Recycled Polyethylene Terephthalate Market | Share, Types, Region and Competitio
Posted by Rishab Gupta on February 14th, 2020
Recycled Polyethylene Terephthalate Market was valued USD 7,092.12 Million in 2018 and is expected to exhibit a CAGR of around 8.5% during the forecast period. Recycled polyethylene terephthalate (RPET) is produced using post-consumer PET bottles and containers. RPET is used in fiber for carpets, clothes, upholstery, sweaters, fiber-fill for sleeping bags and cushions, and others; sheets and films; strapping; food-grade bottles and containers for packaged carbonated beverages, water, salad dressing, cooking oil, peanut butter, fruit, and condiments; non-food-grade bottles and containers for detergents and cosmetics; and others. The RPET offers similar performance to virgin PET.
Some of the key players operating in the global recycled polyethylene terephthalate market are Placon (US), Clear Path Recycling (US), Verdeco Recycling Inc. (US), Indorama Ventures Public Company Limited (Thailand), Zhejiang Anshun Pettechs Fiber Co., Ltd (China), Polyquest (US), Evergreen Plastics (US), Montello S.p.A. (Italy), Phoenix Technologies (US), M&G Chemicals (Luxembourg), and LIBOLON (Taiwan).
The end-users of recycled PET flakes are introducing products such as t-shirts, water bottles, beverage bottles, and cans, providing an impetus to the recycling industry and helping reduce the global waste problem.
Government initiatives promoting environmental protection are driving the growth of the Recycled Polyethylene Terephthalate Market These initiatives include funding for waste collection and awareness campaigns, among others. For example, the European Union framed the Packaging and Packaging Waste Directive (PPWD), which presently has a recycling target for plastic packaging of 22.5%. PET recycling is a significant contributor to the achievement of this target in EU member states. Furthermore, the plastic ban in countries in Asia-Pacific such as India, Indonesia, Bangladesh, and Sri Lanka is projected to result in the increased recycling of PET. Also, regulations for plastic waste reduction by government bodies such as the California Department of Resources Recycling and Recovery in the US may drive market growth during the assessment period.
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The global recycled polyethylene terephthalate market has been classified by the type, application, and region.
Based on type, the global market has been segmented into clear and colored. The clear segment accounted for the larger market share in 2018 and is expected to register a higher CAGR of over 8.5% during the forecast period. The growth of this market segment can be attributed to its low processing cost.
Based on application, the global market has been segmented into fibers, sheets and films, strapping, food-grade bottle and containers, non-food-grade bottles and containers, and others. The fibers segment accounted for the largest share of around 70% in 2018. This growth can be attributed to the surge in demand for clothing in countries with large populations, such as India, China, the US, and Indonesia, and the cost-effectiveness of recycled polyester fiber and their preference over conventional fiber. RPET fiber is also used in furniture and automobile seats and mats, among others. Therefore, the dominance of the RPET fiber segment is expected to continue during the forecast period.
The global recycled polyethylene terephthalate market has been segmented, based on region, into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Asia-Pacific is a prominent regional market for recycled polyethylene terephthalate, accounting for 55% of the global market in 2018. Countries such as China, India, Japan, and Indonesia are the key contributors to the growth of the regional market. Population growth, rapid industrialization, economic reforms, and government initiatives for waste recycling are the key factors driving the growth of the market. Most importantly, advancements in recycling technological, driven by increasing foreign direct investment (FDI), are expected to drive market growth.
Europe is the second-largest regional market, with Russia, the UK, Germany, Italy, and Belgium accounting for the majority share. Germany is the most promising country-level market, accounting for around 28% in 2018; the German market was valued at USD 370.49 million in 2018. The production and export of textiles in Germany and Italy are the highest, playing a vital role in RPET demand in Europe. The regional market is expected to grow due to initiatives for plastic waste recycling by the EU.
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About the AuthorRishab Gupta
Joined: November 25th, 2019
Articles Posted: 303
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