The global Recycled Pet (Polyethylene Terephthalate) Market size was estimated at USD 16.64 billion in 2023 and is projected to reach USD 28.88 billion in 2030 at a CAGR of 8.2% during the forecast period 2024-2030.
The Recycled PET (Polyethylene Terephthalate) encompasses the fluidity of the vehicles, components, The global market for recycled polyethylene terephthalate (rPET) is experiencing robust growth driven by a convergence of factors centered around sustainability, regulatory support, and evolving consumer preferences. One of the primary drivers is the increasing global awareness and concern about environmental sustainability. Consumers, particularly in developed regions like Western Europe and North America, are increasingly mindful of the environmental impact of plastic waste.
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The global rPET market is poised for significant expansion as sustainability concerns drive demand for recycled materials across various industries. With continued regulatory support, technological advancements, and increasing consumer awareness, rPET is positioned to play a pivotal role in the transition towards a more sustainable and circular economy.
Key Findings:
On the basis of Source, in 2023, bottles and containers represented the primary source segment for the rPET (recycled polyethylene terephthalate) market. A significant amount of PET recycled into flakes and chips originates from post-consumer bottles and food containers, underscoring the critical role of waste collection processes at household, business, and municipal levels in the rPET supply chain.
On the basis of Grade, Grade A rPET maintained its dominant position in 2023, driven by its high collection and recycling rates of beverage bottles, ensuring ample availability in baled form.
On the basis of Form, in 2023, recycled polyethylene terephthalate (rPET) flakes held a significant market share and played a pivotal role in the PET circular economy. These flakes are highly valued across diverse applications, including the manufacturing of new PET containers, fibers and fabrics for textiles, production of strapping and packaging materials, and manufacturing films and sheets.
Recent Developments
- In October 2023, Axens, IFPEN, and JEPLAN announced the commissioning and start of their innovative recycling unit, Rewind PET. This unit represents a modified and expanded facility located at JEPLAN's Kitakyushu Hibikinada Pilot demonstration plant in Japan. The facility, capable of processing 1,000 tons per year, was supported by the French Environment and Energy Management Agency (ADEME).
- In March 2023, SK Chemicals signed a USD 98.4 million agreement to acquire a chemical recycling and PET production facility from Shuye Environmental Technology. This acquisition enables SK Chemicals to operate a facility capable of producing chemically recycled PET at a capacity of 50,000 tons per year. The facility utilizes depolymerization technology to chemically break down post-consumer plastic waste into monomers, thereby producing recycled bis-hydroxyethyl terephthalate (rBHET), a precursor to rPET.
Competitive Landscape
· AL Mehtab Industries
· ALPLA
· Bantam Materials
· Carbonlite Industries LLC
· Clean Tech U.K. Ltd
· Clear Path Recycling LLC
· DuFor and more.
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Asia Pacific to Dominate the Market
Asia Pacific dominated the Recycled PET market with a revenue share exceeding 44% in 2023. The region benefits from abundant skilled labor at low cost and ample land availability, fostering a favorable production landscape. The shift towards emerging economies like China and India is poised to drive market growth, buoyed by expanding industries such as construction, automotive, and electronics, which offer substantial opportunities for rPET manufacturers.
The Recycled PET (Polyethylene Terephthalate) Market Segmentation:
Based on Source
· Bottles & Containers
· Films & Sheets
· Others
Based on Grade
· Grade A
· Grade B
Based on Form
· rPET Flakes
· rPET Chips
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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