Elevate your business with Recycled PET packaging, meeting increasing consumer demand for sustainability.
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The global recycled Polyethylene Terephthalate (RPET) market size was USD 2.1 Billion in 2021 and is expected to register a revenue CAGR of 15.8% during the forecast period, according to latest analysis by Emergen Research. Recycled PET bottles and other post-consumer plastic trash are used to create recycled polyethylene terephthalate (rPET), a form of plastic. The desire to reduce plastic waste and growing environmental concerns have fueled the growth of the rPET market in recent years.
The market for recycled polyethylene terephthalate (rPET) is expanding quickly due to rising environmental awareness of the need to reduce plastic waste. Numerous products, including packaging, textiles, and other consumer goods, employ rPET. Due to its sustainability and recyclability, rPET is becoming more and more in demand as a viable replacement for conventional plastics.
The growing understanding of the need to reduce plastic waste is one of the major factors driving the rPET market. To meet consumer demand for environmentally friendly products, many businesses are embracing sustainable practises in addition to the initiatives being taken by governments throughout the world to reduce plastic waste. As a result, demand for rPET as a substitute for conventional plastics has soared.
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The growing usage of recycled materials in consumer goods is another factor driving the rPET market. To lessen their impact on the environment and appeal to customers who care about the environment, several businesses are using recycled materials in their goods. As a result, rPET is now in demand for use in a range of consumer goods, such as textiles, packaging, and automotive components.
The lack of readily available high-quality recycled materials is one of the major obstacles facing the rPET market. Recycled materials can range in quality, and some might not be appropriate for all purposes. This may restrict the usage of rPET in particular fields and uses. Companies may be less likely to use rPET because its production can be more expensive than that of conventional polymers. However, as technology advances and economies of scale are realised, it is anticipated that the cost of production will fall, which will contribute to the expansion of the rPET industry.
Recycled PET Market Segmentation:
The global recycled PET market has been segmented by Emergen Research based on type, product, source, application, and region. The market is expected to witness significant growth during the forecast period 2019-2030.
The market segmentation based on type includes flakes and chips. The flakes segment is expected to hold a larger share of the market in terms of revenue and volume during the forecast period. On the other hand, the chips segment is expected to grow at a higher CAGR during the forecast period.
Based on product, the market has been segmented into clear and colored recycled PET. The clear segment is expected to hold a larger share of the market in terms of revenue during the forecast period. However, the colored segment is expected to grow at a higher CAGR during the forecast period owing to the increasing demand for colored recycled PET in various applications.
The source segment of the market has been segmented into bottles & containers, films & sheets, and others. The bottles & containers segment is expected to hold the largest share of the market in terms of revenue during the forecast period. However, the films & sheets segment is expected to grow at a higher CAGR during the forecast period owing to the increasing demand for recycled PET films & sheets in various industries.
Based on application, the market has been segmented into bottles & containers, fiber, strapping, sheet & film, and others. The bottles & containers segment is expected to hold the largest share of the market in terms of revenue during the forecast period. However, the fiber segment is expected to grow at a higher CAGR during the forecast period owing to the increasing demand for recycled PET fiber in various industries
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights From the Report
· Flakes segment accounted for a comparatively larger revenue share in 2021. This can be attributed to the growing demand for recycled PET flakes as a raw material in various end-use industries, including food and beverage packaging, automotive, and textiles. The flakes are widely used to produce clear and colored PET products, which are extensively used in the packaging industry.
· Clear segment revenue is expected to grow at a steady rate over the forecast period. The clear segment of the recycled PET market is expected to grow at a steady rate over the forecast period due to several factors. Clear PET is widely used in the production of bottles, containers, and packaging, especially in the food and beverage industry. With the growing demand for sustainable and eco-friendly packaging materials, there has been a significant shift towards the use of recycled clear PET in the industry.
· Bottles & containers segment accounted for a significantly robust revenue share in 2021. This can be attributed to the increasing consumer awareness and demand for sustainable and eco-friendly packaging solutions. Recycled PET bottles and containers are widely used in various industries such as food and beverage, personal care, and household products, among others, to reduce the carbon footprint and minimize waste generation.
· The fiber segment is expected to account for a larger revenue share during the forecast period due to the growing demand for recycled PET fibers in the textile industry. Recycled PET fibers offer several advantages over conventional fibers, such as high strength, durability, and reduced environmental impact. The use of recycled PET fibers also helps to reduce the dependence on virgin materials and conserves natural resources.
· Asia Pacific accounted for largest revenue share in the global recycled PET market in 2021, owing to several factors, such as the increasing demand for sustainable packaging solutions in the region. With the rise in awareness about environmental issues and the need to reduce plastic waste, there has been a significant shift in consumer behavior towards eco-friendly products, which has resulted in a higher demand for recycled PET products.
· Some major companies in the global market report include Placon, Clear Path Recycling, Indorama Ventures Public Company Limited, MG Chemicals, Verdeco Recycling, Loop Industries, Inc., PolyQuest, Inc., Phoenix Technologies Inc., Evergreen, and Biffa.
· Coles, an Australian grocery company, introduced shopping bags on May 23, 2022, made of 80% recycled plastic, 20% of it marine waste plastic. In Malaysia, interior lands and waterways that feed the ocean are used to recover marine garbage. The development of the bags is in line with Coles’ Together to Zero Waste initiative and is anticipated to advance Australia’s 2025 National Packaging Targets, which seek to enhance the use of recycled material in packaging.
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