PET Bottle Recycling Market 2020 | COVID-19 Impact Analysis, Opportunities, Growth, Size, Share, Top Players like CarbonLITE, Phoenix, Plastipak, UltrePET, Clear Path Recycling and more - Forecast 2023
PET Bottle Recycling Market By Recycling Process (Chemical, Mechanical), Application (Beverages, Personal Care, Pharmaceutical, Consumer Goods, And Others), And Region - Global Forecast To 2023
PET Bottle Recycling Market -Overview
The use of bottles is prevalent globally, and this is likely to fuel the demand for the PET bottle recycling market 2020. The packaging and transport industry reports are produced by Market Research Future, which highlights market options for expansion. An income of USD 5,933.6 Mn is expected to be gained by the end of 2023.
The economic viability of recycling plastics is projected to motivate the PET bottle recycling market in the upcoming forecast period. The understanding of the issues created by the use of PET bottles is expected to spur the PET bottle recycling market in the forthcoming period.
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CarbonLITE Industries, Phoenix Technologies, Plastipak Holdings, Inc., UltrePET, LLC, Krones Ag, Clear Path Recycling, Schoeller Group, PFR Nord GmbH, Indorama Ventures Public Company Limited, and PolyQuest are the remarkable contributors to the global PET bottle recycling market.
The segmentation of the PET bottle recycling market is conducted on the basis of the recycling process, application, and region. The application-based segmentation of the PET Bottle Recycling Market onsists of consumer goods, beverages, pharmaceuticals, personal care, and others. On the basis of the recycling process, the PET bottle recycling market has been divided into chemical and mechanical. Based on the regions, the PET bottle recycling market is segmented into Europe, Asia Pacific, The Americas, and the Middle East & Africa (MEA).
Detailed Regional Analysis
The regional study of the PET bottle recycling market includes regions such as Europe, Asia Pacific, The Americas, and the Middle East & Africa (MEA). The regional Asia Pacific market is leading the growth of the global market in the forecast period. In the course of the forecast, the market is likely to develop at 6.59% CAGR owing to the speedy urbanization, mounting understanding about the need for recycling, government proposals to support recycling, and intensifying technological development. The MEA region is considered to be the second-largest market. All through the forecast period, the region is predicted to grow at 5.19% CAGR since used bottles are nearly 10% of the total urban waste. The use of bottles is more significant than before in this region, especially in the past two decades because of the gradually mounting urban lifestyle. For the period of the forecast, the European region is to appear as the third principal market owing to the existence of well-built economies such as Germany, France, and the UK. The other reasons for market development in this region are government initiatives to support recycling and the scientific progress in the region.
The balance in demand and supply in the market will prove as an encouraging growth factor in the forecast period. The market is expected to record a stable growth rate in the coming years. The market competitors are expected to play a critical role in the development of the global market. The development of adequate sources of raw material is predicted to transform the market in the upcoming period further. The availability of strong government support and the presence of encouraging policies is expected to enliven the growth prospects in the approaching period. The incidence of options that can be favorably capitalized on is aiding the market players in improving their overall position in the market. The competition in the market is manageable, which is inducing the entry of new players in the global market. The upgrades in production methods are estimated to transform the potential of the market in the forecast period.
Mar 2020 Indorama Ventures, a Thailand-based company, has announced it has achieved the landmark of recycling 50 billion PET bottles since 2011. The milestone sum has saved three million barrels of crude oil and reduced 1.65 million tonnes of carbon.
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