Recycled PET Market by Type, Grade, Source, Application and Region
Market Insights Plastics are in high demand as a cheap material in numerous industries ranging from packaging to construction. Its widespread usage is expected to be a key proponent for the growth of the recycled plastics market. Market Research Future has published an extensive study on the global recycled PET market which predicts optimistic growth at a CAGR of 7.02% during the forecast period from 2017 to 2023. PET plastic is among the most commonly used plastic in a large number of industries, packaging being one of the primary ones. The rising concern for the environment has led to the establishment of several environmental regulations surrounding plastic use. This has lead to tremendous growth for the recycled PET market. Presently, more than 90% of recycled PET is used in the production of food and beverage packaging. This is due to the properties of PET which allow the material to resist the growth of mold, bacteria, and fungi, making it a more hygienic option in F&B