[LATEST] Recycled PET Market Size, Share, Growth Trends and Opportunities Forecast Report 2023

[LATEST] Recycled PET Market Size, Share, Growth Trends and Opportunities Forecast Report 2023
The major companies contributing to the global recycled PET market growth include Indorama Ventures Public Limited, Biffa, Far Eastern New Century Corporation, Plastipak Holdings Inc, Alpek, and others.

Recycled PET Market Overview:

[LATEST] According to the USD Analytics published latest research report, the global Recycled PET Market is expected to grow at a tremendous CAGR of 6.5% during the forecast period 2023-2030.

The recycled PET (Polyethylene Terephthalate) market has been experiencing significant growth and development in recent years. Recycled PET, also known as rPET, is produced by processing and reusing post-consumer PET bottles and other PET waste materials. This process helps in reducing plastic waste and conserving resources.

Two major drivers are driving the global market for recycled PET (rPET). For starters, there is a growing worldwide need for ecologically friendly and sustainable packaging solutions. Consumers are becoming more aware of the environmental effect of plastic waste and are actively pursuing recyclable and manufactured from recycled materials alternatives. This increased consumer knowledge and demand for environmentally friendly packaging solutions has fueled the expansion of the rPET industry.

Second, government policies and efforts supporting recycling and circular economy practices have played an important role in propelling the global rPET market. Many nations have adopted rules that promote the use of recycled materials in packaging and set minimum recycled content objectives for goods. These rules make it easier for firms to use rPET and integrate it into their packaging and production processes.

Market Drivers:

Improving Demand for RPET from the Food & Beverage Industry

One of the significant drivers for the global recycled PET (rPET) market is the increasing demand from the food and beverage industry. This industry relies heavily on packaging materials, including PET bottles, for various products such as beverages, food items, sauces, condiments, and more.

The food and beverage industry is witnessing a shift in consumer preferences toward sustainable and environmentally friendly packaging. Consumers are becoming more conscious of the environmental impact of plastic waste and are actively seeking packaging solutions that use recycled materials like rPET. This demand is driven by a desire for packaging that aligns with their values and contributes to reducing plastic waste.

Furthermore, many brands and manufacturers in the food and beverage industry have recognized the importance of sustainable packaging and are making commitments to incorporate rPET into their packaging. They understand that utilizing rPET not only addresses consumer demands but also helps in achieving their own sustainability goals. This has led to a significant increase in the demand for rPET in the industry.

Market Restraints:

Absence of the Required Framework for Plastic Waste Collection and Segregation

One of the significant restraints to the global recycled PET (rPET) market is the absence of the required framework for plastic collection and segregation. The efficient collection and segregation of plastic waste are essential for the recycling process to obtain high-quality rPET.

Many regions and countries lack well-established infrastructure and systems for the effective collection and segregation of plastic waste. This absence of a robust framework poses challenges in obtaining a consistent and reliable supply of post-consumer PET bottles, which are the primary source for rPET production. Inadequate collection and segregation systems can result in contamination and lower quality of the collected plastic, impacting the feasibility and cost-effectiveness of rPET production.

Market Opportunities:

Encouraging Demand for Environmental Packaging Solutions

The global recycled PET (rPET) market offers several possibilities, one of which is the growing need for environmentally friendly packaging solutions. As customers become more environmentally concerned, there is an increasing desire for eco-friendly packaging materials such as rPET.

Food and beverage, personal care, home items, and other sectors all have a high need for sustainable packaging. Brands and manufacturers are realizing the value of matching their packaging decisions with customer preferences and environmental objectives. By adding rPET into their packaging, manufacturers can address the growing demand for ecologically responsible solutions while also enhancing their brand image.

Furthermore, government rules and programs that promote the use of recycled materials in packaging add to the rPET market’s potential. Many nations have rules in place that encourage or require the use of recycled material in packaging. This creates a favorable regulatory environment for enterprises to use rPET and fosters market growth.

Recent Developments:

  1. Indorama Ventures Public Company Limited (IVL) purchased the Ngoc Nghia Industry in April 2022. The acquired firm is a top provider of PET packaging in Vietnam. With this purchase, IVL established a new footprint in the Vietnamese market and broadened its product offering to significant clients around the region.
  2. ALPLA Group finalized the purchase of the recycling firm Texplast from the FROMM Group in March 2022. With this purchase, ALPLA Group expands its foothold in the German recycling business. The purchase approach raised ALPLA Group processing volumes in Germany to over 75,000 tons of PET input.
  3. PolyQuest Incorporation established Renuva PlasticsTM, LLC in October 2021. This PolyQuest fully-owned company is planning to buy the Faith Group Companies U.S. branch. Such strategic advancements boost PolyQuest Incorporation’s recycled PET manufacturing capability.

Segmentation Analysis:

As per the research analysis, the global recycled PET market is segmented by type into RPET flakes, and RPET chips; by grade into grade A, and grade B; by application into bottles, fiber, sheets, strapping, and others; by source into bottles & containers, films & sheets, and others; and by color into clear, and colored.

The Fibres segment leads the market during the projection period. Because of the rising usage of recycled PET in textile, apparel & accessories, consumer products, and other industries, the market is likely to continue its dominance. Fiber is widely used in the production of T-shirts, sportswear, and automotive seat coverings. Because of the increase in sports activities in the Asia Pacific area in recent years, the demand for sports clothing has skyrocketed.

Furthermore, the growing global popularity of the Indian Premier League (IPL) is likely to generate an opportunity for the recycled PET market throughout the forecast period.

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Geographical Analysis:

The global recycled PET market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.

Asia-Pacific Recycled PET Market:

Asia-Pacific had the highest share of the recycled PET market in 2023. APAC has a large and quickly rising population, which means more consumption of items packed in materials such as PET. As consumer awareness and demand for sustainable packaging solutions grow, the APAC market is shifting toward rPET as a preferred packaging material. APAC’s enormous customer base adds to the region’s position as the biggest market for rPET.

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Competitive Landscape:

The major companies contributing to the global recycled PET market growth include Indorama Ventures Public Limited, Biffa, Far Eastern New Century Corporation, Plastipak Holdings Inc, Alpek, and others.

Additional Benefits Post Purchase:

1) Unlimited Analyst support for a period of 1 year.

2) Any query regarding the scope offered will be addressed within 24- 48 hours.

3) An excel sheet with market numbers will be provided separately.

The Full Report has the below insights.

  • The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable market size projections (2023-2030).
  • Visualize the composition of the global recycled PET market segmentation type, grade, application, source, color, and region, highlighting the key commercial assets and players. 
    • By Type: RPET flakes, and RPET chips
    • By Grade: Grade A, and grade B
    • By Application: Bottles, fiber, sheets, strapping, and others
    • By Source: Bottles & containers, films & sheets, and others
    • By Color: Clear, and colored
    • By Region: North America, Europe, South America, Asia-Pacific, and Middle East and Africa
  • Identify commercial opportunities in the global recycled PET market by analyzing trends and co-development deals.
  • The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis and pricing analysis.
  • Excel data sheet with thousands of the global recycled PET market-level 4/5 segmentation data points.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players.
  • The report will provide access to approximately 50+ market data tables, 40+ figures and close to 200 pages.

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