Recycled Polyethylene Terephthalate (PET) Market - Trends Forecast Till 2028

Market Overview

The global Recycled Polyethylene Terephthalate (PET) market size is expected to grow from USD 8.9 billion in 2021 to USD 11.7 billion by 2026, at a CAGR of 5.7% during the forecast period 2021-2028.

Recycled PET is a synthetic compound prepared from used PET products, which finds application in a wide range of end-use industries. Clear recycled PET is widely used in multiple applications, such as in the production of resins and fibres. RPET fibre is utilised in a variety of applications, including carpet fibre, clothing, upholstery, knitwear, fiber-fill for sleeping bags and cushions, sheet and film, and automotive parts. However, one of the most important expanding applications of RPET is in food packaging and food grade bottles and containers. The fact that RPET performs similarly to virgin PET helps to drive demand for the material.

Also Check Report on Packaged Food Market

According to Recycled Polyethylene Terephthalate market research report analysis, rapid growth in terms of collection, domestic recycling, recovery of PET, and export of PET waste and implementation of legislative regulations has been witnessed in the market for RPET are some of the factors that have supported long-term growth for Recycled Polyethylene Terephthalate (PET) Market.

Companies in the recycled PET sector are starting to collaborate in order to develop in recycling methods. Axens, IFPEN, and JEPLAN have agreed to collaborate on the development, demonstration, and commercialization of a new PET monomer recycling method for all forms of waste PET materials. Used bottles, films, trays, and textiles are being recycled in novel ways. Manufacturers in the recovered PET industry are investing more in R&D in innovative recycling methods that combine glycolysis-based PET depolymerization with particular purification stages aimed at removing organic and inorganic chemicals found in waste PET. This process yields pure BHET (Bis [2-HydroxyEthyl] Terephthalate) monomer, which may be utilised to make fibres and food-grade resins.

The COVID-19 pandemic is causing widespread concern and economic hardship for consumers, businesses, and communities across the globe. The pandemic has hampered manufacturing in numerous Recycled PET producing nations that have been placed under lockdown. APAC and Europe are the world's largest producers of recycled PET for a variety of end-use industries. All of these issues have caused disruption in the Recycled PET market's supply chain, as operations in many production units have stalled. The temporary closure of garment stores and automobile firms has driven recycled PET market makers to gain a bright spot in the personal protective equipment (PPE) market with a rise in demand for facemasks and visors.

Regional Analysis

The EU directive includes a target of incorporating 25 percent recycled content in all PET beverage bottles from 2025 and increasing this to 30 percent from 2030. Leading brands such as Coca-Cola, Danone, and PepsiCo have called for a projected 50 percent use of RPET in their bottles by 2030. The demand for food-grade RPET can potentially increase by 10-15% in both India and Southeast Asia.

Landfill bans or limits have been implemented in various industrialised countries in North America and Europe, including Austria, Germany, the Netherlands, France, Denmark, Belgium, and several states in the United States and Canadian provinces. Landfill restrictions have been in place throughout Europe for decades. Furthermore, proposals are being prepared in the United Kingdom, and Australia has mandated the implementation of a variety of restrictions in the next years.

Single-use plastics account for half of all plastic demand in the United States, according to the Environmental Protection Agency. Because the country's plastic garbage is sent to other nations for recycling, the United States has a poor plastic recycling rate. Following China's recent ban on plastic rubbish imports, the United States is exporting its plastic waste to Southeast Asian countries.

Insights are provided for each region and major countries within the regions

Competitive Landscape

Key Players

• Indorama Ventures Public Limited
• Biffa
• Far Eastern New Century Corporation
• Plastipak Holdings Inc
• Alpek
• PLACON
• Clear Path Recycling LLC
• Verdeco Recycling, Inc.
• Zhejiang Anshun Pettechs Fibre Co., Ltd.
• PolyQuest
• Evergreen Plastics, Inc.
• Phoenix Technologies
• Libolon

Recent Developments

• 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.
• Evergreen looks to ramp up recycled polyethylene terephthalate (PET) plastic production capabilities at its Clyde facility. The expansion began in August of 2021 as a $22M project with 3 lines and evolved due to increased customer and consumer demand for recycled PET plastic.
• SK Chemicals will construct a plastic waste recycling plant in China. Last year, SK Chemicals spent 23 billion won in Shuye to obtain a 10% share and the right to purchase 20,000 tonnes of chemically recovered plastic raw materials. The two businesses will construct a depolymerization factory that will create 100,000 tonnes of recycled bis(2-hydroxyethyl) terephthalate (r-BHET) each year, as well as a plant that will manufacture 200,000 tonnes of chemically recycled PET and copolyester using r-BHET.

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• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

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