56% share of the worldwide market and is likely to surge at high CAGR. The high recycling rate in Asian regions, such as India, can accelerate the market rise in the near future. market players. Japan is expected to touch decent market value by 2023. However, India is observed to hold strong growth opportunities as it has emerged as an investment-centric market due to high textile production.

In Europe, the recycled polyethylene terephthalate market is expected to hold a lucrative market in the foreseeable future. Germany is identified as the most promising region that is likely to earn a value of about USD 510.8 Mn by 2023. The expansion of the EU market can be attributed to the extensive production and export of textiles. Moreover, an increase in plastic waste and the need for recycling can boost the EU RPET market.

In North America, the recycled polyethylene terephthalate market is expected to be headed by the US as numerous plastic solution supplier are present in the region. MRFR study states that Latin America is expected to secure 9.9% market share in the review period. Economic reforms and industrialization in can favor the RPET market in Brazil, Argentina, and Mexico.

In the Middle East and Africa, the recycled polyethylene terephthalate market can show steady rise due to less awareness about recycling. However, rise in consumption of plastic and benefits of plastic recycling can open numerous growth opportunities for the regional RPET market.