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Global Recycled PET (rPET) Market Insight2022-04-13 Comments
According to the WK-chem Research “Global Recycled PET (rPET) Professional Survey Report 2022, Forecast to 2027”, 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. These activities have contributed significantly to the growth in demand for RPET in various applications such as food & beverage bottles, textile fiber, and strapping. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 5.8% base on WK-chem Research regression analysis model.
“Recycled PET boasts superior chemical properties, high thermal resistance, is lightweight, and is readily available to be used in the packaging industry. The growth in packaging industry is expected to come from the rising demand for packaged food and beverages by working population and an expanding need for increased shelf life of these products.” said Jack Green, Senior analyst, Chemical & Material Market Research Center in WK-chem Research.
Recycled Polyethylene Terephthalate (RPET) is a highly recyclable plastic and is one of the most widely used recycled plastic across the globe. RPET is used for various applications such as fiber for carpets, clothes, upholstery, sweaters, fiber-fill for sleeping bags and cushions, sheet and film, and automotive parts. However, one of the key growing applications of RPET is in the food packaging application and food grade bottles and containers. The demand for RPET is supported by the fact that RPET offers performance similar to that of virgin PET. Worldwide, various major global beverage and fast-moving consumer goods companies have committed to recycled content in their plastic packaging by 2030. Due to this, there is expected to be a rising demand for food-grade-certified recycled materials. However, the current limited global supply of food-grade recycled plastic makes it a significant challenge for these brands to secure sufficient volumes of high-quality food-grade RPET in the longer term. As a result, some RPET converters have identified this as an opportunity to expand their food-grade RPET production capacities domestically and abroad.
Proper waste collection and segregation are critical for the effective recycling of PET. Inappropriate disposal of waste poses threats to municipalities and other concerned bodies involved in waste management. Developed countries such as the US, Australia, Japan, and Germany have implemented waste management frameworks that administer effective waste management and ensure productive results these through recycling. However, as compared to the actual expectations, these examples are few. Egypt, Turkey, South Africa, Nigeria, and Brazil are yet to standardize and organize their waste management frameworks, which has led to the improper handling of waste materials to a high extent. The segregation of different types of waste at source helps recover a significant amount of recyclable waste and reduces the required total effort and time.
However, mounting emission of carcinogenic compounds from PET recycling is the major factor limiting the growth of Recycled polyethylene terephthalate (rPET) market over the due course of time. Additionally, mismanagement of infectious plastic waste is further posing a challenge to plastic recycling, thus impeding the market growth curve.
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Recycled PET (rPET) companies that include PLACON; Clear Path Recycling LLC; Verdeco Recycling, Inc.; Indorama Ventures Public Ltd.; Zhejiang Anshun Pettechs Fibre Co., Ltd.; Polyquest, Evergreen Plastics, Inc.; Phoenix Technologies; Libolon; Biffa.
Segmentation of Recycled PET (rPET) Market:
On the basis of product type, the Recycled PET (rPET) market can be segmented into Clear and Colored. The clear product segment led the global market. The segment will retain the leading position expanding at a steady CAGR from 2022 to 2027. Low energy requirements and ease of bottle-to-bottle recycling are expected to drive the demand for clear recycled PET over the forecast period. In addition, clear rPET is highly durable, lightweight, non-reactive, and shatterproof. It is widely used in food and non-food applications due to the low cost of processing associated with it. Most manufacturers prefer clear granules or flakes to produce containers and bottles, as opposed to opaque or colored PET. In addition, clear rPET helps detect changes in the products inside, such as changes in color, fungal growth, and chemical reaction. On the other hand, the colored PET segment is estimated to register the fastest CAGR from 2022 to 2027 due to a rise in demand for these products over the past few years as a result of various packaging and bottle manufacturers trying to differentiate their products with eye-pleasing colors. However, the use and disposal of colored PET bottles have been facing significant barriers in major European countries like Germany, Norway, and Sweden due to difficulties in their recycling, which may hinder segment growth to some extent.
On the basis of application, the Recycled PET (rPET) market can be segmented into Fiber, Sheet & Film, Strapping, Food & Beverage Bottles & Containers, Non-Food Bottles & Containers and Others. Fiber was the dominant application segment. The segment will expand further at a steady CAGR from 2022 to 2027, retaining the leading position. High demand from the FMCG, consumer goods, automobiles, clothing & accessories, textile, telecom, and home furnishing sectors is contributing to the growth of the market. Fiber is predominantly used for making mattresses, cushions, car seating, and even insulation products. Various types of clothing, such as t-shirts and jackets, use fiber produced from recycled PET. It is also used in the manufacturing of automobile seat covers, sofa & chair seat covers, and carpets. Increasing investments in sports activities globally are augmenting the demand for sports clothing & accessories, which, in turn, are expected to drive the demand for recycled PET fibers. Jerseys for sports teams are the most common type of products manufactured using such fibers. The demand for jerseys has witnessed a strong growth in the Asia Pacific over the past 10 years owing to increased sports activities in the region, especially in China and India.
Recycled PET (rPET) Market: Regional Analysis
In terms of geography, the global Recycled PET (rPET) market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Asia Pacific was the largest regional market. It is projected to retain the leading position throughout the forecast period. The regional market is characterized by the easy availability of land along with a low-cost, skilled labor force. The shift in production landscape toward emerging economies, particularly China and India, is expected to positively influence the regional market growth over the forecast period. The increasing demand for food and non-food bottles across a large number of end-use industries and the growing economies are estimated to drive the product demand in Latin America. Increasing per capita income coupled with the growing FMCG industry is helping the rPET market flourish in the region.
Largest share area：Asia Pacific
largest share country：China
Product Type：Clear and Colored
Application：Fiber, Sheet & Film, Strapping, Food & Beverage Bottles & Containers, Non-Food Bottles & Containers and Others
Leading Company：PLACON; Clear Path Recycling LLC; Verdeco Recycling, Inc.; Indorama Ventures Public Ltd.; Zhejiang Anshun Pettechs Fibre Co., Ltd.