Recycled Polyethylene Terephthalate Market 2022 -Insights Business Opportunities, Current Trends And Restraints Forecast 2030

 The demand for eco-friendly packaging might aid the growth for the Global Recycled Polyethylene Terephthalate Market with 8.5% CAGR between 2018 and 2023

Due to the trend of recycling and reusing, the recycled polyethylene terephthalate industry is flourishing. Market Research Future (MRFR) has published a research report about the global recycled polyethylene terephthalate (PET) market that estimates progress for this market with 8.5% CAGR (Compound Annual Growth Rate) between 2018 and 2023. 

The market growth for recycled polyethylene terephthalate is possible due to the growing demand for a recycled PET in the packaging sector, benefits related to cost-cutting, emerging markets in developing countries, and the growing awareness among people for eco-friendly items and packaging materials. 

The global recycled polyethylene terephthalate market has been segmented on the basis of application, type, and lastly, the region. Based on the application, this market has been segmented into fiber, food & non-food bottles, sheet & film, strapping, and others. By type, the market has been segmented into clear and colored.

The regional segmentation of the global recycled polyethylene terephthalate market segments the market into the continent-based regional markets known as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). The Asia Pacific is the largest regional market, and it holds the 56% share in the global market due to the high recycling rate in countries like China, India, and Japan. Being an investment-centric market, India is a great market due to intensified textile production. Another important country-specific market in this region is South Korea, followed by the rest of the Asia Pacific region.

Europe is the second largest regional market. According to the report, it is going to remain a lucrative market during the forecast period, with Germany being the biggest country-specific market in this region whose value has been estimated to US $ 510.8 mn during this period. Factors contributing to the growth of German market include initiatives undertaken by the European Union (EU) for plastic waste recycling and extensive production & export of textiles. Other major country-specific markets in this region are France, Italy, Russia, Spain, and the United Kingdom (UK), followed by the rest of Europe.

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North America is an important regional market due to the presence of an established plastic industry in the United States of America (USA). Another essential country-specific market in this region is Canada. In the global market; Latin America holds the 9.9% share. The factor driving the growth of the market in this region include economic reforms in favor of industrialization in Brazil. Other crucial country-specific markets in Latin America are Mexico and Argentina.

In the MEA region, the market share is smallest due to the lack of awareness regarding recycling. However, increasing consumption of plastic and increasing awareness about the benefits of plastic recycling has opened avenues of growth opportunities in the regional market. In this region, the major country-specific markets are Saudi Arabia, Turkey, and the United Arab Emirates (UAE).

Key Players

The key players in the global recycled PET market include Clear Path Recycling (USA), Evergreen Plastics (USA), Indorama Ventures Public Company Limited (Thailand), LIBOLON (Taiwan), M&G Chemicals (Italy), Montello S.P.A (Italy), Phoenix Technologies (USA), Placon Corporation (USA), PolyQuest Inc. (USA), Verdeco Recycling Inc. (USA), and Zhejiang Anshun Pettechs Fiber Co. Ltd. (China).  

Latest Industry News

·         Veterinarian Steph Stubbe has launched her first collection of dog collars and leads that are made from recycled plastic. 11 NOV 2018

·         PepsiCo, Inc. has decided to strive to use 25% recycled content in its plastic packaging by 2025. 2 NOV 2018

·         Engineers in Singapore have found a way to recycle plastic bottles into a highly versatile “supermaterial.” They are making aerogel with them in order to reduce the environmental impact of disposable plastics. 10 NOV 2018

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