Recycled Polyethylene Terephthalate Market Overview to 2023
Recycled polyethylene terephthalate (RPET) material is produced by grounding the post-consumer material into flakes. RPET is widely used for producing food & beverage containers and bottles due to less energy consumption, low cost, and reduced environmental impact. It finds application in fibers, industrial strapping, sheet & film, food, and beverage bottles, and containers.
Global top 10 Key Players
Some of the key players in the global recycled polyethylene terephthalate market are Placon (U.S.), Clear Path Recycling (U.S.), Verdeco Recycling Inc. (U.S.), Indorama Ventures Public Company Limited (Thailand), M & G Chemicals (Luxembourg), Zhejiang Anshun Pettechs Fiber Co., Ltd (China), PolyQuest (U.S.), Evergreen Plastics (U.S.), Phoenix Technologies (U.S.), Montello SPA (Italy), and LIBOLON (Taiwan).
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- Recycled polyethylene terephthalate manufacturers
- Traders and distributors of recycled polyethylene terephthalate
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratory
Increasing demand from the packaging industry for the sustainable material source is driving the growth of the RPET market. Growing environmental concerns and supportive government policies are stimulating the demand for various applications. Rising consumption of the packaging and food & beverage products due to number of benefits associated such as increased shelf life is slated to uplift market growth over the forecast period further. Rising awareness among consumers regarding plastic wastage is influencing the government to take initiatives aimed at promoting recycling across the globe. Some of the initiatives taken are NAPCOR (U.S.), Petcore (EUROPE) and Green Fence Policy (China) that are aimed at reducing plastic waste and promote recycling as part of long-term sustainability outlook. RPET usage is increasing in place of a virgin PET due to factors such as reduced energy consumption.
Companies such as Coca-Cola and PepsiCo have increased recycled content in the bottled beverages. PepsiCo has joined new plastics economy initiative in 2017 to accomplish its goal of 100% recyclable plastic usage by 2025.The new plastic initiative is a three-year initiative aimed at bringing together all the stakeholders to encourage the use of recyclable plastic.
The product demand is increasing from the textile and apparel industry due to changing fashion trends and rising per capita disposable income. However, cloth manufacturing using RPET fiber requires a huge investment in weaving machines due to a thickness that might restrict the threat of new entrants into the market. Growing demand for packaged beverages and food products due to convenience and improved product quality is propelling the market growth.
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Asia Pacific is the fastest growing region for RPET due to the prevalence of prominent players in the textile industry. Growing packaging industry in India and China is majorly influencing the RPET market coupled with rising consumer awareness regarding advantages of recycled products. Initiative taken by the Government of India in 2018 to ban plastic use is expected to drive the market for RPET. Additionally, Indian Ministry of environmental, forest, and climate change has banned recycling of imported PET bottles to emphasize on similar waste generated within the country. Some of the Indian States such as Himachal Pradesh, Uttarakhand, and Maharashtra have banned the usage of PET bags to promote green revolution and decrease plastic waste.
North America is witnessing a significant growth as a result of increasing contribution of market players towards the use of recyclable plastics. For instance, Nestle Waters has launched new recycling labeling across all the major U.S. bottled brand to encourage all Americans for recycling plastic.
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