The global recycled polyethylene terephthalate (PET) market is expected to reach USD 10.8 billion by 2025, according to a new report by Grand View Research, Inc. Changing end-user perception towards sustainable sourcing of bottling materials and ban of landfills (introduced in European nations) has positively impacted industry growth in the recent past.
Increasing awareness among general populace about plastic wastage has prompted governments to take initiatives that are aimed at promoting plastic recycling, which in turn boosted polyethylene terephthalate recycling landscape. Furthermore, bottling companies across the global are gradually adopting to recycled PET in order to establish sustainable material sourcing strategies.
Companies are actively investing in R&D of rPET flake based products in order to expand the recovered resins’ scope. Also, regions such as North America and Europe are characterized by consumers willing to pay premium prices for green materials, which is further incentivizing companies to switch to rPET in packaging applications.
U.S. rPET market volume, by product, 2014 – 2025 (Kilo Tons)
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Further key findings from the report suggest:
- The global recycled PET demand was around 8,400 kilo tons in 2016 and is expected to grow at a CAGR of 6.9% from 2017 to 2025
- Clear resins emerged as the dominant product segment is expected to generate revenue worth USD 8.1 billion by 2025.
- Asia Pacific accounted for nearly 50% of the global revenue in 2016 and is expected to grow at a CAGR of 5.8% over the forecast period. China and India are key demand hubs in the region with textile, electronics and automotive applications being dominant.
- Fiber was the largest end-use segment in 2016 and is expected to achieve a high growth rate over the forecast period. Fiber is widely used in the textile, home furnishings, and automobile sector. Increasing demand in these segments is expected to drive the demand for rPET.
- The U.S. achieved 30% recycling rate for polyethylene terepthalate bottle in 2015. Various waste collection and recycling programs at both federal and community levels (influenced by public concerns and government policies) have been a driving force in the U.S.
- Clear rPET emerged as the largest product segment in 2015 and is expected to generate revenue around USD 8.1 billion by the end of 2025
- In terms of end-use, fibers are expected to be the fastest growing segment due to their vast application scope as a substitute to virgin polyesters.
- Global recycled PET demand in fiber segment was USD 2.51 billion in 2015 and is anticipated to experience a moderate growth over the next eight years
- Major players including Ecostar Plastics, Verdeco Recycling, Indorama Ventures and M & G Chemicals dominated the recycled PET industry in terms of volume in 2015
For more information: http://www.grandviewresearch.com