According to a new report published by UnivDatos the Recycled PET market is expected to grow at a CAGR of around 7% from 2021-2027. The analysis has been segmented into the source (bottles & containers, films & sheets, and others); application (fibers, sheets & film, strapping, bottles & containers, and others); region/country.

The Recycled PET market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Recycled PET market. The Recycled PET market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Recycled PET market at the global and regional levels.

Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/recycled-pet-market?popup=report-enquiry

Market Overview

Over the years, plastic has been able to make a strong presence in the global manufacturing industry and it is increasingly replacing other materials in new application areas. However, this has also resulted in an increase in plastic waste generation as plastic take years or century to degrade. As a result, the recycling of primary plastic has gained robust traction. Among all types of plastic, the recycling rate of PET plastic is the highest in the world with many countries has been able to recycle more than 90% of their PET plastics. Moreover, increasing government focus on creating plastic recycling favorable legislations, and growing major food & beverage companies’ focus on sustainable business models are supporting the recycled PET market. For instance, in December 2021, the European Commission presented a draft act to update EU regulations on recycled plastic food contact materials (FCMs). The aim of the new regulation is to streamline regulations on the development, certification, and use of FCMs in light of the diversity of recently developed plastic recycling technologies. Moreover, Coca-Cola HBC committed to increasing the percentage of recycled PET in its bottles to 35% by 2025 and to 50% by 2030. In its EU countries, the company has planned to reach 50% recycled PET by 2025.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the manufacturing industry by disrupting the supply chain. The COVID-19 pandemic has significantly affected the recycled plastics market as companies across the globe faced huge financial losses due to stringent steps adopted by the governments in order to curtail the spread of the disease.

The global Recycled PET market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

Based on the source, the market is categorized into bottles & containers, films & sheets, and others. Among these, bottles & containers captured a dominating position in the market owing to the wide usage of PET-based packaging materials in the food & beverage and non-food industries. This can be attributed to the fact that it is food safe, strong, lightweight, transparent, shatter-resistant, and provides additional properties like desired barrier properties. Moreover, from the consumer perspective, PET packaging offers convenience, lightweight, and shatter-resistant (when compared to glass, ceramic and such options) thus making it a popular choice among consumers as well. Therefore, due to its high demand in packaging applications as bottles & containers, it is working as a major source of recycled PET.

Based on application, the market is categorized into fibers, sheets & film, strapping, bottles & containers, and others. Among these, fibers accounted for a significant market share and is expected to maintain its position during the forecast period. This can be ascribed to the wide adoption of recycled fibers as a filling material for cushions and pillows and converted to fabrics for use in clothing, upholstery, etc. Moreover, in several countries recycled PET is not allowed to use for food & beverage packaging thus limiting the application area.

However, as countries are taking various steps to allow the use of recycled PET in food & beverage categories, the demand for recycled bottles & containers is likely to showcase robust growth during the forecast period. For instance, In India, the Food Safety and Standards Authority of India (FSSAI) amended the Food Safety and Standards (Packaging) Regulations 2018, allowing for the use of recycled plastics in food contact materials (FCM) with certain restrictions. With this regulation, recycled PET is allowed to use in food contact material.

Have a Look at the Chapters

Recycled PET Market Geographical Segmentation Includes:

·        North America (United States, Canada, and Rest of North America)

·        Europe (Germany, United Kingdom, France, Italy, Spain, and the Rest of Europe)

·        Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)

·        Rest of the World

Asia-Pacific accounted for a significant share in the recycled PET market and is likely to maintain its strong position during the forecast period. The region is among the largest PET plastic producer and consumers in the world. This has resulted in the generation of a large amount of plastic waste. Thereby, providing enough sources for PET recycling. Moreover, regional countries like China, India, and Japan have the highest PET recycling rates, thus the region accounted for a significant share of the market. Further, the growing food & beverage packaging industry in the regional economies owing to the growing demand for packaged food is likely to increase the market for PET-based bottles & containers. As government and food & beverage companies are taking several steps to promote the use of secondary plastic, therefore with an increase in PET packaging materials demand, the market for recycled PET would likely to increase during the foreseeable future.

The major players targeting the market include

·        Indorama Ventures Public Company Limited

·        Biffa plc

·        Far Eastern New Century Corporation

·        Plastipak Packaging Inc.

·        Alpek S.A.B. de C.V.

·        PolyQuest Inc.

·        Loop Industries Inc.

·        Evergreen

·        Placon Corporation

·        Reliance Industries Ltd

Click here to view the Report Description & TOC: https://univdatos.com/reports/recycled-pet-market

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Recycled PET market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

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