Recycled PET (rPET) Market to Hit US$21.92 Bn by 2031, Growing at a 8.9% CAGR

The Recycled PET (rPET) Market is witnessing substantial growth, driven by increasing environmental concerns, regulatory mandates, and corporate sustainability commitments. The market is projected to expand from US$12.06 Bn in 2024 to US$21.92 Bn by 2031, registering a robust CAGR of 8.9%.

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Market Insights

• The packaging industry holds the largest market share due to the rising demand for eco-friendly materials.
• The textile sector is increasingly adopting rPET for sustainable fashion solutions.
• rPET flakes dominate the market due to their versatile applications, particularly in packaging.
• Innovations in chemical recycling are enhancing the quality and usability of rPET.
• China and the U.S. are key markets, driven by strong recycling policies and a growing preference for sustainable products.
• Investments in recycling infrastructure in developing economies are unlocking new market opportunities.
• Government regulations mandating recycled content usage are propelling market expansion.

Business Opportunity

• The demand for high-quality food-grade rPET is rising, opening opportunities for advanced recycling technologies.
• Emerging economies are investing in recycling infrastructure, creating new business avenues.
• Government incentives and policies are fostering market entry and expansion.

Recent Industry Developments

• September 2023: Indorama Ventures expanded PET recycling capacity in Brazil, increasing annual production from 9,000 tons to 25,000 tons.
• March 2023: SK Chemicals acquired a chemical recycling facility from Shuye Environmental Technology, boosting its annual chemically recycled PET production to 50,000 tons.

Challenges in the Market

• Single-Use Plastics (SUPs) Challenge: The prevalence of SUPs remains a hurdle, with billions of tons of plastic waste still entering the environment.
• Economic Viability and Regulatory Constraints: High production costs and complex regulatory frameworks pose challenges for widespread adoption.

Regional Analysis

• Asia Pacific: Leading the market with a 44% share in 2024, fueled by strong manufacturing activities in China and India.
• North America: Expected to grow at 8.6% CAGR due to increased sustainability initiatives and corporate commitments.
• Europe: Stricter regulations and sustainability goals are driving rPET adoption.

Key Players in the Recycled PET Market

• Indorama Ventures
• Alpek
• Plastipak Packaging
• Phoenix Technologies International, LLC
• Biffa
• Extrupet Group (Pty) Ltd
• Alpla
• JP Recycling Ltd
• Evergreen Plastics, Inc.
• PolyQuest
• Iterum (PET Baltija)
• Ganesha Ecosphere Ltd.

Segmentation of the Market

• By Product Type: Flakes, fibers, resins.
• By Application: Packaging, textiles, strapping, footwear, automotive, flooring materials.
• By Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

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This release was published on openPR.