Dublin, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The "Global Recycled PET Market 2024 Edition: Market Size, Trends, Opportunities and Forecast by Application, Source, Product Type, Region, By Country: 2020-2030" report has been added to ResearchAndMarkets.com's offering.
Recycled PET (rPET) Market valued at USD 9.1 Billion in 2023 is expected to grow at a CAGR of 7.6% during 2025-2030.
The Recycled PET (rPET) market has witnessed substantial growth in recent years, driven by the increasing emphasis on sustainability, stringent regulatory requirements, and the rising demand for eco-friendly packaging solutions. Recycled PET is polyethylene terephthalate that has been processed from used PET products such as plastic bottles and containers. The market's expansion is primarily fueled by the need to reduce plastic waste, conserve resources, and promote a circular economy.
One of the primary drivers of the Recycled PET market is the increasing emphasis on sustainability and environmental conservation. The growing awareness of the environmental impact of plastic waste has led to a surge in demand for recycled materials, including rPET. Governments and regulatory bodies worldwide are implementing stringent regulations and policies to reduce plastic waste and promote recycling, driving the adoption of rPET.
Technological advancements have significantly impacted the Recycled PET market, leading to the development of advanced recycling technologies and processes. Innovations such as chemical recycling, mechanical recycling, and depolymerization have enhanced the quality, efficiency, and scalability of rPET production. These advancements are crucial for meeting the growing demand for high-quality recycled materials and ensuring the sustainability of the recycling industry.
The increasing demand for eco-friendly packaging solutions has also played a crucial role in the market's expansion. rPET is widely used in the packaging industry for products such as bottles, containers, and films, offering a sustainable alternative to virgin PET. This trend is driven by the growing consumer preference for environmentally responsible products and the need for brands to enhance their sustainability credentials.
Sustainability trends are influencing the Recycled PET market as well. Companies are focusing on developing closed-loop recycling systems, reducing carbon footprints, and enhancing the recyclability of PET products. This shift is driven by regulatory pressures and a growing awareness of environmental sustainability within the packaging and manufacturing industries.
Segment Insights
By application, the packaging segment holds the largest market share, accounting for approximately 60% of the global Recycled PET market in 2023. rPET is extensively used in packaging applications due to its durability, versatility, and environmental benefits.
Geographical Insights
Americas represent the largest market for Recycled PET in value terms, driven by stringent regulatory requirements, advanced recycling infrastructure, and high consumer awareness about sustainability. The United States, in particular, is a key market due to its robust recycling programs and extensive use of rPET in packaging.
In the Americas, the market is further bolstered by favorable government policies, increasing investments in recycling technologies, and a strong focus on promoting a circular economy. The presence of leading recycling companies and a high level of awareness about the environmental benefits of rPET contribute to the market's dominance in this region.
The Asia Pacific region is expected to witness the highest growth rate due to rapid industrialization, increasing regulatory scrutiny, and growing consumer awareness about sustainability. Countries like China, India, and Japan are at the forefront of this growth, with expanding recycling infrastructure and a growing focus on reducing plastic waste.
Key Companies
- Alpek SAB de CV
- Plastipak Holdings, Inc.
- Phoenix Technologies International LLC
- Evergreen Plastics
- Indorama Ventures Public Company Limited
- Clear Path Recycling
- Loop Industries, Inc.
- CarbonLite Industries, LLC
- M&G Chemicals
- Placon
Market Segmentation
By Application
- Fiber & Textiles
- Packaging
- Construction Materials
- Sheets and Thermoforming
- Other Application
By Source
- Bottles & Containers
- Fibers
- Films & Sheets
- Other Sources
By Product Type
- Chips
- Flakes
By Geography
- Americas (The United States, Canada, Brazil, Mexico, Rest of Americas)
- Europe (United Kingdom, Germany, France, Italy, Spain, Turkey, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Singapore, Indonesia, Rest of Asia Pacific)
- Middle East and Africa (GCC, Israel, South Africa, Rest of Middle East and Africa)
For more information about this report visit https://www.researchandmarkets.com/r/7iyqfz
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