Recycled PET Market – Market Overview
Recycled Polyethylene Terephthalate is form of polyester having properties to resist fungi, mold and bacteria. The Global Recycled PET Market is growing significantly due to increasing consumption of beverages along with changing preference towards sustainability of bottling materials. Moreover, rising demand for packaging application coupled with government initiatives promoting plastic recycling are anticipated to augment the market growth.
The demand for recycled PET escalated in recent years with rising environmental pollution affecting human, plant as well animals. According to PETRA, a PET resin association, U.S. recycling rate is 30% and that of European Union is 52%. In 2015, globally around 26.2 million tons of PET were used in packaging and 20.5 million tons consumed contains PET bottles. Beverages are consumed more in restaurants, entertainment venues, airport and other public places. Thus, rising plastic wastes has led to the need for organised collection and post-consumer PET bottles. Companies are investing more into R&D to develop innovative production method along with expand recovering resins scope to achieve sustainability growth.
According to EPA, recycling one ton of plastic conserves approximately 3.8 barrels of crude oil. Prices of PET material consumed for production of bottles depends on petroleum prices. Over 90% of PET is consumed in food packaging with beverages forming almost 80% of the food packaging segment. Moreover, advances in coloured recycled PET being consumed for producing fabric material is offering lucrative opportunity for market players.
Asia pacific region occupied more than one third of market revenue in the global recycled PET market. Supportive government regulations such as tax reliefs and financial assistance in countries such as China, India, Vietnam, and Thailand have further prompted product demand in Asian market. Developed regions such as Japan, Singapore and South Korea export PET waste material to China, which makes one of the center country for recycling. Europe is second most promising region in the global recycled PET market due to stringent EU legislations leading to sustainable business practices and developing innovative and eco-friendly materials. Other factors such as reducing carbon footprint and low production cost has enhanced the plastic manufacturing industry to adopt recycled PET production which further aided the regional industry growth.
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Recycled PET Market – Competitive Analysis
The Global Recycled PET Market is high fragmented with presence of some tier 1 players as well as small regional players in the market. Key participants are focusing on sustainability growth in order to tap the market share. Major players such as Ecostar Plastics (Placon), Phoenix Technologies Ltd., Polyquest, Verdeco Recycling and Indorama Ventures are developing new methods and expanding production facility through either acquisition or joint venture. Notably, these companies follow expansion, acquisition and joint venture agreement to maintain their market position. Few companies are offering customised products to meet growing product demand. Moreover, rising long term relationship with distributors enable major players to meet customer requirement in different regions. Establishment of online retail channels also expected to boost the production among key players.
Industry/ Innovation/ Related News:
March 2018 – Indorma Ventures has entered into joint venture agreement to acquire assets of M&G U.S. Corporation. The new formed joint venture between Alpek and Indorama Ventures Holdings LP, a subsidiary of Indorama Ventures Public Company Limited, and Far Eastern Investment (Holding) Ltd. named as Corpus Christi Polymers LLC acquired the integrated PTA-PET plant which is under development. The new plant would have capacity of 1.1 million and 1.3 million tons per year of PET and PTA respectively. The plant is among the largest PTA-PET production in American market. After completion, each party would nominal receive one third of the capacity to independently procure its raw materials.
October 2017- PolyQuest Inc. entered into joint venture and acquisition of the DuraFiber Technologies. PolyQuest and Straterra Holdings formed a joint venture company named Fiber Innovators International LLC which acquired Grover facility. The production facilities at Grover and Salisbury was about to close owing to less funds. PolyQuest is manufacturer of recycled PET and with this acquisition company provides cost competitive virgin and recycled PET resins in North America.
June 2016-Verdeco Recycling opened a new facility at Vigo County Industrial Park I, Indiana. The company is leading supplier in PET resins with state-of-art facility. This production facility is utilising all modern equipment and conveying system. The company’s first plant is located at California, LA. With new manufacturing facility and skilled workforce would enable the company to solidify its position in polymer industry.
May 2015- Phoenix Technologies expanded new recycled PET facility located at Ohio, United States. The new facility added wash line for self-manufacturer of clean flake. These materials are used for production of recycled PET which is used in packaging application such as beverages, personal care and household appliances. The company invested around USD 18 million to enable upstream production integration.
May 2014- Ecostar Plastics (Placon) acquired Plastic Packaging Corp., an injection molded manufacturer, producing polyethylene and polypropylene containers, tubs, lids and many other decorating materials for food and beverage industry. The company offers containers in polypropylene and recycled PET materials which provide lucrative opportunity for company’s sustainability solutions.
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