Recycled Polyethylene Terephthalate Demand to Rise by 2.1X Growth as Massive Capacity Expansion by Key Players Comes into Play
The recycled polyethylene terephthalate (R-PET) market study by Fact.MR offers compelling insights into key growth drivers and restraints impacting the market through 2031. The survey offers R-PET demand outlook and studies opportunities existing in key segments, including source and color. It also highlights strategies adopted by market players to increase R-PET sales.
NEW YORK, Oct. 6, 2021 /PRNewswire/ -- As per the insights by Fact.MR, the global recycled polyethylene terephthalate (R-PET) market is projected to rise at a CAGR of 8%, totaling US$ 4.2 Bn by the end of 2031.
Consumer preference for sustainable and recyclable products is underpinning sales growth in the R-PET market. Therefore, the packaging industry has emerged as a lucrative sector within the R-PET market.
Fast-moving consumer goods (FMCG) manufacturers are adopting the bottle-to-bottle recycling approach, which, in turn, is boosting demand for PET bottles in the food and beverages industry. As per Fact.MR, the increasing application of P-PET for food and beverage packaging along with applications of recycled PET for surface protection films are projected to create incremental opportunity of US$ 532.5 Mn over the forecast period.
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Among various sources, post-consumer PET is widely used for recycling purposes owing to the ease of material availability. According to the study, post-consumer PET accounts for nearly 95% of the global market share.
Regionally, East Asia and Europe are projected to offer impressive growth opportunities for R-PET suppliers owing to rising consumer inclination for sustainable products and packaging. Also, as per Fact.MR, consumption of R-PET in East Asia is estimated to total 590 KT through 2031. Meanwhile, growth prospects are likely to remain positive in China on account of the surging demand for packaged food in the country.
"Consumers around the world are showcasing their inclination for sustainable packaging. This is expected to underpin the sales of recycled polyethylene terephthalate (R-PET) in the coming years. Steered by change in consumer behavior, R-PET application is expected to surge in clothing & textile, consumer goods, automotive and FMCG industries," says a Fact.MR analyst.
Key Takeaways from R-PET Market Survey
The East-Asia market for R-PET is estimated to reach a valuation of US$ 613.9 Mn in 2021.
The Europe market for R-PET is projected to reach a valuation of US$ 489.0 Mn in 2021.
Germany is projected to provide lucrative growth opportunities, expanding at over 7.9% through 2031.
The China market is estimated to reach a valuation of US$ 452.9 Mn over the forecast period 2021-2031.
The R-PET market in India is expected to grow at an impressive CAGR of around 8.9% over the forthcoming years.
Government initiatives promoting environmental protection are boosting R-PET sales.
R-PET is widely used across several industries on account of its moisture barrier properties.
Increasing the use of bio-based plastics owing to their sustainable properties might hamper the demand for R-PET.
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R-PET manufacturers are adopting various organic and inorganic strategies to gain a strong foothold in the market.
For instance, in 2021, Evergreen Plastic Inc, a plastic recycling company announced to expand R-PET production at its plant in Clyde, Ohio that is projected to double its food-grade P-PET processing capacity from over 40 million pounds annually to 80 million pounds annually.
In 2021, ALPLA Group, an Austria-based plastic packaging manufacturer and recycling firm announced the acquisition of Durban, a South Africa-based Verigreen Packaging.
Some of the leading players operating in the R-PET market profiled by Fact.MR are:
AL Mehtab Industries
Carbonlite Industries LLC
Clean Tech U.K. Ltd
Clear Path Recycling LLC
Evergreen Plastics, Inc.
Peninsula Plastics Recyling
UMA SCHREIBGERÄTE ULLMANN GMBH
Verdeco Recycling, Inc.
More Valuable Insights on R-PET Market
Fact.MR, in its new report, offers an unbiased analysis of the global R-PET market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on R-PET market with detailed segmentation:
By Product Type
By End Use
Key Questions Covered in the R-PET Market Report
The market survey also highlights projected sales growth for R-PET market between 2021 and 2031
The report offers insight into R-PET demand outlook for forecast period 2021-2031
R-PET market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
R-PET market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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