Recycled Polyethylene Terephthalate Market Expected To Grow As Of Rising Concerns Over Sustainability And Reduced Plastic Waste

 

Recycled Polyethylene Terephthalate Industry Overview

 

The global recycled polyethylene terephthalate market size is expected to reach USD 18.46 billion by 2030, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 7.4% from 2022 to 2030. The growing beverage industry in Asia Pacific countries such as China, Japan, India, Vietnam, South Korea, and the Philippines and the increasing demand for recycled polyethylene terephthalate (rPET) in the non-food sector are expected to boost the market growth over the forecast period.

 

Recycled Polyethylene Terephthalate Market Segmentation

Grand View Research has segmented the global recycled polyethylene terephthalate (rPET) market based on product, end-use, and region:

 

Based on the Product Insights, the market is segmented into Clear, Colored.

• The clear segment held the largest revenue share of over 75.0% in 2021. Low energy requirements and ease of bottle-to-bottle recycling are expected to drive the clear recycled PET market over the forecast period. The clear rPET segment is expected to register a high growth rate over the forecast period owing to its durability, lightweight, non-reactive, and shatterproof properties.
• Clear type is the most used rPET owing to its widespread use in food and non-food applications and the low cost of processing associated with it. Most manufacturers prefer clear granules or flakes to produce containers and bottles, as opposed to opaque or colored PET.
• Colored PET has witnessed a surge in demand in recent years, with various packaging and bottle manufacturers trying to differentiate their products with eye-pleasing colors. 
• Recent trends in the market have shown that milk and personal care packaging manufacturers are shifting from HDPE to colored rPET to cut down on costs and move toward sustainability.

 

Based on the End-use Insights, the market is segmented into Fiber, Sheet and Film, Strapping, Food & Beverage Containers and Bottles, Non-food Containers and Bottles, Others.

• Fiber accounted for the largest volume share of over 40.0% in 2021. High demand from the FMCG, consumer goods, automobiles, clothing and accessories, textile, telecom, and home furnishing sectors is contributing to the growth of the market. Fiber is predominantly used for making mattresses, cushions, car seating, and even insulation products.
• Increasing investments in sports activities globally are augmenting the growth of the sports clothing and accessories market, which, in turn, is expected to drive the demand for recycled PET fibers. Jerseys for sports teams are the most common type of products manufactured using recycled PET fiber. 
• Recycled PET packaging for food and beverages provides thermal insulation and environmental impact resistance. The packaging also proves to be cost-effective owing to the low cost involved in its production. The growing population in the emerging economies of Asia Pacific and Central and South America is expected to drive the demand for rPET bottles and containers.
• The demand for sheets and films in roof flooring is increasing as they help in limiting leakage and save buildings from extreme high and low temperatures. They also give a smooth texture to the roof and require less quantity of paint and cement for achieving the finished look with improved aesthetic appeal.

 

Recycled Polyethylene Terephthalate Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Companies operating in the global market lay high emphasis on expanding their global footprints in an attempt to drive their revenues and increase market shares. Companies are expanding their services in Asia Pacific and Europe to cater to the rising demand for sustainable products.

 

Some prominent players in the global recycled polyethylene terephthalate market include:

• PLACON
• Clear Path Recycling LLC
• Verdeco Recycling, Inc.
• Indorama Ventures Public Ltd.
• Zhejiang Anshun Pettechs Fibre Co., Ltd.
• PolyQuest
• Evergreen Plastics, Inc.
• Phoenix Technologies
• Libolon
• Biffa 

 

Order a free sample PDF of the Recycled Polyethylene Terephthalate Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.