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Recycled PET Market Size to Reach USD 13.87 billion, Growth Segments, Key Driving Factors, Explosive Trends by Regions and Forecast 2029
Recycled PET Market Overview:Recycled PET Market report provides a comprehensive overview of global business tactics, development plans of top manufacturers, current industry status, and future scope. Recycled PET Market research report shows the latest market insights with upcoming trends and challenges, provides regional development with the breakdown of products and services.
The global Recycled PET market is expected to register a CAGR of 5.7% over the forecast period and revenue is projected to increase from USD 8.42 billion in 2020 to USD 13.87 billion by 2029.
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Rapid shift in consumer behaviour towards sustainability with the implementation of stringent regulations by governments and increasing demand for Recycled Polyethylene Terephthalate (rPET), especially from the Food & Beverage (F&B) industry are some key factors driving global recycled PET market revenue growth. Some of the primary factors driving demand from the F&B and textile sectors are durability, adaptability, eco-friendliness, and infinite recyclability. Manufacturing products from recycled PET is an eco-friendly process and requires almost half of the energy with reduced CO2 emissions. As per the Swiss Climate report, rPET is 75% more environment friendly than PET, which has an effective and better ecological balance than glass.
Recycled PET Market Key Players
The study of the growth of the top market player for in the target sector includes new projects with speculative returns, innovations and study of the accessibility of companies. some of the profiled players are Indorama Ventures Public Limited, Biffa, Far Eastern New Century Corporation, Plastipak Holdings Inc., Alpek, UltrePET, Krones AG, Clear Path Recycling, PFR Nord GmbH, Phoenix Technologies and CarbonLITE Industries and Others
Recent Development
On 23 May 2022, Coles, which is Australian supermarket chain, launched shopping bags that feature 80% recycled plastic, 20% of which is marine waste plastic. Marine waste is recovered from ocean-feeding waterways and inland areas across Malaysia. Bags are designed as per Coles' Together to Zero waste ambition, and is expected to expedite Australia's 2025 National Packaging Targets, which aims to increase the utilization of recycled content in packaging.
On 10 May 2022, Amcor Rigid Packaging (ARP), Ann Arbor. MI, and Danone, Paris, launched a fully recyclable, label free RPET bottle for Villavicencio water brand of Danone in Argentina. The 1.5-liter 100% RPET bottle offers 21% less carbon footprint than the previous bottle. New bottle represents the same visual elements as the previous bottle; however, the label has been removed from packaging to increase the yields of recycled PET resin.
In September 2021, Biffa acquired the Collections business and certain recycling assets from Viridor Waste Management Limited. The acquisition is expected to expand Biffa's I&C collections business and recycling capabilities, broadening the Group's customer base, and strengthening its leading position in sustainable waste management in the UK.
In June 2021, Indorama Ventures acquired the CarbonLite Holdings' facility in Texas as part of the company's commitment to increasing PET recycling capacity.
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Recycled PET Market Segmentation:
Recycled Pet Market by Type, 2020-2029 (In USD Million)
Flakes
Chips
Recycled Pet Market by Grade, 2020-2029 (In USD Million)
Grade A
Grade B
Recycled Pet Market by Application, 2020-2029 (In USD Million)
Bottles
Fibers
Sheets
Strapping
Growth Factors:
Increasing demand from the Recycled PET industries
The growing use of Recycled PET in Chemical and Material Sectors.
Rising demand for products
Technological advancements in production processes
Growing applications in Recycled PET Market
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Recycled PET Market Regional Analysis
Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Fiberglass Storage Tank (Fiberglass Tank) Professional in these regions, from 2022-2029, covering
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Key Recycled PET Market Trends
- The report identifies, determines, and forecasts the Global Recycled PET Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Recycled PET Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is expected to drive the Growth
- Rising Adoption of Market Segments in the Recycled PET Growth
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Recycled PET Market.
Frequently Asked Questions
How much is the recycled PET packaging market currently worth?
What is the sales forecast for recycled PET packaging through 2029?
What was last 7-year market CAGR for the sales of recycled PET packaging?
Who are the key manufacturing companies for recycled PET packaging?
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