The global Recycled Polyethylene Terephthalate (rPET) Market is forecast to reach USD 13.43 Billion by 2028, according to a new report by Reports and Data. Polyethylene terephthalate (PET) can be described as a highly recyclable plastic resin and a type of polyester. Primarily, the material formed is polymer that is made by integrating modified ethylene glycol and purified terephthalic acid, both of which are monomers. The bottles or containers, on the bottom of which, it has a #1 code denotes that it is made out of PET. It is widely used as a packaging material in products like beverages, frozen foods, bakery goods, and household cleaners, among others.
It is mentionable here that PET is the most commonly recycled plastic across the globe. When PET is completely recycled, recycled polyethylene terephthalate (rPET) is formed. With the help of recycling PET bottles and forming rPET, a considerable amount of landfill space is conserved. It is mentionable here that, as of 2012, the recycling rate of the U.S. was more than 30%, which had declined below 29% in 2016. It clearly indicates that the manufactures of rPET have a significant scope of expansion in the U.S. In various new products, rPET is employed like athletic shoes, luggage, upholster, fabric for T-shirts, and polyester carpet fiber among others.
In context to region, Europe can be seen to occupy a prominent market share. The market share held by this region is attributed to increasing emphasis on waste management, formulation of directives like Packaging and Packaging Waste Directive, and continuous expansion of the food & beverage industry along with associated growing demand for rPET in Europe.
Key participants include Verdeco Recycling, INC, Placon, Clear Path Recycling LLC, M&G Chemicals, Indorama Ventures Public LTD., Polyquest, Zhejiang Anshun Pettechs Fibre Co., Ltd., Phoenix Technologies, Evergreen Plastics, Inc. and Libolon.
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Further key findings from the report suggest
The Recycled Polyethylene Terephthalate market held a market share of USD 89 Billion in the year 2018 that is forecasted to grow at a rate of 6.9% during the forecast period.
In context to Product Type, the Clear recycled PET segment generated a higher revenue of USD 4.75 Billion in 2018, with a CAGR of 7.2% during the forecast period. Its traits like durability, strength, low processing cost, along with extensive use of PET bottles across the globe, contribute to the revenue generated by this segment.
In context to Processing & Collection Methods, the Curbside Recycling segment yielded the highest revenue of USD 3.65 Billion in 2018, with a growth rate of 7.0% during the forecast period. The revenue generated by the segment is attributed to the extensive application of this method in the collection of PET. Its benefits like periodic collection of material i.e., availability of collection service every-other-week, presence of recycling carts in different sizes, scope of opting for additional cart at no extra cost, results in increasing preference among the users.
In context to End-use, the Fiber segment held the largest market share of 45.0% in 2018, with a CAGR of 7.3% during the forecast period. The extensive application of these fibers in manufacturing cushions, mattresses, insulation products, and car seating contributes to the market share occupied by this segment. Furthermore, elevated demand of these fibers in various industries like automobile, clothing & accessories, FMCG, and home furnishing sectors also contributes to the market share held by this segment.
In regards to the region, North America held 0% of the market in 2018, with a growth rate of 6.9% during the forecast period. Factors like technological advancements in recycling techniques and rigid government regulations on environmental pollution contributes to its market share held by this region.
For the purpose of this report, Reports and Data have segmented the global Recycled Polyethylene Terephthalate market according to Product Type, Processing & Collection Methods, End-use, and Region:
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Product Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Colored
Clear
Processing & Collection Methods Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Curbside Recycling
Recycling Banks
Recycling Drives
End-use Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
Sheet & film
Fiber
Food & beverage bottles & containers
Strapping
Non-food bottles & containers
Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
North America
Europe
Asia Pacific
MEA
Latin America
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