Growing demand from the Textile sector is expected to drive the Global Recycled PET Flakes market in the forecast period 2024-2028. According to TechSci Research report, “Recycled PET Flakes Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the Global Recycled PET Flake market is anticipated to upsurge at an impressive rate in the forecast period 2024-2028.
The Important Factors of the Global Recycled PET Flake Market
A significant factor fueling the growth of the Global Recycled PET Flakes market is the increasing use of recycled PET flakes in the textile sector. Recycled PET Flakes are used in fibers to produce jackets and t-shirts. In addition, they are also used in the manufacturing of sofa & chair covers, automobile seat covers, and carpets as well as increasing demand for electric vehicles anticipated augmenting requirement for lightweight and durable plastic components to enhance their efficiency. Moreover, the low production cost of apparel developed from recycled PET flakes further fuels the growth of the Global Recycled PET Flakes market.
For instance, PepsiCo aims to recycle 75% of its packaging waste by 2025 and Evian aims to recycle 100% of its plastics by 2030, respectively.
Furthermore, the market is being further stimulated by the extensive use of recycled PET flakes in the film & sheet and food & beverages sectors.
However, fluctuations in raw material prices can slow down market growth. Additionally, the lack of an appropriate structure for plastic waste management can further slow down the market growth.
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The global Recycled PET Market is segmented based on product, end-use, and region.
Based on product, the market is bifurcated into clear & colored. The clear segment is expected to hold the largest market share in the forecast period, 2024-2028, as clear recycled PET flakes are lightweight, have high durability, and are non-reactive in nature.
Based on end use, the market is fragmented into fiber, sheet & film, food & beverage bottles & containers, and others. The fiber segment is expected to hold the largest market share in the forecast period, 2024-2028. This can be attributed to the growing demand for consumer goods, automobiles, clothing accessories, and textile industries.
Major companies operating in the global recycled polyethylene terephthalate market are:
- Polyvim LLC
- Gravita India Ltd.
- JB Ecotex Limited
- Plastipak Industries Inc.
- Clear Path Recycling LLC.
- Indorama Ventures Public Company Limited.
- Verdeco Recycling Inc.
- Loop Industries, Inc.
- PolyQuest, Inc.
- EvergreenTogether
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“Asia Pacific region is expected to grow at the highest rate during the forecast period due to due to the rising need for bottles intended for use in a variety of businesses, both food and non-food, as well as the expanding economies in the region. Additionally, increasing foreign investments in the region due to the availability of low-cost labor, and easy availability of raw materials are factors expected to create lucrative opportunities for market growth. Furthermore, in Europe, escalating demand for materials for use in food contact and strict recycling regulations in nations are creating huge prospects of market growth during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Recycled PET Flakes Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Product (Clear, Colored), By End Use (Fiber, Sheet & Film, Food & Beverage Bottles & Containers, and Others), By Region, and Competition, has evaluated the future growth potential of Global Recycled PET Flake Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Recycled PET Flakes Market.”
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