WILMINGTON, DE / ACCESSWIRE / September 2, 2022 / Transparency Market Research Inc. - Growing demand for recycled PET (RPET) in the manufacture of fibers and food-grade resins has spurred R&D in PET monomer recycling processes. Increasing commercialization of cutting-edge technologies has helped utilized various types of PET waste materials in various applications, thus extending the canvas for players in recycled PET market. The size of the market is projected to expand at CAGR of 7% during forecast period of 2021-2031.
Plastic collection have witnessed a slowdown in recent years due to variability in demands especially synthetic fabrics made of recycled PET. Moreover, there is growing concern of microplastics shedding from these fabrics. On the other hand, the adoption of novel recycling processes has boosted the outlook of recycled PET market. Key players are leveraging the technology for increasing the market share for recycled PET.
Advances in infrastructure for PET bottles recycling has bolstered the revenue prospects in the recycled PET market. Especially in Europe, tons of PET bottles have been collected and recycled. Other developing and developed nations have also ramped up investments in strengthening the infrastructure, which will lead to expansion of the recycled PET market.
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Key Findings of Recycled PET Market Study
- Massive Use in Fiber Application to Generate Sizable Profit Streams: Rising application of recycled PET in various types of fibers has propelled revenue growth for market players. The fiber segment held a key share of the global market and is anticipated to gain market share by the end of the forecast period. Fibers made from RPET exhibit several attractive properties, such as offering remarkable protection against moisture and microorganisms.
- Rising Demand for PET Bottles to Enrich Market Prospects: Firms are keen on tapping into the vast revenue streams by offering RPET for bottles. F&B brands are keenly producing recyclable PET bottles, which has spurred the sales of recycled PET market. Stridently, 100% RPET bottles have unlocked a vast value-grab opportunity for players in the recycled PET market. The demand for these will help post-resin manufacturers and producers to gain market share for recycled PET market. Thus, commercialization of RPET for food trays and bottles will augment the market value of recycled PET.
- Packaging Solutions Based on Post-Consumer Resins Create Vast Revenue Potential: Rise in preference of post-consumer resins recycled PET presents a vast lucrative avenue for industry players in recycled PET market. The segment held a major share in 2020, and is anticipated to gain shares by the end of the forecast period. Mounting concerns of adverse ecological impacts of plastics pollutions has invigorate consumer demand in the segment.
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Recycled PET Market: Key Drivers
- Rise in initiatives by governments to reinforce recycling of PET bottles is a key driver of the recycled PET market. Food & beverage brands are ramping up investments for recycling, including collecting PET bottles and cans. Companies are collaborating with suppliers and partners to raise the awareness of the benefits of recycling, which is catalyzing investments in waste PET collection and processing.
- Increasing implementation of regulations on recycling of singe use in several economies has accelerated the development of recycled PET market.
Recycled PET Market: Competition Landscape
Key players are adopting next-gen plastic recycling technology that helps manufacture PET bottles. Prominent companies are offering recycled PET tailored toward industry-specific applications in order to gain a competitive edge over others.
Some of the key players in recycled PET market are PolyQuest, Marglen Industries, Custom Polymers Inc., Seiu Japan Co., Ltd., Verdeco Recycling, Inc., Evergreen Plastics, Inc., Extrupet Group (Pty) Ltd., PETCO, JP Recycling Ltd., CarbonLITE Industries LLC, ALPLA, and UltrePET, LLC.
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Recycled PET Market Segmentation
Color
- Clear
- Colored
Grade
- Post-consumer Resin
- Post-commercial Resin
- Post-industrial Resin
Application
- Food & Beverage Bottles
- Non-food Bottles
- Fiber
- Sheets & Films
- Strapping
- Others (including Rope and Automotive Parts)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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