Recycled Polyethylene Terephthalate Global Market Report 2023
Major players in the recycled polyethylene terephthalate market are Placon Corporation, Verdeco Recycling Midwest Inc., Montello Spa, Antares Chem Private Limited, Indorama Ventures Public Company Limited, Zhejiang Anshun Pettechs Fibre Co.
New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Recycled Polyethylene Terephthalate Global Market Report 2023" - https://www.reportlinker.com/p06285603/?utm_source=GNW
Ltd., PolyQuest Inc., Evergreen Plastics, Phoenix Technologies Ltd., M&G Chemicals S.A, LIBOLON, Clear Path Recycling LLC, BariQ, M&G Chemicals S.A., and OCTAL.
The global recycled polyethylene terephthalate market grew from $9.01 billion in 2022 to $9.81 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The recycled polyethylene terephthalate market is expected to grow to $13.67 billion in 2027 at a CAGR of 8.7%.
The recycled polyethylene terephthalate market consists of sales of recycled polyethylene terephthalate flakes and chips.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Polyethylene terephthalate (PET) is a recyclable plastic resin.It is actually a polyester, created by the mixture of two monomers, namely, modified ethylene glycol and purified terephthalic acid.
PET is often recycled into new PET containers, carpet, clothing, protective packaging, industrial strapping, automotive parts, construction materials, tennis balls, and tennis ball canisters.
Asia-Pacific was the largest region in the recycled polyethylene terephthalate market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the recycled polyethylene terephthalate report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of recycled polyethylene terephthalate are clear and colored.The clear recycled polyethylene terephthalate refers to clear PET plastic which is the most widely recycled plastic in the globe.
The recycled polyethylene terephthalate is used in various applications such as fiber, sheet and film, strapping, food & beverage containers and bottles, and non-food containers and bottles. They are used by packaging, electrical & electronics, automotive, and construction industries.
The increasing demand for sustainable packaging solutions is driving the growth of the recycled polyethylene terephthalate market.According to the leading designer and manufacturer of plastic thermoforming and injection molded packaging maker, Placon, the coming decade will see the collection of post-consumer beverage bottles reach close to 100%.
Recycling is critical to a sustainable future as it delivers fewer greenhouse gases and generates less waste.Global names are including more and more recycled content in their packaging to meet consumer demands.
The most used and popular brands like Cola-Cola, PepsiCo, Unilever, Danone, and Nestle, have all made commitments to include up to 100% recycled plastics in their packaging. These companies recognize the value of PET, not just from an economical view, but also from a holistic sustainability standpoint.
Technology advancement activities are a key trend gaining popularity in the recycled polyethylene terephthalate market, such as PET, XTREME Renew process, and others.Innovative recycling and recovery techniques and technologies have enormous economic value in transforming post-use and difficult-to-recycle plastic.
They can be converted into their original building blocks that can be continually reintegrated to supply chains as feedstocks for new plastics and chemicals, other raw materials for manufacturing, and lower-environmental-footprint transportation fuels.Advanced recycling can handle impurities, contamination, mixed polymers, and low-quality, low-density plastics.
Other than these printing waste manufacturers also utilize PET waste from other streams for this purpose, thus lowering material costs.In 2021, LiquiGlide technology was adopted that removes friction, allowing thick, slow-moving liquids to flow more easily.
This was used by Colgate’s new clear PET toothpaste container.
In June 2021, Indorama Ventures Sustainable Recycling (IVSR), based out of Asheboro, NC, United States, the largest producer of food-grade recycled pellets (Recycled Polyethylene Terephthalate) in the U.S., announced the acquisition of Texas PET recycling facility Carbonlite Holdings LLC. This acquisition deal expands IVSR recycling capacity to ten billion beverage bottles a year, towards its global target of recycling 50 billion bottles. Carbonlite Holdings LLC is the world’s largest recycler of plastic beverage bottles. It processes more than 7 billion bottles annually at its facilities in Dallas. Carbonlite Holdings LLC is headquartered in Los Angeles, California, United States.
The countries covered in the recycled polyethylene terephthalate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The recycled polyethylene terephthalate market research report is one of a series of new reports that provides recycled polyethylene terephthalate market statistics, including recycled polyethylene terephthalate industry global market size, regional shares, competitors with a recycled polyethylene terephthalate market share, detailed recycled polyethylene terephthalate market segments, market trends and opportunities, and any further data you may need to thrive in the recycled polyethylene terephthalate industry. This recycled polyethylene terephthalate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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