The Recycled PET Market was valued at approximately USD 10 Billion in 2023 and is expected to grow at a robust CAGR of around 6.5% during the forecast period (2024-2032).
Global plastic production reached 460 million tons (Mt) in 2019, which has doubled from 234 Mt in
2000, showcasing a rapid increase
in demand owing to population growth and higher incomes. In addition, during
the same period, plastic waste generation has increased by 197 Mt surpassing the
growth of plastic production. As a result,
increasing the concern among the environmental bodies to control the production
and use of primary plastic, hence promoting the use of recycled plastic. PET is
one of the most widely used plastics today used in a range of industries
including packaging foods and beverages especially convenience-sized soft drinks, juices, and
water. Furthermore, it is completely recyclable and is the most recycled
plastic worldwide. Moreover, companies across the globe are making efforts to
promote sustainability thereby opting for a circular economy model, thus
promoting the global plastic recycling business including recycled PET. For instance, in December 2020, PepsiCo Inc. announced that
the company has set the target to eliminate all virgin plastic from its Pepsi brand beverage bottles
sold in nine European Union markets by 2022. The company will package the
entire range of beverages under that brand with plastics recycled from post-consumer packaging (recycled PET).
According to UnivDatos Market research report “Global Recycled PET Market”, the market is expected to showcase a growth of around 7% during the forecast period. Increasing focus on plastic recycling, high
PET recycling rates, and companies focusing on the circular economy model are some of the key attributable
factors to the growth of the market.
Based on the source, the
market is categorized into bottles & containers, films & sheets, and
others. Among these, bottles & containers captured a dominating position in
the market owing to the wide usage of PET-based packaging materials in the food
& beverage and non-food industries. This can be attributed to the fact that
it is food safe, strong, lightweight, transparent, shatter-resistant, and
provides additional properties like
desired barrier properties.
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Based on application, the
market is categorized into fibers, sheets & film, strapping, bottles &
containers, and others. Among these, fibers accounted for a significant market
share and is expected to maintain its position during
the forecast period. This can be ascribed to the wide adoption of recycled
fibers as a filling material for cushions and pillows and converted to fabrics
for use in clothing, upholstery, etc. Moreover, in several countries recycled
PET is not allowed to use for food & beverage packaging thus limiting the
application area.
Asia-Pacific accounted for a considerable share of the Recycled PET market
Asia-Pacific
accounted for a significant share in the Recycled PET market and is likely to maintain its strong position during the forecast period. The region
is among the largest PET plastic producer and consumers in the world. This has resulted in the
generation of a large amount of plastic waste. Thereby, providing enough sources for PET recycling. Moreover,
regional countries like China, India, and Japan have the highest PET recycling
rates, thus the region accounted for a significant share of the market.
Further, the growing food & beverage packaging industry in the regional
economies owing to the growing demand for packaged food is likely to increase
the market for PET-based bottles & containers. As government and food &
beverage companies are taking several steps to promote the use of secondary
plastic, therefore with an increase in PET packaging materials demand, the
market for recycled PET would likely to increase during the foreseeable future.
According to UnivDatos Market, the key players with a considerable market share in the global Recycled PET market include Indorama Ventures Public Company Limited, Biffa plc, Far
Eastern New Century Corporation, Plastipak Packaging Inc., Alpek S.A.B. de C.V., PolyQuest Inc., Loop
Industries Inc., Evergreen Placon Corporation, and Reliance Industries Ltd. These companies are taking several
strategic decisions to meet the growing demand and increase their market share.
“Global Recycled PET Market”
provides
comprehensive qualitative and quantitative insights on the industry potential,
key factors impacting sales and purchase
decisions, hotspots, and opportunities available for the market players. Moreover, the
report also encompasses the key strategic imperatives for success for
competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This
will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for
its offerings.
Market Segmentation:
By Source (Bottles & Containers, Films & Sheets, and Others)
By Application (Fibers, Sheets & Film, Strapping, Bottles &
Containers, and Others)
By Region (North America (US, Canada, Rest of North
America), Europe (Germany, UK, France, Italy, Spain, Rest of
Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)
By Company (Indorama Ventures Public Company Limited, Biffa plc, Far
Eastern New Century Corporation, Plastipak Packaging Inc., Alpek S.A.B. de C.V., PolyQuest Inc., Loop
Industries Inc., Evergreen Placon Corporation, and Reliance Industries Ltd.)
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Key questions answered in the study:
What are the current and future trends of the global Recycled PETindustry?
How the industry has been evolving in terms of source and application?
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
What are the key growth drivers and challenges for the global Recycled PETindustry?
What are the customer
orientation, purchase behavior, and expectations from the global Recycled PETsuppliers across various region and countries?
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