According to a market research report, the “Recycled PET Market by Type (Flakes, Chips), Grade (Grade A, Grade B), Source (Bottles & Containers, Films & sheets), Application ( Bottles, fiber, Sheets, Strapping), Color (Clear, Colored), & Region (APAC, NA, Europe, MEA, SA) – Global Forecast to 2028”, The global recycled PET market size is projected to reach USD 15.0 billion by 2028, at a CAGR of 6.5% from 2023 to 2028.
The driving factors for the recycled PET market is due to increasing emphasis on sustainability between the consumer and packaging products and increasing demand from the textile, food and beverage industry in emerging economies such as India, China, Thailand, Indonesia, countries in the Middle East, Brazil, and Argentina. An increasing trend in terms of collection, domestic recycling, recovery of PET, export of PET waste, and implementation of legislative regulations has been witnessed in the market for RPET.
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The leading recycled PET manufacturers are Indorama Ventures Public Limited (Thailand), Biffa (UK), Far Eastern New Century Corporation (Taiwan), Plastipak Holdings Inc (US), Alpek (Mexico), among others.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the recycled PET market.
Recent Developments in Recycled PET Market
In September 2021, Biffa acquired the Collections business and certain recycling assets from Viridor Waste Management Limited. The acquisition is expected to expand Biffa’s I&C collections business and recycling capabilities, broadening the Group’s customer base, and strengthening its leading position in sustainable waste management in the UK.
In June 2021, Indorama Ventures acquired the CarbonLite Holdings’ facility in Texas as part of the company’s commitment to increasing PET recycling capacity.
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Recycled PET manufacturers are the most important players in the value chain as they produce and provide various types of recycled PET based on their required properties for the specific end-use applications. The applications such as bottles, sheets, strapping, fibers and others. This provides additional value to the chain.
Bottles is the largest market of recycled PET with a 36.5% share, globally. The growth in this segment is attributed to Increasing demand for RPET bottles in food & beverage packaging. Also, rising demand for bottle to bottle recycling across the world is boosting the market in this segment.
The Asia Pacific (APAC) region has emerged as one of the largest and fastest-growing markets for recycled PET (rPET). The region’s substantial population, rapid economic growth, and increasing awareness of sustainability have fueled the significant demand for rPET in APAC. The region’s economic expansion and urbanization have resulted in a rising middle-class population and increased consumption of packaged goods, driving the demand for packaging materials like rPET bottles in various sectors such as food and beverages, personal care, and household products. Additionally, the growing focus on environmental consciousness and sustainability has further stimulated the adoption of rPET in APAC, as consumers and businesses seek more eco-friendly packaging solutions.
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