Recycled PET Market to Gain a CAGR of 7.05% During 2022-2028

Triton Market Research presents the Global Recycled Polyethylene Terephthalate Market report sectioned by Product (Colored, Clear), Application (Sheet & Film, Strapping, Fiber, Food and Beverage Bottles & Container, Non-Food Bottles & Containers, Other Applications), and Regional Outlook (North America, Asia-Pacific, Middle East and Africa, Latin America, Europe). The report further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Regulatory Framework, Key Market Strategies, Drivers, Challenge, Opportunity, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

Based on Triton’s research report, the global recycled polyethylene terephthalate market is anticipated to advance with a CAGR of 7.05% during the forecast period 2022-2028.

Recycled polyethylene terephthalate (r-PET) refers to a sustainable recycled plastic that has gained prominence over conventional plastic in reducing carbon emissions.

The market’s growth is supported by factors such as rising awareness about sustainability and government restrictions on landfills. Several developed countries, including Germany, the Netherlands, France, and the United States, have implemented landfill bands. These bans have reduced garbage disposals, such as lumber, liquid wastes, and packaging.

On the contrary, the emission of toxic pollutants during the recycling process is anticipated to restrict the development of the recycled polyethylene terephthalate market.

Globally, the Asia-Pacific dominates in the recycled PET market. The region’s robust growth can be attributed to the availability of skilled labor at low cost and land. Moreover, the shift in the production landscape towards China and India is anticipated to drive the studied market’s growth. Further, expanding industries, such as construction, automotive, and electronics, present vast potential for rPET manufacturers. The major factor supporting rPET demand is the rising demand for food and non-food bottles for various applications. Therefore, as stated above, these factors are widening the scope and growth of the recycled polyethylene terephthalate market.

The notable companies in the recycled PET market are Biffa, Clear Path Recycling LLC, Far Eastern New Century Corporation, Phoenix Technologies, Carbonlite Industries, DuFor, Evergreen Plastics Inc, Indorama Ventures Public Ltd, Libolon, Placon, PolyQuest, Portage Plastics, Ultrepet, Plastipak Holdings Inc, and Zhejiang Anshun Pettechs Fibre Co Ltd.

Scrap plastic PET bottles and containers are the major raw materials employed for the production of recycled PET. In this regard, the easy availability of post-consumer PET bottles is a major factor supporting the market’s growth. Moreover, the high recyclability ratio of polyethylene terephthalate is anticipated to propel recycled PET production across Europe and North America.