Market Overview:

According to a new report by IMIR Market Research on The market for recycled polyethylene terephthalate (PET) was valued at approximately ^{USD 10.8 billion in 2023}. Over the course of the forecast period (2024–2031), the market is expected to develop at a ^{compound annual growth rate (CAGR) of 17.2%}, reaching a value of ^{USD 17.2 Billion by 2031}.

The growing market can be ascribed to the increasing adoption of sustainable practices by packaging and food and beverage enterprises. The need for recycled polyethylene terephthalate (PET) is expected to rise over the forecast period due to growing end-user initiatives towards a circular economy and rising acceptance of recycled plastics in the packaging, textile, and other end-use industries. Moreover, coloured and clear (white/non-coloured) items are made from recycled polyethylene terephthalate (rPET).

However, the latter are less expensive than coloured rPET products, clear rPET goods are the most in demand by recyclers and end-use sectors. Manufacturers of bottles and packaging products choose coloured rPET because it offers their products a distinct brand identity and guarantees the creation of products with better aesthetics. The U.S. Environmental Protection Agency reports that half of the nation's plastic demand is made up of single-use plastics. Due to the fact that the plastic trash produced is transferred to other nations for recycling, the United States has a low rate of plastic recycling. The United States is exporting its plastic garbage to Southeast Asian nations in response to China's new prohibition on plastic waste imports.

Furthermore, the growing national demand for electric vehicles (EVs) will probably increase the requirement for strong, lightweight plastic parts that improve vehicle economy. Over the course of the forecast period, it is anticipated that this will drive product demand. Because of the strong auto industry in the United States, OEM demand for rPET bumpers, mattresses, and other auto parts is expected to rise. Furthermore, rPET is widely utilized in the United States in the manufacturing of textiles, mattresses, and sofa covers. In addition, to assist companies reach scalability levels where rPET's cost factor is competitive with virgin PET, advances in waste collection processes, waste management and recycling technologies, and recycling infrastructure improvements will be beneficial.

Market Dynamics:

Market Drivers-

Increasing Environmental Awareness and Regulatory Pressures

• The demand for recycled polyethylene terephthalate (PET) is driven by increasing awareness of the environment & regulatory demands for sustainable development and management of plastic waste. Concerns about resource depletion, degradation of the environment, and plastic pollution are driving governments, regulatory agencies, and consumers to push for the plastics industry to implement circular economy models & sustainable practices. Recycled PET is an environmentally friendly way to lessen plastic waste production, cut down on the use of virgin plastics, and lessen the negative effects of plastic items and packaging on the environment. Companies are encouraged to use recycled PET in their packaging and goods by regulatory measures like landfill bans, plastic recycling mandates, and extended producer responsibility (EPR) schemes.

Increasing Adoption of Circular Economy Practices

• The growing acceptance of circular economy principles by businesses all along the value chain. Reducing waste, increasing resource efficiency, and encouraging material reuse, recycling, & recovery are the main objectives of the circular economy model. Recycled PET is crucial to the sustainable economy because it reduces the environmental impact & conserves natural resources by enabling the closed-loop recycling of PET goods and packaging. Businesses in the beverage, automotive, textile, & packaging sectors recycle PET to use in products and packaging. The aforementioned companies are embracing the ideas of the circular economy. By using recycled PET, the companies are able to meet sustainability goals, lower their carbon impact, and show that they are environmentally conscious. The purity and quality of recycled PET have been enhanced by other technological developments, making it appropriate for a variety of uses. These advancements include depolymerization, chemical recycling, & mechanical recycling. The increasing use of circular economy strategies, which promote stakeholder cooperation to create a more robust and sustainable plastics sector, is driving the market requirement for recycled PET.

Market Trends-

Increasing Demand for Food-Grade Recycled PET (rPET)

• The rising demand for recycled PET (rPET) of food grade for use in packaging. Companies that produce food and beverages as well as retailers are looking more and more for environmentally friendly packaging options to satisfy consumer demand. For the packaging of a variety of food and beverage goods, including bottled water, beverages, juices, sauces, condiments, and also ready-to-eat meals, food-grade rPET provides an environmentally suitable substitute for virgin PET. The quality & purity of food-grade rPET have greatly improved, making it appropriate for direct food contact applications, thanks to developments in PET recycling technology and strict regulatory requirements for materials that come into contact with food. In order to satisfy sustainability goals and expand their product offerings, brand owners, merchants, and package converters are placing an increasing amount of demand on the market for food-grade rPET.

Expansion of Recycling Infrastructure and Collection Systems

• The development of collection networks and infrastructure for recycling in order to boost PET recycling rates and enhance material recovery. Governments, towns, and recycling organizations are investing in the building of full recycling infrastructure, including recycling facilities, sorting technologies, and collection systems, in order to effectively catch and recycle more PET trash. Customer education campaigns, roadside recycling programs, and bottle deposit systems are a few of the programs that encourage people to recycle PET and segregate their waste from other materials. The primary goals of stakeholders investing in collecting systems and recycling infrastructure are to raise the rate of recycling PET, decrease the amount of PET trash that is disposed of in landfills and burned, and advance a circular economy for plastic. Consequently, the growth of the recycled PET market is driven by the development of recycling infrastructure & collecting systems, which also promote a more environmentally friendly method of managing plastic trash.

