Recycled Polyethylene Terephthalate (PET) Market

The global Recycled Polyethylene Terephthalate (PET) Market is valued at USD 10.5 Billion in 2022 and is projected to reach a value of USD 20.6 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.8% between 2023 and 2030.

Premium Insights

Recycled Polyethylene Terephthalate (rPET) is a transparent, robust, lightweight, and completely recyclable plastic. PET plastic is completely recyclable, adaptable, and intended to be remade. This substance is essentially a polymer formed by the combination of pure terephthalic acids and altered ethylene glycol. PET bottle and container fibers are regularly melted and spun into fiberfill or carpet fibers. Furthermore, if gathered in a sufficiently pure state, PET can be recycled into its original usage, and technologies for breaking polymers down into their chemical precursors for reconstitution into PET have been devised. Companies are recognizing the value of recycling PET into food-grade items such as new beverage containers. Coca-Cola intends to employ 50% recycled PET in its containers by 2030. Though food-grade processing has been established, attempts are being made to improve the efficiency of processing technology. SIPA, a renowned specialist in PET bottle processing technologies, joined forces with EREMA, an Austrian recycling technology specialist, in February 2020 to create Xtreme Renew, the world's first technology that generates preforms using 100% r-PET washed flakes in a single energy cycle. XTREME Renew uses over 30% less energy and emits nearly 80% less CO2 than a typical PET preform production plant.

• Growing initiatives by end-users towards a circular economy, as well as increased usage of reused plastics in packaging, clothing, and other end-use industries, are expected to fuel demand for recycled polyethylene terephthalate (PET) throughout the forecast period.
• The Transportation segment will continue to assert its dominance by application, capturing the largest market share globally throughout the forecast period 2023 to 2030.
• In 2022, the Asia Pacific region had the highest revenue share of 45.5%.
• The North American region is growing at the highest CAGR rate.

Top Market Trends

1. Supportive government policies can increase consumer knowledge and preference for items made from recycled polyethylene terephthalate. Transparent labeling and certifications demonstrating the utilization of recycled content can build trust and empower consumers to make more environmentally conscious decisions. Government financing also encourages recycling technology innovation, resulting in more efficient and cost-effective PET recycling procedures. As a result, favorable government rules present a significant business potential.
2. Polyethylene terephthalate (PET) is a semi-crystalline, amorphous polyester thermoplastic. It is made from raw ingredients, including terephthalic acid and ethylene glycol. Furthermore, increased R&D efforts and polymer developments will drive polyethylene terephthalate market expansion throughout the projection period.
3. Consumer views against plastic pollution are changing, and this increased knowledge is generating consumer activism. Major firms, such as Evian, which wants to use recycled plastics for 100% of its plastics by 2025, and PepsiCo, which plans to recycle 75% of its packaging trash by 2030, have begun to prioritize the circular economy. During the forecast period, such endeavors for sustainable packaging materials are likely to fuel revenue growth in the worldwide rPET market.
4. Textile is an important end-use industry for recycled plastics since recovered PET, the most regularly used resin in fiber applications worldwide is the most widely recycled resin globally. As a result, recycled plastic bottle products indirectly contribute to a more sustainable economy. As a result, the use of these plastics in textiles is fast increasing.
5. Furthermore, the country's expanding demand for electric vehicles (EVs) is projected to increase the demand for lightweight and durable plastic components to improve vehicle economy. This is expected to drive product demand during the projection period.
6. the increasing use of the product in the packaging sector will boost the recycled polyethylene terephthalate industry over the forecasted period. The massive use of recycled PET in food and beverage packaging products, as well as non-food packaging items, will enhance market growth over the evaluation period.

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Economic Insights

Due to government restrictions on people's movement as a result of the COVID-19 pandemic, many consumers shifted to internet purchasing. The e-commerce sector saw a surge in demand for packaging and wrapping films as a result. During this period, the surge in online purchases of basic commodities such as groceries, medicines, packed foods, and beverages raised demand for packaging materials from the retail and pharmaceutical sectors. Additionally, significant expansion in the e-commerce and healthcare industries encouraged the use of PET packaging solutions. The packaging industry is back to pre-COVID-19 levels and is operating at full capacity. This has had a favorable impact on market growth.

Market Segmentation

The Global Recycled Polyethylene Terephthalate (PET) Market is categorized into the segments as mentioned below:

The global Recycled Polyethylene Terephthalate (PET) market can be categorized into Product, End Use, Region. The Recycled Polyethylene Terephthalate (PET) market can be categorized into Clear, Colored based on Product. The Recycled Polyethylene Terephthalate (PET) market can be categorized into Fiber, Sheet & Film, Strapping, Food & Beverage Containers & Bottles, Non-food Containers & Bottles, Other End Uses based on End Use. The Recycled Polyethylene Terephthalate (PET) market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Product

Clear to Lead Maximum Market Share Due to se of bottle-to-bottle recycling and minimal energy requirements.

In 2022, the Clear segment is poised to dominate the global market for Recycled Polyethylene Terephthalate (PET) because of its durability, lightweight, non-reactive nature, and shatterproof qualities. Furthermore, the ease of bottle-to-bottle recycling and minimal energy requirements are likely to drive expansion. Fungi, mold, and germs cannot grow on clear rPET. It is commonly used in food, beverage bottling, cosmetics, medicines, and electronics packaging. Due to major expenditures in recycling facilities in China over the last ten years, Asia Pacific accounted for a large market share. The large capacity of rPET flakes in China, combined with lower production costs, has been a crucial driver driving market expansion in the region. Over the projected period, Asia Pacific is expected to have the greatest CAGR, followed by North America and Europe.

Based on End Use

Fiber Segment expects Dominion Owing to the Growing Demand for Jersey

In 2022, the Fiber segment will dominate the Recycled Polyethylene Terephthalate (PET) market. T-shirts and jackets, for example, are made from rPET fiber. It is also utilized in the production of automobile seat coverings, couch and chair seat covers, and carpets. The low cost of apparel production, combined with favorable government restrictions, is projected to promote demand for rPET. Increasing investments in sports activities around the world are boosting the expansion of the sports clothing and accessories industry, which is likely to fuel demand for recycled PET fibers. Jerseys for sports teams are the most prevalent form of product made from rPET fiber. Demand for jerseys has expanded significantly in Asia Pacific over the last decade, owing to growing sporting activity in the region, particularly in China and India.

Based on Region

Asia Pacific To Dominate Global Sales Owing to High Demand for increased R&D efforts and increased plastics recycling.

In 2022, the Asia Pacific region emerged as the dominant player in the Recycled Polyethylene Terephthalate (PET) market. The Asia Pacific market is distinguished by the availability of a substantial volume of skilled labor at a low cost, as well as the ease with which land can be obtained. Over the forecast period, the change in the manufacturing landscape toward emerging economies, particularly China and India, is expected to influence market growth positively. The region is home to a number of fast-increasing industries, including construction, automotive, and electronics, which present enormous opportunities for rPET makers. Increasing developments in plastic production to make it more sustainable have fueled regional market growth. China has the region's largest market share and is the fastest-growing country. This expansion can be ascribed to increased R&D efforts, increased plastics recycling, and expansion of packaging, electrical, and electronics industries.

The Recycled Polyethylene Terephthalate (PET) industry in North America is rapidly growing in popularity. Due to the increasing demand for recycled PET in different end-use industries, primarily food and drinks, in countries, particularly the United States and Canada. Furthermore, rising public awareness of plastic waste has encouraged governments to launch efforts targeted at boosting plastic recycling, which has boosted the polyethylene terephthalate recycling scene.

Competitive Landscape

The global Recycled Polyethylene Terephthalate (PET) market is highly competitive, with various key players operating in the industry. Some of the major companies in the market include Placon Corp. (U.S.), Clear Path Recycling LLC (U.S.), Verdeco Recycling Inc. (U.S.), Indorama Ventures Public Ltd. (Thailand), and Zhejiang Anshun Pettechs Fibre Co. Ltd. (China). These businesses are concentrating their efforts on R&D in order to create unique and long-lasting products. Furthermore, strategic alliances, mergers, and acquisitions are common in the market as businesses seek to extend their product offerings and market presence.

The key players in the global Recycled Polyethylene Terephthalate (PET) market include - Placon Corp. (U.S.), Clear Path Recycling LLC (U.S.), Verdeco Recycling Inc. (U.S.), Indorama Ventures Public Ltd. (Thailand), Zhejiang Anshun Pettechs Fibre Co. Ltd. (China), PolyQuest Inc. (U.S.), Evergreen Plastics Inc. (U.S.), Phoenix Technologies (U.S.), Libolon (Taiwan), Biffa PLC (UK) among others.

Recent Market Developments

• In May 2022, Coles introduced shopping bags made of 80% recycled plastic, 20% of which is marine waste plastic. Marine garbage is retrieved from Malaysia's ocean-feeding streams and interior locations. Bags are created in accordance with Coles' Together to Zero Waste vision. They are intended to help Australia meet its 2025 National Packaging Targets, which aim to increase the use of recycled content in packaging.
• In May 2022, Amcor Rigid Packaging (ARP) of Ann Arbor, Michigan, along with Danone of Paris, launched a 100% recyclable, label-free RPET bottle for Danone's Villavicencio water brand in Argentina. The 1.5-liter 100% RPET bottle emits 21% less CO2 than the previous bottle. The new bottle has the same visual characteristics as the previous bottle; however, the label has been removed from the packaging to enhance recycled yields.
• In April 2023, To enhance its PET recycling segment, Biffa announced the acquisition of Esterpet Ltd, a North Yorkshire-based PET recycling manufacturer.

Segmentation of the Global Recycled Polyethylene Terephthalate (PET) Market