The recycled polyethylene terephthalate market size was valued at US$ 7.71 billion in 2019 and expected to hit US$ 13.45 billion by 2027, growing at a noteworthy compound annual growth rate (CAGR) of 7.31% from forecast period 2020 to 2027.
Polyethylene terephthalate (PET or PETE) is a general purpose thermoplastic polymer that is part of the polyester family of polymers.Polyester resins are well known for excellent combination of properties, such as thermal, mechanical, dimensional stability and chemical resistance. Polyethylene terephthalate is one of the most recycled thermoplastic.Recycled polyethylene terephthalate can be easily converted to fabrics, fibers, packaging sheets and for manufacturing automotive components. Chemically, polyethylene terephthalate is very much alike to polybutylene terephthalate.
Polyethylene terephthalate products are 100% recyclable and are amongst the most recycled type of plastic globally.
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Increasing use of recycled polyethylene terephthalate in fiber coupled with government initiatives promoting the use of RPET are the major factors predicted to support the growth of global recycled polyethylene terephthalate in coming years. Moreover, ban on plastics by various countries is also predicted to positively impact on global recycled polyethylene terephthalate market. In addition, consumer awareness and growing demand for sustainable product is estimated to propel the demand for this market in years to come. However, emission of carcinogenic compounds may adversely impact the growth of global recycled polyethylene terephthalate. Nonetheless, ongoing product research and development by various market players is estimated to open up plenty of opportunities in the global marketplace.
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The coronavirus pandemic would have a major effect on the food & beverage industry’s efforts to use more recycled plastics, particularly for water and various beverage bottles. Decline in transportation/travel has depressed the price of oil to the point where virgin plastic, made from petroleum, is now inexpensive than recycled. In the U.S., the price premium food grade recycled polyethylene terephthalate over virgin rose from 7% last year to 22%; in Europe, it rose from 35% to 95%.
Big corporations such as Coca-Cola and Danone have had to postpone or miss previously announced deadlines for recycled material in their products. Water bottlers have been particularly hard hit by the situation, as the use of recycled material is essential for them to counter allegations that their packaging is wasteful.
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In 2019, Asia Pacific held the majority of revenue share in 2019. China, Japan and Indonesia are the major regional players in Asia Pacific recycled polyethylene terephthalate market. The Government of Thailand’s goal is to remove all plastics from the country by 2030. Plastic recyclers and suppliers expect a reform to the regulation to require r-PET to be used in food and beverage packaging is also predicted to open up plenty of opportunities for market players in Asia Pacific region. France, UK, Belgium, Netherlands and Italy are some of the major countries propelling the growth of recycled polyethylene terephthalate in Europe region.
- The U.S. is expected to grow a considerable CAGR over the eight years, owing to demand primarily from food & beverage containers and bottles end uses sectors
- Favorable government policies are expected to be key factors to prompt the growth of global recycled polyethylene terephthalate market in near future
- The clear segment accounted for the highest revenue as well as volume market share in 2019 and is estimated to register robust CAGR in next eight years owing to demand for production of fibers and resins.
- The fiber end use segment held the majority of revenue share in 2019 and accounted over 56% of the global recycled polyethylene terephthalate market. Increasing demand from consumer goods, automobiles, FMCG, clothing and accessories, and textile sectors is expected to support the growth of fiber end use segment in near future.
- Brazil, Mexico, Australia and, South Africa are the other major countries for market players in years to come. Recently, Indorama has acquired a PET recycling facility at AG Resin as, a PET recycling facility with a capacity of some 9,000 tons per year, which processes PET post-consumer into recycled polyethylene terephthalate (rPET) flakes and pellets.
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Key Players & Strategies
The global recycled polyethylene terephthalate market is highly competitive and is extremely fragmented. Libolon, Indorama Ventures Public Company Limited, Verdeco Recycling Inc., Placon and M&G Chemicals are emerged as leading market participants in global recycled polyethylene terephthalate market. Acquisition and agreement along with product research is the key business strategy adopted by major market participants in order to sustain severe market competition. Some of the major players noticed and covered in the report are Placon, Ergis Recycling, M&G Chemicals, Zhejiang AnshunPettechsFibre Co. Ltd., BariQ, PolyQuest, Clear Path Recycling LLC, Verdeco Recycling, Inc., Sorema, Evergreen Plastics, Inc., Phoenix Technologies and Libolon amongst others.
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