Rising demand from various end-user industries is expected to drive the Recycled Polyethylene Terephthalate (RPET) market in the forecast period 2024-2028. According to TechSci Research report, “Recycled Polyethylene Terephthalate Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the global recycled polyethylene terephthalate market is anticipated to upsurge at an impressive rate in the forecast period 2024-2028.
The Important Factors of the Recycled Polyethylene Terephthalates Market
This can be ascribed to the imposition of a ban on landfilling in various European countries such as Austria, Germany, the Netherlands, France, Denmark, and Belgium, Additionally, restrictions on landfilling are imposed across various states in the United States and provinces in Canada.
Besides, growing demand for electric vehicles across various countries is expected to increase the need for lightweight and durable plastic components in order to enhance vehicle efficiency, thereby creating lucrative opportunities for the growth of the global recycled polyethylene terephthalates market. Additionally, recycled polyethylene terephthalate is used in the manufacturing of automobile seat covers, sofa and chair covers, and carpets, among others.
However, the high costs of recycled polyethylene terephthalate as compared to virgin PET can slow down the market growth. Also, the lack of an organized framework for plastic waste collection and management can further slow down the market growth.
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Global Recycled Polyethylene Terephthalate Market is segmented based on type, source, end-use, and region.
Based on type, the market is bifurcated into flakes and chips. Flakes is expected to hold the largest market share in the forecast period, 2024-2028. This can be attributed to the widespread use of recycled PET flakes in staple fiber applications in the textile industry.
Based on source, the market is categorized into bottles & containers, films & sheets, and others. The bottles & containers segment is expected to grow at the highest rate during the forecast period. This can be ascribed to the growing demand from packaging and food & beverage industries.
Based on end use, the market is fragmented into strapping, fibers, food & beverage containers and bottles, non-food containers and bottles, and others. The fibers segment is expected to hold the largest market share during the forecast period. This can be attributed to the growing demand for consumer goods, automobiles, clothing and accessories, and textile, industries.
Major companies operating in the global recycled polyethylene terephthalate market are:
- Placon Corp
- Keenpro Industry Corp.
- Plastipak Industries Inc.
- Clear Path Recycling LLC.
- Indorama Ventures Public Company Limited.
- Verdeco Recycling Inc.
- Loop Industries, Inc.
- PolyQuest, Inc.
- EvergreenTogether
- Alpek SAB de CV
Various companies operating in the market are following strategies such as mergers & acquisitions, partnerships & collaborations, and product launches in order to stay competitive and have an edge over existing players. For instance, in May 2022, Danone, and Amcor Rigid Packaging (ARP), together introduced a 100% recyclable PET bottle for the Villavicencio water brand of Danone in Argentina. This 1.5 liters 100% RPET bottle offers 21% less carbon footprint than virgin PET. Similarly,
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“Asia Pacific region is expected to grow at the highest rate during the forecast period on account of growing PET recycling in Southeast Asian countries. Additionally, increasing foreign investments in the region due to the availability of low-cost labor, and easy availability of raw materials is expected to create lucrative opportunities for market growth through 2028.
Additionally, countries such as Australia have legislated the introduction of a range of bans on landfilling and shifting towards recycling approaches, thereby 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.
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“Recycled Polyethylene Terephthalate (RPET) Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Flakes, Chips), By Source (Bottle & Containers, Films & Sheet, Other), By End Use (Strapping, Food & Beverage Containers and Bottles, Non-Food Containers and Bottles, Others), By Region, and Competition, has evaluated the future growth potential of global recycled polyethylene terephthalate 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 make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global recycled polyethylene terephthalate market.”
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