Recycled PET Market is Booming with Strong Growth Prospects | Sinopec, Jiangsu Sanfangxiang, Placon, M&G Chemicals
Published Via 11Press : According to HTF MI, The report is titled “Global Recycled PET Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023–2029.” From 2023 to 2028, the global recycled PET market is projected to expand at a compound annual growth rate (CAGR) of 6.7%, reaching $11.3 billion in 2023 and $15.2 billion by 2028.
Recycled PET, also known as Polyethylene Terephthalate, is made by processing post-consumer PET trash into a material that may be applied in a number of different ways. Bottles, packaging, textiles, and other goods all employ the common plastic known as PET. To be recycled into fresh PET, PET waste needs to be collected, sorted, cleaned, and processed. By using this technique, plastic waste is kept out of landfills and is burnt as opposed to being disposed of. Recycled PET provides several advantages over the creation of new PET, including reduced reliance on raw polymers, less energy consumption, and lower greenhouse gas emissions. Recycled PET may be used to make a wide range of goods, including packaging components, textile fibers, vehicle parts, and more. In order to create a more efficient and sustainable recycling ecosystem, businesses in the recycled PET industry concentrated on developing cutting-edge recycling technologies, expanding infrastructure for collection and processing, and collaborating with stakeholders. Overall, the market for recycled PET is poised for development as sustainability becomes a primary focus in the plastics industry.
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Key and Developing Players,
- Indorama Ventures Public Company
- Sinopec
- Jiangsu Sanfangxiang
- Far Eastern New Century
- Reliance Industries
- Zhejiang Hengyi
- Placon
- M&G Chemicals
- Novapet
- PolyQuest
- Garbo Srl
Market Drivers
- As the world’s focus on sustainability and environmental preservation grows, there is a growing market for recycled PET, which offers a more ecologically friendly alternative to virgin PET.
- Governments, corporations, and consumers are putting more of a focus on reducing plastic waste and promoting the circular economy, which has led to a rise in the use of recycled PET.
- The industry is also further fueled by tough laws and regulations intended to reduce plastic pollution and promote recycling.
- Globally, governments are implementing laws to encourage the use of recycled materials in a range of sectors, including the PET industry.
- Furthermore, as a consequence of increased consumer knowledge of recycled PET’s benefits, including its diminished environmental effect and low energy requirements during manufacture, there has been an increase in customer demand for products made from recycled materials.
- The rise of the industry is also aided by the financial advantages of recycled PET, such as lower raw material prices compared to virgin PET.
Market Trend
- A rising trend is the creation of advanced recycling technologies that can efficiently process and convert post-consumer PET waste into high-quality recycled PET.
- Depolymerization and chemical recycling are two techniques that provide opportunities to get past issues with traditional mechanical recycling and increase the range of applications for recycled PET.
- The development of ecologically friendly packaging choices is also receiving increased attention, and many businesses are incorporating recycled PET in their packaging materials.
- This trend is being driven by governmental attempts to reduce single-use plastic waste as well as consumer demand for ecologically friendly packaging options.
- Closed-loop recycling systems, which enable companies to collect and recycle their own PET waste in an effort to create a circular economy, are also gaining popularity.
- The investigation of blockchain technology to allow insight into the source and processing of recycled PET is accelerating the push toward more transparency and traceability in the supply chain.
Market Opportunities
- It’s possible to make money off of the growing consumer demand for sustainable and eco-friendly items.
- As consumer awareness of the environment grows, consumers are actively seeking out items manufactured from recycled materials, notably PET.
- Companies that offer a wide range of recycled PET products for use in packaging, textiles, automotive, and construction applications hope to capture a significant market share.
- Additionally, there is a potential to develop efficient systems for gathering and processing PET waste as well as to upgrade the recycling infrastructure.
- With the help of investments in cutting-edge recycling technology and collaboration with stakeholders along the value chain, a dependable and sustainable supply of recovered PET may be generated.
- Strategic partnerships and collaborations with brand owners and retailers can also help to promote the use of recycled PET and expand the market.
Market Challenges
- The two main issues are post-consumer PET waste supply and quality.
- It’s crucial to have a dependable source of PET trash that is of a good caliber for the production of recycled PET.
- We require sufficient infrastructure for collecting and sorting as well as consumer education on ethical recycling practices in order to address this issue.
- Second, there are technical issues with the recycling process itself. Impurities, such as non-PET or other polymers, can have influence on the quality and usefulness of recycled PET.
- It will need the development and use of new sorting and purifying technologies to overcome these problems and produce recycled PET of the highest grade.
- Additionally, there has to be more consumer acceptance of recycled PET products as well as increased market demand for them.
- To encourage the use of recycled PET in a variety of sectors and increase awareness of its benefits among the general public, targeted marketing campaigns and collaboration with stakeholders along the value chain are required.
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Recycled PET Market Segmentation:
Market Breakdown by Applications:
- RPET Flakes
- RPET Chips
Market Breakdown by Types:
- Bottles
- Fiber
- Sheets
- Strapping
Report Scope
| The Market size value in 2023 | USD 11.3 Billion |
| Revenue Forecast by 2033 | USD 15.2 Billion |
| Growth Rate | CAGR Of 6.7% |
| Regions Covered | Europe, the Middle East and Africa, North America, Latin America, and the rest of the world |
| Historical Years | 2018-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
Competitive Landscape:
Along with studying the profiles of the key players in the Recycled PET market. Some of the players profiled are Indorama Ventures Public Company Limited, Sinopec Group, Jiangsu Sanfangxiang Group, Far Eastern New Century Corporation, Reliance Industries Limited, Zhejiang Hengyi Group, Placon Corporation, M&G Chemicals, Novapet, PolyQuest, Garbo Srl.
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Key highlights of the report:
- Recycled PET Market Performance (2018-2022)
- Recycled PET Market Outlook (2023-2028)
- Recycled PET Market Trends
- Recycled PET Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Detailed competitive landscape
Contact Us:
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
[email protected]
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