Delvens published a new research publication on "Recycled PET (Polyethylene Terephthalate) market Insights, to 2030" with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Recycled PET (Polyethylene Terephthalate) market was mainly driven by the increasing R&D spending across the world.
The global Recycled PET (Polyethylene Terephthalate) market size was estimated at USD 16.64 billion in 2023 and is projected to reach USD 28.88 billion in 2030 at a CAGR of 8.2% during the forecast period 2024-2030.
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The global polyethylene terephthalate (PET) market is poised for substantial growth, driven by increasing consumption of packaged food products and beverages worldwide, with notable traction in emerging economies across East Asia and South Asia. These regions are witnessing a consistent adoption of a diverse array of recycled PET packaging solutions, including clamshells, containers, bottles, jars, and other forms. This trend is underpinned by growing awareness and preference among consumers and industries for sustainable and recyclable packaging options.
In particular, the food, beverages, and healthcare sectors are driving significant demand for recycled PET packaging solutions. These industries prioritize packaging that aligns with sustainability goals and regulatory requirements, fostering a robust market for recycled PET in the regions. The rapid penetration of PET packaging in these sectors underscores its versatility, cost-effectiveness, and environmental benefits, contributing to the projected market growth.
Regional Analysis
Asia pacific to Dominate the Market
· Asia Pacific dominated the Recycled PET market with a revenue share exceeding 44% in 2023. The region benefits from abundant skilled labor at low cost and ample land availability, fostering a favorable production landscape. The shift towards emerging economies like China and India is poised to drive market growth, buoyed by expanding industries such as construction, automotive, and electronics, which offer substantial opportunities for rPET manufacturers.
· China's rPET market faces challenges due to the import ban on plastic waste since 2018, redirecting waste flows to Southeast Asia. This shift has prompted Chinese recyclers to relocate operations, impacting market growth negatively. In Europe, high collection rates of beverage bottles and stringent EU regulations on plastic waste disposal drive significant demand for rPET, with initiatives promoting substitution of virgin PET materials.
Competitive Landscape: Recycled PET (Polyethylene Terephthalate) market
· AL Mehtab Industries
· ALPLA
· Bantam Materials
· Carbonlite Industries LLC
· Clean Tech U.K. Ltd
· Clear Path Recycling LLC
· DuFor
· Evergreen Plastics, Inc.
· Indorama Ventures
· Libolon
· Marglen Industries
· Peninsula Plastics Recycling
· Phoenix Technologies
· PLACON Corporation
· PolyQuest
· Portage Plastics and More
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The Recycled PET (Polyethylene Terephthalate) encompasses the fluidity of the vehicles, components, The global market for recycled polyethylene terephthalate (rPET) is experiencing robust growth driven by a convergence of factors centered around sustainability, regulatory support, and evolving consumer preferences. One of the primary drivers is the increasing global awareness and concern about environmental sustainability.
Consumers, particularly in developed regions like Western Europe and North America, are increasingly mindful of the environmental impact of plastic waste. This heightened awareness has spurred demand for sustainable packaging solutions, including those made from recycled materials like rPET.
Government regulations and initiatives aimed at promoting recycling and the circular economy have also significantly bolstered the rPET market. Many countries and regions have implemented policies that mandate the use of recycled materials in packaging and set targets for minimum recycled content. These regulations create a favorable regulatory environment that encourages businesses to adopt rPET in their packaging and manufacturing processes.
Recent Developments
In October 2023, Axens, IFPEN, and JEPLAN announced the commissioning and start of their innovative recycling unit, Rewind PET. This unit represents a modified and expanded facility located at JEPLAN's Kitakyushu Hibikinada Pilot demonstration plant in Japan. The facility, capable of processing 1,000 tons per year, was supported by the French Environment and Energy Management Agency (ADEME).
In March 2023, SK Chemicals signed a USD 98.4 million agreement to acquire a chemical recycling and PET production facility from Shuye Environmental Technology. This acquisition enables SK Chemicals to operate a facility capable of producing chemically recycled PET at a capacity of 50,000 tons per year. The facility utilizes depolymerization technology to chemically break down post-consumer plastic waste into monomers, thereby producing recycled bis-hydroxyethyl terephthalate (rBHET), a precursor to rPET.
Key Findings
· On the basis of Source, in 2023, bottles and containers represented the primary source segment for the rPET (recycled polyethylene terephthalate) market. A significant amount of PET recycled into flakes and chips originates from post-consumer bottles and food containers, underscoring the critical role of waste collection processes at household, business, and municipal levels in the rPET supply chain. Various chemical and mechanical processes are currently employed to convert these PET bottles and containers into monomers and BHET (the precursor to PET), highlighting the recycling process's dependency on effective waste collection and sorting practices during the waste generation stage.
· On the basis of Grade, Grade A rPET maintained its dominant position in 2023, driven by its high collection and recycling rates of beverage bottles, ensuring ample availability in baled form. This grade of recycled polyethylene terephthalate is prized for its suitability in food-grade applications, allowing it to re-enter the food and beverage packaging ecosystem as a substitute for virgin PET resins.
· On the basis of Form, in 2023, recycled polyethylene terephthalate (rPET) flakes held a significant market share and played a pivotal role in the PET circular economy. These flakes are highly valued across diverse applications, including the manufacturing of new PET containers, fibers and fabrics for textiles, production of strapping and packaging materials, and manufacturing films and sheets. Additionally, rPET flakes are utilized in insulation products, carpet backings, geotextiles, and fiberfills, serving various needs in the construction industry.
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