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BEIJING, Dec. 01, 2022 (GLOBE NEWSWIRE) — The Global Recycled Polyethylene Terephthalate (rPET) Market Size accounted for USD 9,124 Million in 2021 and is estimated to achieve a market size of USD 17,258 Million by 2030 growing at a CAGR of 7.6% from 2022 to 2030.
Recycled Polyethylene Terephthalate Market Statistics
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Recycled Polyethylene Terephthalate Market Coverage:
|Market||Recycled Polyethylene Terephthalate Market|
|Recycled Polyethylene Terephthalate Market Size 2021||USD 9,124 Million|
|Recycled Polyethylene Terephthalate Market Forecast 2030||USD 17,258 Million|
|Recycled Polyethylene Terephthalate Market CAGR During 2022 – 2030||7.6%|
|Recycled Polyethylene Terephthalate Market Analysis Period||2018 – 2030|
|Recycled Polyethylene Terephthalate Market Base Year||2021|
|Recycled Polyethylene Terephthalate Market Forecast Data||2022 – 2030|
|Segments Covered||By Product, By End-Use, And By Geography|
|Recycled Polyethylene Terephthalate Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Libolon, Placon, Phoenix Technologies, Clear Path Recycling LLC, Evergreen Plastics, Inc., Verdeco Recycling, Inc., PolyQuest, M&G Chemicals, and Zhejiang Anshun Pettechs Fibre Co., Ltd.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Recycled Polyethylene Terephthalate Market Overview
Recycled PET, also known as recycled polyethylene terephthalate (rPET), is a phenolic compound made from spent PET materials that find employment in a wide range of end-use industries. The resins, which are made from post-consumer PET bottle flakes, are one of the most stable types of recycled PET.
Recycled Polyethylene Terephthalate Market Trends
The increased demand for recycled polyethylene terephthalate (rPET) in the non-food sector is also expected to benefit the industry’s development throughout the forecast period. Concerns over the sustainability of natural resources in growing North American and European countries are likely to increase demand for the product over the forecast period. In 2021, clear recycled polyethylene terephthalate (rPET) was the most popular product type in the global rPET sector. Because of the significant demand for bottles and sheets, it is expected to maintain its position through 2030. The section is widely employed in a variety of applications, including the production of resins and textiles.
Surging demand for food and non-food bottles across a wide range of end-use industries, as well as better financial conditions, are the primary reasons driving demand for recycled polyethylene terephthalate (rPET) in Central And south America. Increasing per capita income, combined with an expanding FMCG market, is allowing the business to thrive in the region. Furthermore, the market is driven by a booming beverage market in Asian nations such as China, Indonesia, South Korea, Japan, and India, as well as the Philippines, which has inspired the growth of the pet market.
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Recycled Polyethylene Terephthalate Market Segmentation
The global recycled polyethylene terephthalate market has been segmented by Acumen Research and Consulting based on product, and end-user. By product, the segment is separated into colored, and clear. In 2021, the clear recycled polyethylene terephthalate (rPET) segment will lead the industry. Due to the widespread use of clear PET bottles, this is the most often recycled PET. Moreover, the growth of the colorful segment is primarily driven by its exceptional strength and durability. The base of a few non-food containers and food containers made of colored rPET provides structural strength that benefits the long-term storage of items. When used for packaging, these containers provide structural strength as well as lightness and flexibility.
In terms of end-user, the market is categorized into fiber, sheet and film, strapping, food & beverage containers and bottles, non-food containers and bottles, and others. According to the recycled polyethylene terephthalate market forecast, the fiber segment is predicted to develop significantly in the next years. Fibre was the leading end-use segment in the worldwide recycled PET industry. The industry’s growth is being aided by high demand from the FMCG, vehicle, consumer goods, clothes & accessories, telecommunication, textile, & home furnishing sectors. Fiber is mostly utilized in the manufacture of cushions, beds, insulation items, and automobile seating.
Recycled Polyethylene Terephthalate Market Regional Overview
Based on the region, the worldwide recycled polyethylene terephthalate market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to recycled polyethylene terephthalate industry analysis, Asia-Pacific was the significant income contributor in 2021. It is expected to be the largest regional industry by 2030. The Asia-Pacific region is distinguished by the capacity to receive a significant volume of trained workers at a low cost and with easy access to land. A shift in the contributed significantly to the growth of developing nations, particularly China and India is likely to positively influence market development throughout the forecast period.
Over the forecast period, the recycled polyethylene terephthalate (rPET) market is expected to be driven by rising bottle-to-bottle production and the Asia-Pacific beverage industry. rPET containers for food and beverages is resistant to environmental effect and insulation. Due to the cheap cost of manufacture, the packaging is likewise cost-effective. With a population increase in Latin America and Asia-Pacific emerging countries, it is potential to increase demand for recycled polyethylene terephthalate (rPET) containers and jars.
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Recycled Polyethylene Terephthalate Market Players
Some of the prominent recycled polyethylene terephthalate market companies are Libolon, Phoenix Technologies, M&G Chemicals, Evergreen Plastics, Inc., PolyQuest, Placon, Clear Path Recycling LLC, Verdeco Recycling, Inc., and Zhejiang Anshun Pettechs Fibre Co., Ltd.
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