Recycled PET Market by Grade (Post-Consumer Resin, Post-Commercial Resin, and Post-Industrial Resin) and Application (Fiber, Containers & Bottles, Sheets, Strapping, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026641 | Pages: 100 | Industry: Chemicals and Materials | Date: Oct 2022 | Type: Global

The market crossed US$ 9.4 billion mark in 2022 and is expected to hit US$ 14.3 billion by 2030, recording an approximate CAGR of 5.4% during the forecast period.

Increasing demand for recycled PET from the food & beverages industry

Recycled PET is widely used to manufacture food-grade packaging materials such as bottles, containers, and trays. Recycled PET offers similar performance to virgin resin which is driving its demand in the food packaging industry. The food & beverages industry is witnessing tremendous growth due to rising population, increasing demand for packaged food and beverages, and rising disposable income of consumers. With rapid growth of the food & beverages industry, the manufacturers are also focusing on sustainability and reducing their carbon footprints. Therefore, they are increasing the recycled content in their packaging to contribute to the circular economy. Thus, this factor is driving the demand for recycled PET which is thereby propelling the market growth.

Within the report, the market is segmented into type, end-use industry, and geography. By type, the market is segmented into natural and synthetic. Based on end-use industry, the market is segmented into agriculture, petrochemical, water treatment, building & construction, personal care, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Rising Sustainability Concerns to Drive the Demand for Recycled PET

Plastic is causing a significant harm to the environment by getting clogged in oceans, rivers, and other water bodies or end up in the landfills.  Plastic breaks into smaller pieces, referred to micro-plastic, when disposed into landfills. Chemicals such as bisphenol A (BPA) and PS oligomer present in plastic may be hazardous even in small amounts, can cause a significant harm to the human life and overall ecosystem. Due to rising concerns related to plastic waste generation and disposal, the governments of different countries and environmental bodies are focusing on recycling the plastic waste. This factor is creating strong growth potential for the recycled PET market, driving the market growth. 

Market Initiatives by Key Industry Players

Due to increasing sustainability concerns, various leading food & beverage manufacturers using recycled content in their product packaging. For instance, leading brands such as The Coca-Cola Co, Danone SA, and PepsiCo are aiming to use 50% of recycled content in their bottles by 2030. In December 2020, PepsiCo announced that it will eliminate all the virgin fossil-fuel based plastic bottles for its Pepsi brand in 9 countries in the European Union and will offer 100% recycled plastic beverage bottles by 2022. Such initiatives by the key players are expected to open new opportunities in the recycled PET market over the forecast period.

Recent strategic developments in recycled PET market

The recycled PET market has undergone several significant developments, and a few of these have been mentioned below:

  • In September 2022, Greiner Packaging a Serbia-based producer of PET flakes with an aim to broaden its business portfolio and adding the first recycling company to the group.
  • In June 2021, Indorama Ventures Public Limited acquired the CarbonLite Holdings’ facility in Texas, the US to increase PET recycling capacity.

The recycled PET market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Indorama Venturers Public Limited; Biffa; Far Eastern New Century Corporation; Plastipak Holding Inc.; and Alpek are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Manufacturers and distributors of recycled PET
  • Government bodies, such as regulating authorities and policy makers
  • Manufacturers of food packaging materials
  • Raw material providers for the food & beverage, pharmaceuticals, and automotive sectors
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Grade:
    • Post-Consumer Resin
    • Post-Commercial Resin
    • Post-Industrial Resin
  • Application:
    • Fiber
    • Containers & Bottles
    • Sheets
    • Strapping
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled        
    • Indorama Venturers Public Limited
    • Biffa
    • Far Eastern New Century Corporation
    • Plastipak Holding Inc.
    • Alpek

The List of Companies
- Indorama Venturers Public Limited
- Biffa
- Far Eastern New Century Corporation
- Plastipak Holding Inc.
- Alpek

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