Recycled Polyethylene Terephthalate market worth $16.5Billion by 2030, at a CAGR of 6.4% – IndustryARC

According to the latest Market research report on the Recycled Polyethylene Terephthalate Market, published by IndustryARC, the Clear segment is estimated to experience the fastest CAGR of 7.6% during the forecast period of 2024-2030. The demand for clear recycled PET is expected to grow in the coming years, as recycled PET is used for various applications such as bottles, sheets, fiber, and other products. Furthermore, it is anticipated that bottle-to-bottle recycling convenience and minimal energy requirements will propel growth.

The Recycled Polyethylene TerephthalateMarket research report is segmented By Product(Clear, Colored), By End Use Industry (Fiber, Sheet & Film, Strapping, Food and beverage, Non-food Containers and Bottles, Others), andBy Geography, which provides a comprehensive analysis of the global Market & industry forecast (2024 – 2030).

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APAC Anticipated to Show the Fastest Growth in the Market:

The APAC recycled polyethylene terephthalate market is projected to experience significant growth during the forecast period. The APAC recycled PET market is supported by the growing demand for sustainable packaging solutions in industries such as food and beverages, personal care, and household products. Consumers are increasingly demanding eco-friendly and recyclable packaging options, which is driving the adoption of rPET by manufacturers. Additionally, several players in the packaging industry are actively working towards increasing the use of rPET in their products to reduce their environmental footprint.

For example, France and India have committed to gradually reducing and eliminating the utilization of certain single-use plastic products in 2023. They additionally took action to decrease plastic pollution, such as banning single-use plastic products that are low-utility along with an elevated chance of trashing. Additionally, Indorama Ventures Public Co Ltd, a Bangkok-based company with most of the Indian ownership, invested $150 million in three Polyethylene Terephthalate (PET) recycling facilities in India in 2023 to begin commercial production in 2026.  The recycled PET market growth is anticipated to grow with the rising investments, production facilities, and capacities.

Recycled Polyethylene TerephthalateMarket 2024-2030: Scope of the Report

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Recycled Polyethylene TerephthalateMarket Report – Key Takeaways:

Environmental Awareness and Sustainability

Demand for sustainable practices is rising as people become more conscious of environmental challenges, particularly plastic pollution and its effects on ecosystems. Recycled PET minimizes the environmental impact of producing new plastic and helps cut down on the use of virgin plastic.

Regulatory Pressures

More stringent regulations against single-use plastics are being implemented by governments and regulatory agencies around the globe, and the usage of recycled materials is being promoted. Recycled PET is being adopted by businesses as a result of numerous regions enacting recycling goals and regulations requiring the use of recycled content in packaging.

Waste Reduction Goals

Incorporating recycled PET into products helps companies meet their waste reduction targets, which are often rather aggressive. In businesses where plastic packaging is common, this is especially important.

Consumer Preferences

Companies are using recycled PET in their packaging and goods due to rising customer awareness of environmental issues and preferences for eco-friendly products. Customers are frequently inclined to support companies that employ recycled materials and show a dedication to sustainability.

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Key Opportunity Analysis:

Favorable government regulations and Growing number of recycling programs will fuel the market

Favorable government policies can create a favorable climate for enterprises to employ recycled polyethylene terephthalate (rPET):

• Promote or require packaging made from recyclable materials
• Reduce the demand for new plastic
• Encourage companies to recycle more of their waste
• Promote recycling and reducing plastic waste

Some examples of favorable government regulations on rPET include:

• India: The Plastic Waste Management Rules 2022 require manufacturers to use at least 40% recycled plastic in their products
• US: Government initiatives and regulations are playing a crucial role in the growth of the recycled PET market

Global: Growing awareness regarding recycling of plastics

The growing number of recycling programs, altering consumer behavior toward sustainability, expanding demand for recycled polyethylene terephthalate from the food and beverage industry, and severe landfill laws are significant factors driving market revenue growth.Rising rPET demand and prices are incentivizing new recycling capacity investment. Europe, for example, has witnessed a 21% rise in installed capacity for PET recycling. Indorama Ventures, the world’s largest rPET producer, is increasing its output target by 750,000 tonnes.

The demand for eco-friendly packaging solutions is rising

The global recycled PET (PET) market offers numerous opportunities, one of which is the growing need for environmentally friendly packaging solutions. As customers become more environmentally concerned, there is an increasing preference for eco-friendly packaging materials such as rPET.

Food and beverage, personal care, household items, and other industries all have a high demand for sustainable packaging. Brands and manufacturers are realizing the value of matching their packaging decisions with customer preferences and sustainability objectives. Manufacturers can respond to the increasing consumer demand for environmentally friendly products and improve their brand image at the same time by incorporating rPET into their packaging.Furthermore, government rules and programs that encourage the use of recycled materials in packaging contribute to the rPET market’s opportunity. Many countries have rules in place that encourage or require the use of recycled content in packaging. This promotes market expansion and establishes a regulatory climate that is advantageous for businesses using rPET.

