Why Recycled Polyethylene Terephthalate has been a bust ???Posted by Mrudula Anil Karmarkar on January 15th, 2021 The global recycled polyethylene terephthalate market size is anticipated to reach USD 13.32 billion by 2027, according to a new study by Grand View Research, Inc., progressing at a CAGR of 7.9% during the forecast period. Booming beverage industry in Asia Pacific countries such as China, India, Japan, South Korea, Vietnam, and Philippines has been stimulating the growth of the rPET market. Surging demand for packaged food and water is expected to have a positive impact on the market over the forecast period. Further, recycled polyethylene terephthalate (rPET) plants across the UK are running at larger capacity as orders for food and beverage packaging remain robust. Pandemic has promoted consumers to stock up on supermarkets essentials, like packaged bottled water and food. The updated report will account for COVID-19 as a key market contributor. Recycled PET, also termed as rPET, is a synthetic compound prepared from used PET products, which finds application in a wide range of end-use industries. The resins are produced from post-consumer PET bottle flakes and are one of the most stable forms of recycled PET. Clear recycled PET was the largest product type in the global rPET market in 2020. It is expected to retain its position over the forecast period, owing to high demand for bottles and sheets. Clear recycled PET is widely used in multiple applications, such as the production of resins and fibers. Increasing demand for recycled polyethylene terephthalate in the non-food sector is also estimated to drive the growth over the forecast period. Rising concerns regarding sustainability of natural resources in developing economies of North America and Europe are likely to escalate the product demand over the forecast period. Rising focus on developing manufacturing units in Asia Pacific countries, such as China, India, Vietnam, Indonesia, and Thailand, is poised to augur well for the market in near future. The non-food containers and bottles end-use segment is projected to expand at a CAGR of 7.9% over the forecast period. Further key findings from the repot suggest:
The global recycled polyethylene terephthalate market size was valued at USD 7.34 billion in 2020. It is projected to register a CAGR of 7.9% during the forecast period. In recent times, consumers have become more conscious of environmental sustainability, which has benefitted the growth of the market. In addition, the ban on landfills introduced in several developed countries in North America and Europe is anticipated to drive the rPET market over the forecast period. In terms of revenue, the U.S. market for recycled polyethylene terephthalate represented a sizeable share in the overall revenue in 2020. It is anticipated to progress at a CAGR of 8.5% over the forecast period. The U.S. is not only the largest market for rPET in North America but is also one of the largest markets globally. Despite presence of a limited number of recycling plants, the U.S. has managed to become one of the largest PET recycling countries globally. The country has approximately 31.0% PET bottle collection rate, which is higher than the global average as well as that of Canada. The market in Canada is primarily driven by increasing prices and high import volume of colored and clear rPET products. Clear polyethylene terephthalate bottles were the most type of PET bottles in 2020. The Canada market has been witnessing high growth over the past five years due to significant rise in investments in the recycling industry. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/4523/ibb Placon; Clear Path Recycling LLC; Verdeco Recycling, Inc.; M&G Chemicals; Zhejiang Anshun Pettechs Fibre Co., Ltd.; PolyQuest; Evergreen Plastics, Inc.; Phoenix Technologies; and Libolon are the key manufacturers in the market. These companies are actively involved in the collection, processing of used plastics, and production of new rPET products and even distribution of the same. Market players are focusing on provision of greater quality products to retain customer loyalty since low switching costs and product differentiation have reduced supplier power in recent years. Companies are thus actively engaged in product development and research, technological advancements, and even strategic collaborations to consolidate their position in the global market. Grand View Research has segmented the global recycled polyethylene terephthalate market on the basis of product, end-use: Recycled Polyethylene Terephthalate (rPET) Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)
Recycled Polyethylene Terephthalate (rPET) End-use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |