Recycled Polyethylene Terephthalate Market: By Product (Clear, Colour), By Type (Flakes, Chips, Others), By Source (Bottles & Containers, Films & Sheets, Others), By Processing Methods (Curb side Recycling, Recycling Drives, Recycling Banks), By Application (Food and Beverage Bottles, Non-Food Bottles, Sheet, Fibre, Strapping, Others), By Grade (Grade A, Grade B), By End Use Industries (Electrical and Electronics, Construction, Automotive, Packaging) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[170+ Pages Research Report] Recycled Polyethylene Terephthalate Market to surpass USD 14.2 billion by 2032 from USD 6.71 billion in 2021 at a CAGR of 7% throughout the forecast period 2021-32.
Recycled Polyethylene Terephthalate (rPET) is a 100% recyclable, lightweight, strong plastic. PET plastic can be remade and is a versatile material. By combining modified ethylene glycol & purified terephthalic acid, these materials are created. PET can be recycled into original form, if collected in a pure state. Several companies are concentrating on recycling Polyethylene Terephthalate into food-grade products for new beverage containers. For improving efficiency of processing technology, many efforts are being made and new ways are being developed for breaking down polymer into its chemical precursors to resynthesize into PET.
Recycled Polyethylene Terephthalate Market is expected to project a CAGR of 7% in the forecast period
Recycled Polyethylene Terephthalate market was valued at 6.71 billion USD in 2021 and is expected to reach 14.2 billion USD by 2032, increasing at a CAGR of 7% during the forecast period owing to the increasing demand for bottles, fiber, sheets etc. The rising awareness to collect, recycle and recover Polyethylene Terephthalate, implementation of regulations by the government, and export of PET waste has resulted in creating demand for the Recycled Polyethylene Terephthalate Market. These have contributed to the growth in rPET in various applications.
Clear segment is expected to grow with a higher CAGR during 2022-32
Recycled Polyethylene Terephthalate Market is classified based on the Product is segmented into Clear and Colour. The clear segment dominated the market with the largest share in 2021. The ease of plastic recycling requiring low energy is expected to boost the growth of the clear recycled PET market over the forecast period. The lightweight, durable, non-reactive properties of these materials is expected to create growth opportunities for the market. Clear type is the most widely used rPET. The preference of clear granules is high as they are used to produce containers and bottles.
Flakes segment is expected to grow with a higher CAGR during 2022-32
Recycled Polyethylene Terephthalate Market is classified based on the Type is segmented into flakes, chips, and others. The flakes segment dominated the market with the largest share in 2021 and is expected to maintain same dominance over the forecast period owing to the rising adoption of recycled PET flakes to produce food-grade packaging, car seats and covers, conveyor belt etc. These flakes are used to produce new PET bottles, bristles etc.
Increasing Awareness in Customers will Drive the Market Growth
The rising attitude of customers towards plastic waste management and the growing awareness is fuelling the market growth. The recycling processes are increasing, and people are becoming conscious to reduce the efforts of plastic waste. The awareness about sustainability is rising, increasing the reuse and recycling and is driving demand for Recycled Polyethylene Terephthalate market. The manufacturing of recycled PET products is environment-friendly which reduces CO2 emissions. Certain new initiatives for packaging of materials sustainably are expected to boost the growth of the global rPET market during the forecast period.
Rising Consumption of Packaged Foods is Expected to Boost the Market Growth
Increasing consumption of packaged food is expected to dominate the production of plastic bottles and containers. Adoption of recycled PET packaging solutions will lead to increasing the growth of the market. Several government initiatives to recycle plastics will create a growth option for the Recycled Polyethylene Terephthalate Market.
Improper Segregation of Plastic Waste may Restrain the Market Growth
The lack of waste management alternatives & ineffective waste policy implementation will challenge to materialize solid waste management and may restrain the growth of the market. The cost for recycling the Polyethylene Terephthalate is high due to the merging of all the materials when disposing which needs high cost to be separated and may hamper the market growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Recycled Polyethylene Terephthalate Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The Asia Pacific market accounted for largest share in 2021 owing to sustainable packaging targets. Production of PET production lines in countries of this region has resulted in creating a growth option for the market. North America market is expected to dominate the market in the forecast period owing to the rising demand for recycled PET in end-use industries mainly in food and beverages.