Austin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- What is the growth of the Recycled PET market?
According to the new market research report, The Recycled PET Market Size was valued at USD 8.9 billion in 2023 and is expected to reach USD 17.2 billion by 2032 and grow at a CAGR of 7.6% over the forecast period 2024-2032. The main driving factors behind growth include the increasing usage of recycled PET in packaging, growth in applications for textiles, and demand from automobile and construction industries for sustainable alternatives.
With the growing sense of environmental awareness and the requirement for more sustainable solutions in industries, such as food and beverage packaging, textiles, and consumer goods, the global market for recycled PET is getting enough growth momentum. The entire used PET products become recycled PET and gradually become indispensable as part of the creation of "environmentally responsible" packaging solutions. Cooperation between governments and industries has also led to an increase in the utilization of recycled PET since many governments in various places are now trying to help reduce plastic waste. Some of the leading brands, especially in the beverage industry, are changing direction and starting to focus on using PET plastic from recycling processes in bottles and containers to satisfy consumers' demands for environmentally friendly products. These factors have conspired to reduce the cost of producing high-quality recycled PET, which is now relatively cheaper than virgin plastics. Other factors enhancing growth in the market include the expanding uses of recycled PET in textiles and automobile parts as well as building materials. Finally, with ocean plastic pollution becoming increasingly known and tough environmental policies in place, industries are now shifting towards adopting recycled PET because of the environmental changes that it brings about, aside from the increase in demand for sustainable and recyclable products.
Request Sample Report of Recycled PET Market 2024 @ https://www.snsinsider.com/sample-request/2150
Top 10 Companies Operating in the Recycled PET Industry Worldwide
- Indorama Ventures
- Alpek SAB de CV
- Far Eastern New Century Corporation
- Plastipak Holdings
- Loop Industries
- Lotte Chemical Corporation
- PolyQuest Inc.
- Biffa plc
- Veolia Environnement
- Evergreen Plastics
Which segment dominated the Recycled PET Market?
The Packaging segment dominated the Recycled PET market in 2023, accounting for nearly 50% share. This is majorly due to the increasing requirement of recycled PET used in bottles and other containers for beverages, cosmetics, and household products. Large beverage companies have increasingly begun to use more recycled PET in production to meet environmental initiatives and also under government policies. For example, the 100% recycled PET bottles of Coca-Cola and PepsiCo were designed to reduce plastic waste and capture more environmentally sensitive consumers. Recycled PET is particularly best suited for packaging because it is lightweight and tough and finds more acceptance in this market segment.
Key Segments:
By Source
- Post-consumer PET
- Post-industrial PET
By Type
- RPET Flakes
- RPET Chips
- RPET Fibers
By Application
- Packaging
- Fiber and Textiles
- Sheets and Thermoforming
- Construction Materials
- Automotive Parts
- Others
If You Need Any Customization on the Recycled PET Market Report, Enquire Now @ https://www.snsinsider.com/enquiry/2150
What are the driving factors of the Recycled PET market?
The Recycled PET market is witnessing robust growth, primarily due to the following driving factors:
- Environmental Concerns
Awareness of the environmental issues coupled with plastic waste, especially PET waste, is increasing. Industries are, therefore, being necessitated to use recycled PET. Consumers and even government agencies demand 'green solutions' for waste reduction, and companies are responding in kind with recycled products.
- Government Regulations
The government, or country-specific regulations, are very tight in the management of plastics, especially in Europe and North America. Compelled by recycling targets set by the government, governments have raised the mandate to use recycled materials in packaging and other industries.
- Circular Economy Initiatives
The increasing need for a circular economy-based approach, whereby the amount of waste generated needs to be reduced through recycling and reuse of materials, has enhanced the recycled PET market. Some of the major companies are going in for sustainability initiatives and activities, and this has also boosted the growth rate of the market.
Which region dominated in the Recycled PET market?
In 2023, Europe dominated the Recycled PET market, accounting for approximately 40% of the global market share. The region has been a frontrunner in adopting sustainable materials due to strict government regulations and heightened consumer awareness regarding environmental issues. Countries like Germany, the UK, and France have led the way in recycling efforts, resulting in significant demand for recycled PET in packaging and construction materials. Europe’s robust recycling infrastructure, coupled with consumer preference for eco-friendly products, is driving market growth. In addition, the European Union's policies on plastic recycling and waste reduction are major contributors to the region's leadership in the global recycled PET market.
Buy Full Research Report on Recycled PET Market 2024-2032 @ https://www.snsinsider.com/checkout/2150
Recent Developments:
- October 2024: Berry Global announced a fully recyclable high-performance alternative to plastic packaging. This new solution promised to offer companies an environment-friendly option that could fulfill the growing demand of sustainability without losing any level of performance.
- September 2024: Indorama Ventures announced plans to construct two new PET recycling facilities in India, as per the company. These would improve local recycling capability and provide a boost to the country's ongoing need for sustainable packaging solutions.
The Recycled PET market is on a steady growth trajectory, driven by increasing environmental awareness, government regulations, and advancements in recycling technologies. Europe’s leadership in this market is a reflection of its strong regulatory framework and consumer demand for sustainability.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Recycled PET Market Segmentation, by Source
8. Recycled PET Market Segmentation, by Type
9. Recycled PET Market Segmentation, by Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
Access Complete Report Description of Recycled PET Market Report 2024-2032 @ https://www.snsinsider.com/reports/recycled-pet-market-2150
[For more information or if you need any customization research mail us at info@snsinsider.com]
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
SNS Insider Offering/ Consulting Services:
Go To Market Assessment Service
Total Addressable Market (TAM) Assessment
Competitive Benchmarking and Market Share Gain
