Recycled PET Market Estimated to Lock an Ineffaceable Growth | 7.02% CAGR Through 2023

Recycled PET Market 2018

Global Recycled PET Market Information: by Process (Chemical, Mechanical), Application (Food & Beverages, Personal Care, Pharmaceutical, Consumer goods, and others), and region- Forecast To 2023

Market Synopsis:

The demand for plastics is growing from numerous industries such as packaging, pharmaceutical, beverage, textile fiber, consumer goods, and construction, which is expected to propel the growth prospects of the recycled plastics market across the globe. Plastic has become one of the essential components of our life without which there will be some complications to experience, but it is produced from non-renewable resources such as petroleum. Thus, the cost of plastic material depends on the oil prices. Among all types of plastic resins, polyethylene terephthalate (PET) is most widely used across various industry verticals. Globally, in 2015, around 26.2 million tons of PET is used in packing and 20.5 million tons is used in bottles only.

Global Recycled PET Market is expected to grow at CAGR ~7.02% during the forecast period 2017-2023.

The key players of the global PET recycling market includes Libolon (Taiwan), Ecostar Plastics (Placon) (U.S.), Zhejiang Anshun Pettechs Fibre Co. Ltd (Taiwan), Polyquest (U.S.), Haiyan Haili Green Fiber Co., Ltd. (China), Arora Fibres (India), Fromm India (India), Phoenix Technologies Ltd (U.S.), Equipolymers (Germany), Krones Group (Germany )and Foss Manufacturing Company (U.S.)

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Global Recycled PET Market is expected to grow at CAGR ~7.02% during the forecast period 2017-2023.

PET is the most recycled plastic packaging material. The PET trade association stated that 1.8 million tons of PET bottles and containers were collected for recycling across Europe in 2015, with an increase of 5% compared to the previous year. It is expected that the demand for plastic recycling plants in Europe may increase significantly in the years to come. As of now, Europe has almost 1,200 active plastic sorting and recycling plants. In Spain, there isn’t any consumer PET return policy like in the northern EU states and the regulating agencies yet to implement such policies. Most of the plastics end in landfills making the recycling rate low. Whereas, Tax reliefs, and financial assistance from governments in China, India, Indonesia, and Thailand have been driving the recycling of bottles and containers market, which has further prompted the industry development in the Asia Pacific. Additionally, developed economies of the region such as Japan, South Korea, and Singapore have been widely exporting their post-consumer PET waste to China, which stands as a major recycling center across the globe.

The recycling process helps to reduce the land pollution taking place which is done by converting the bottles into lower or the same grade type. The global market is segmented based on process (Chemical, Mechanical), application (Beverages, Personal Care, Pharmaceutical, Consumer goods, and others), and geography (The Americas, Europe, Asia-Pacific and RoW). Government, especially in European countries, are banning the landfills of plastic product. This is also one of the factor for growing PET bottle recycling industry.

The concern for Recycled PET has escalated in the recent years. Over 90% of PET is consumed in food packaging with beverages forming almost 80% of the food packaging segment. Recycled-PET has properties to resist the growth of fungi, mold, and bacteria. Due to its versatile benefits, it is commonly used in packaging of food, beverage bottling, cosmetics, pharmaceuticals, and electronics. Since drinks and beverages are consumed mostly in residential houses, restaurants, entertainment venues, airports and other public places, the importance of organized collection and recycling of post-consumer PET bottles needs to be over emphasized.

Growing plastics recycling industry is driving the growth of the global PET recycling market. Growing use of bottles and polyester fiber is increasing the waste generated from these material, which, in turn, increasing the pressure to recycle these materials. This is further adding fuel to the market growth.

Regional Analysis

The global market can be segmented on the basis of geography into Asia Pacific, North America, Europe, and the Rest of the World. The recycling industry in the Western Europe is dominated by countries such as Germany, the U.K., Belgium, Sweden, etc. Environmental awareness among consumers and stringent government regulations imposed are responsible for high recycling rates in the region.

The European PET bottle platform is a voluntary industry initiative that provides PET bottle design guidelines for recycling, evaluates PET packaging solutions and technologies and facilitates understanding of the effects of new PET bottle innovations on recycling processes. This initiative fully supports the economic and environmental sustainability of the European PET value chain.

The report for global recycled PET market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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