Market Research Future (MRFR) analyzed the global recycled polyethylene terephthalate (RPET) market 2022 for the analysis period (between 2022 and 2030). By 2022, the global recycled polyethylene terephthalate (RPET) market is expected to register 8.5% CAGR. MRFR findings reveals that the RPET market is likely to worth USD 10,666.2 Mn by 2023 from USD 6,572.9 Mn in 2030. The surge in demand for polyethylene terephthalate (PET) in the booming textile industry and the rise in recycling rate of PET products in the fashion sector are identified as major growth inducers of the recycled polyethylene terephthalate market. The food and beverage sector a high consumer of RPET as shift in consume trend towards ready-to-eat is observed, and the ingression of PET solutions in the expanding packaging sector due to rise in sales of packed food can improve the recycled polyethylene terephthalate market momentum. The expansion of professionals and hike in disposable income can add to the market upsurge. On the contrary, lack of robust technologies and rules challenging the recyclability of PET can hinder the market growth.
Competitive Leaderboard:
Placon, Verdeco Recycling Inc., Clear Path Recycling, Indorama Ventures Public Company Limited, PolyQuest, Evergreen Plastics, Zhejiang Anshun Pettechs Fiber Co., Ltd, Montello S.p.A., MG Chemicals, Phoenix Technologies, and LIBOLON are some reputed names in the global recycled polyethylene terephthalate market that are listed by MRFR.
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Market Segmentation:
MRFR studied the global recycled polyethylene terephthalate market by segment analysis, based on type and application. Insights into the RPET market can help investors make high return-oriented decisions.
The type-based segments of the recycled polyethylene terephthalate market are clear and colored. The clear segment can thrive in the near future as the preference for colored RPET is high due to its superior quality. The clear segment is expected to value over USD 6 Mn by 2022 from USD 4,203.6 Mn in 2030. The rise in application of clear RPET in the booming packaging industry can contribute to the expansion of the clear segment in the years ahead.
The application-based segments of the recycled polyethylene terephthalate market are sheet film, fiber, strapping, non-food grade bottles containers, and food grade bottles containers among others. The fiber segment can thrive in the study tenure by holding the maximum market share. The food grade bottles and containers segment can exhibit healthy CAGR over the analysis period, suggests MRFR analysis. The extensive application of polyester fiber in the textile production and rise in construction of plastic roads can yield high return for the market. The rise in number of market participants in the construction of plastic roads due to high durability of RPET can favor the market in the foreseeable future. In addition, the scarcity of drinking water due to lack of effective water treatment solutions. RPET is also used in the production of nanofibers and the upscaling demand for nanofibers can add thrust to the market growth pace.
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Regional Analysis:
The recycled polyethylene terephthalate market in the Asia Pacific region can secure about 56% share of the worldwide market and is likely to surge at high CAGR. The high recycling rate in Asian regions, such as India, can accelerate the market rise in the near future. market players. Japan is expected to touch decent market value by 2023. However, India is observed to hold strong growth opportunities as it has emerged as an investment-centric market due to high textile production.
In Europe, the recycled polyethylene terephthalate market is expected to hold lucrative market in the foreseeable future. Germany is identified as the most promising region that is likely to earn value of about USD 510.8 Mn by 2023. The expansion of EU market can be attributed to the extensive production and export of textiles. Moreover, increase in plastic waste and the need for recycling can boost EU RPET market.
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