Growing need for environmentally friendly packaging solutions

Growing consciousness regarding environmental problems including resource depletion, climate change, and plastic pollution has prompted companies, governments, and consumers to look for sustainable substitutes, such as eco-friendly packaging. Eco-friendly packaging is becoming a differentiator for brands in the marketplace. Emphasizing the usage of recycled plastic bottles (RPET) in packaging can draw in eco-aware customers and improve a company’s reputation.Technological and packaging design advancements are making it possible to use RPET to create innovative and useful solutions. This incentivizes further sectors to investigate and implement recycled materials for their packaging requirements. The economies of scale for RPET production are increasing as the demand for eco-friendly packaging solutions rises. This increases the financial viability of recycled PET for companies, promoting broader usage.

For instance, Alpla and Coca-Cola FEMSA invested $60 million in a PET recycling facility in Mexico in 2022. The facility will be able to process 50,000 metric tons of PET bottles that have been used after consumer use annually. The rise in recycling facilities, joint ventures, partnerships, and others among various companies is also anticipated to drive market growth during the forecast period.

To enhance the use and management of plastic packaging, the UK’s funding agency for science and research, UK Research and Innovation (UKRI), has disclosed that in 2023, 17 projects have been awarded funding through its Smart Sustainable Plastic Packaging (SSPP) Challenge.  The second round of the SSPP Challenge’s future plastic packaging solution is providing GBP 3.2 million ($3.97 million).

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The Report also Covers the Following Areas:

• Recycled Polyethylene TerephthalateMarket Size and Forecast
• Recycled Polyethylene TerephthalateMarket Trends
• Recycled Polyethylene TerephthalateMarket Analysis by Type

Recycled Polyethylene TerephthalateMarket 2022-2030: Key Highlights

• CAGR of the Market during the forecast period 2024-2030
• Value Chain analysis of key stakeholders
• Detailed analysis of Market drivers and opportunities during the forecast period
• Recycled Polyethylene TerephthalateMarket size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor Market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Recycled Polyethylene TerephthalateMarket

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic has caused significant disruptions in global supply chains which has impacted the availability and cost of raw materials as well as the transportation of finished products. This has resulted in increased lead times, reduced production, and higher costs. Additionally, the pandemic has caused delays in investment in new capacity and infrastructure which could impact the long-term supply and demand dynamics in the Market.
• The Ukraine and Russia conflict led to an increase in prices and a reduction in production which further led to a shortage of recycled polyethylene terephthalate. Many companies have shut business in Russia; temporarily shutting down their plants in Ukraine. Additionally, the crisis in Ukraine has also led to a reduction in investments in the Recycled Polyethylene TerephthalateMarket as companies are hesitant to invest in a region that is facing political and economic instability. This could impact the long-term supply and demand dynamics of the Market

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List of Top Companies in the Recycled Polyethylene TerephthalateMarket:

The Global Recycled Polyethylene TerephthalateMarket is highly concentrated as the majority share is held by the leading Recycled Polyethylene Terephthalate providers. The key companies profiled are listed below:

1. Indorama Ventures Public Limited
2. Alpek
3. Plastipak Holdings Inc
4. ALPLA
5. Far Eastern New Century Corporation
6. Visy Industries
7. Placon
8. Biffa
9. Libolon
10. Phoenix Technologies International, LLC
11. Amcor Ltd
12. Clear Path Recycling LLC
13. Verdeco Recycling Inc.
14. Zhejiang AnshunPettechs Fibre Co. Ltd.
15. Ergis Recycling

Related Reports:

Bio-Pet Market–Bio-Petmarketis projected to grow at a CAGR of 15.35% by 2028.Bio-based PET is a polyester resin that comes from natural sources and is used to create a wide range of products, including films, bottles, packaged goods, car interiors, building supplies, and electronics. The demand for bio-based products is anticipated to rise as a result of these industries’ expansion and the number of supportive policies.

Plastic Recycling Market –Plastic Recyclingmarketis projected to grow at an estimated CAGR of 8.5% by 2028.Governments have introduced regulations and initiatives into place to encourage the effective recycling of plastics in an effort to lessen the growing pollution, and this is anticipated to support market expansion over the course of the forecast period.

Biodegradable Plastic Market– Biodegradable plasticmarket is projected to grow at a CAGR of 14.4% by 2028.The demand for bio-based products is predicted to rise as a result of the industry’s expansion and the number of supportive policies. Biodegradable plastics are expected to have a strong market over the forecast period due to their widespread uses in major sectors including packaging and others, as well as their robust growth.

Polyester Recycling Materials Market –The polyester recycling materialsmarket is projected to grow at a CAGR of 7.4% by 2028.The market is expected to increase as a result of the rising demand for recycled polyesters or polyethylene terephthalate for the manufacture of food containers and plastic bottles.

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