Market Restraining Factors-

Lacking structure for managing plastic garbage

• The growth of markets and quick industrialization have led to a sharp rise in municipal solid waste (MSW). There currently isn't a suitable framework for the management of plastic trash since governments are facing significant obstacles in implementing waste policies in an efficient manner and in providing alternatives for waste management. Owing to a dearth of recycling facilities, recyclable materials valued at around USD 11.4 billion are discarded annually in the United States. Only 14% of the plastic garbage that is now collected for recycling and only 9% of the plastic waste that is created are recycled, according to UN Environment Programme estimates of 330 million tonnes of plastic waste generated globally yearly.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Recycled Polyethylene Terephthalate (PET) Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Recycled Polyethylene Terephthalate Market Players Analysis:

• 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

Key Industry Developments:

• In October 2023, Rewind PET, an innovative recycling facility from Axens, IFPEN, and JEPLAN, has been commissioned and put into operation. The facility is an extension and modification of JEPLAN's Kitakyushu Hibikinada Pilot trial plant located in Japan. The French Environment and Energies Management Agency (ADEME) provided funding for the development and commissioning of the 1,000-ton-per-year facility.
• In September 2023, The PET recycling capacity at Indorama Ventures' plant in Juiz de Fora, Minas Gerais, Brazil, has been increased from 9,000 tons to 25,000 tons annually.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Recycled Polyethylene Terephthalate (PET) Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Recycled Polyethylene Terephthalate Market Segmentation Analysis:

By Product

• Clear
• Colored

By End-use 

• Fiber
• Sheet & Film
• Strapping
• Food & Beverage Bottles & Containers
• Non-Food Bottles & Containers
• Others\"

The report also helps in understanding Global Recycled Polyethylene Terephthalate Market dynamics, structure by analyzing the market segments, and project the Global Recycled Polyethylene Terephthalate Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Recycled Polyethylene Terephthalate Market make the report investor’s guide.

Global Recycled Polyethylene Terephthalate Market Segmentation Analysis:

The market is divided into segments based on ^{By Source}, ^{By Form}, ^{By Product}, ^{By End-use}.

By Source

Based on the Source of the market is segmented into Bottles & Containers, Films & Sheets, Others.

In 2023, the rPET market's main source segment was made up of bottles and containers. Bottles and food containers provide a significant amount of the PET that is recycled into flakes and chips; therefore, waste collection at the residential, commercial, and governmental sectors is essential to the rPET supply chain. These post-consumer PET bottles and containers are now processed using a variety of chemical and mechanical techniques to produce monomers and BHET, the precursor to PET. Consequently, the waste collecting and sorting procedures at the waste generation stage have a major impact on the recycling of polyethylene terephthalate bottles and containers.

A particular line of rPET sources consists of films and sheets. Films and sheets composed of PET have a longer lifecycle than bottles and containers, which means that their contribution to rPET is still comparatively smaller.

By Form

Based on the Form of the market is categorised into rPET Flakes, rPET Chips.

In 2023, recycled polyethylene terephthalate flakes accounted for a sizeable portion of the market and are valued resources in the PET circular economy. The development of novel PET containers, fibers and fabrics for the textile industry, strapping and packaging materials, films, and sheets are just a few of the many uses for rPET flakes. Moreover, rPET flakes undergo processing to create fiberfills, geotextiles, carpet backings, and insulation materials, all of which are used in the building sector. The automotive industry also contributes significantly to the need for rPET flakes, since the material is utilized in the production of interior components like floor carpets, acoustic insulation elements, and seat upholstery.

The energy required to produce recycled PET flakes is lower than that of creating virgin PET resins when considering environmental sustainability. In addition, recycling and processing polyethylene terephthalate into flakes reduces the amount of plastic that ends up in landfills by re-entering the PET supply and consumption ecology and lessening reliance on virgin PET resins.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. Asia Pacific remained the market leader in 2023 with a revenue share of more than 44%. The presence of multiple companies characterizes the regional market. The Asia Pacific market's two primary attributes are its large supply of reasonably priced trained labour and its ease of access to land. The shift in the manufacturing landscape toward emerging nations, China and India in particular, is expected to positively affect market growth over the forecast period. Manufacturers of rPETs have a great deal of opportunity in the rapidly expanding construction, automotive, and electronics sectors in the region.

The European recycled PET market stands out for its high rates of drinking bottle collection & local bottlers' efforts to switch from virgin to recycled PET. In 2023, the expansion of the region—which accounted for over a quarter of the worldwide rPET market—was propelled by the EU Green Deal policy programs, legislation, and recycling targets pertaining to the collection and disposal of plastic waste. With several member nations, including as Germany, Austria, Denmark, and the Netherlands, prohibiting the disposal of plastic waste in landfills, PET recycling is expected to gain momentum. Higher rates of substitution for virgin PET resins will ultimately result from this.

Recycled Polyethylene Terephthalate Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

_{Key Reasons to Purchase:}

• To gain insightful analyses of the Recycled Polyethylene Terephthalate market and have comprehensive understanding of the global market and its commercial landscape.
• Assess the production processes, major issues, and solutions to mitigate the development risk.
• To understand the most affecting driving and restraining forces in the market and its impact in the global market.
• Learn about the Recycled Polyethylene Terephthalate market strategies that are being adopted by leading respective organizations.
• To understand the future outlook and prospects for the Recycled Polyethylene Terephthalate market. Besides the standard structure reports, we also provide custom research according to specific requirements.

_{Research Scope of Recycled Polyethylene Terephthalate Market:}

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million

Recycled Polyethylene Terephthalate Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: