March 16, 2023 13:00 ET | Source: Custom Market Insights Custom Market Insights
Austin, TX, USA, March 16, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Recycled PET Market Size, Trends, and Insights By Product Type (Clear, Colored), By End-Use (Fiber, Food & Beverage Containers, Bottles, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” in its research database.
“According to the latest research study, the demand for global Recycled PET Market size & share was valued at approximately USD 9.02 Billion in 2021 and is expected to reach USD 9.37 billion in 2022 and is expected to reach a value of around USD 12.25 Billion by 2030, at a compound annual growth rate (CAGR) of about 5.8%during the forecast period 2022 to 2030.”
Polyethylene terephthalate PET is an aliphatic polyester and thermoplastic resin. It is widely available and cost-effective, due to which it can be recycled widely. It is extruded or molded into plastic bottles and containers for packaging foods and beverages, personal care products, and many other consumer products.
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Government support for green environment
Government initiatives on growing plastic waste and support for recycled PET-based plastic have enhanced the performance of the recycled PET market. In addition, PET is the most commonly recycled plastic on the earth. According to data revealed by Plastic Ingenuity, almost every recycling program in the US accepts PET materials.
The Life Cycle Inventory Study reported in 2010 that “for every pound of recycled PET flake used, energy use is reduced by 84%; greenhouse gas emissions by 71%. This may act as one of the key drivers responsible for the growth of the market during the forecast period.
However, the stringent government norms and regulation on the plastic ban is expected to hamper the overall market growth. The durability of Recycled PET material is expected to increase environmental pollution. On the other hand, manufacturers are switching to the alternative substitute for Recycled PET due to government programs for a sustainable and plastic-free environment.
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Opportunities Robust demand from the food & beverages industry
The growing population across the globe, the increase in the number of working women, and the rising demand for ready-to-eat packaged food have given way to the recycled PET industry. Recycled PET-based plastics are extensively used in the manufacturing of plastic containers. This is projected to propel the growth of the recycled PET market in the upcoming years. In addition, the growing food and beverages industry across the world is driving the potential sales of recycled PET market. For instance, according to an article published by IBIS World, in the year August 2022, the industry revenue is expected to fall at a compound annual rate of 0.9% over the five years through 2022-23 to £935.4 million.
Over the forecast period, the higher lead time and tooling costs involved in injection molding technology and the recycling process are likely to act as challenging factors during the forecast period.
Depending upon the type, the recycled PET market is segmented clear and colored.
The clear segment dominated the market in 2021 and accounted for a total major share of 78.0%.
A clear type of Recycled PET-based segment provides extended shelf life due to which it has gained popularity in the food and beverages industry where it is used in the form of bottles, jars, containers, and many others. This is anticipated to increase the demand for plastic packaging in the industrial sector.
Furthermore, the clear Recycled PET is mostly suitable for a wide range of products, including food, medicine, electronics, toys, personal care items, office stuff, and among others. In addition, the ease of processing system, availability of various raw materials, and cost-effective material have driven the market growth. In response to this, several manufacturers are actively engaged in the production of a clear type of Recycled PET products and prefer clear granules or flakes to manufacture containers and bottles, as opposed to opaque or colored PET. Clear Recycled PET products help in the easy detection of variations of the product inside, such as a change in color, fungal growth, and chemical reaction due to inadequate storage conditions.
Based on end use, the market is segmented into fiber, food & beverage containers, bottles, and others. It is expected that the global fiber application segment to hold a dominant position during 2022 – 2031 with a total share of 42.56%.
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The factors such as a rapid shift in lifestyle, the busy schedule of people, and growing trends of ready-to-eat packed food have escalated the demand for various types of recycled PET products, which it is extensively used as protecting and covering material while carrying out food during transportation. In addition, growing consumer goods, textile, automotive textile, clothing, and FMCG sectors have positively impacted market growth.
Recycled PET-based products are extensively used in automotive cushioning for making seat belts, seat covers, caRecycled PETs, and others. Moreover, recycled PET-based products are popularly used in the textile industry for the manufacturing of t-shirts, fiber-based jackets, and many others. These factors are likely to dominate the market in the upcoming years.
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Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is the dominant region in the global recycled PET market and accounts for 43.67% of the total market share. This region is also anticipated to maintain its dominance throughout the forecast period. Countries such as China, Japan, India, and others have significant contributions to the growth of the recycled PET market in the region.
The growth of fiber, consumer goods, bottle-to-bottle production, food and beverages, and other end-use industries has surged the demand for Recycled PET. Furthermore, the healthcare sector is one of the booming sectors in India. For instance, according to a report published by NITI Aayog in the year March 2021, India’s healthcare industry has been growing at a Compound Annual Growth Rate (CAGR) of around 22% since 2016.
At this rate, it is expected to reach USD 372 billion in 2022. These factors together increase the usage of PET in the growing healthcare industry for manufacturing and packaging various healthcare products such as various surgical containers, medical bottles, saline bottles, syringes, and many others.
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Segments covered in the report
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The Middle East & Africa
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