Companies’ commitment to increasing the use of recycled PET is likely to boost the market for recycled PET
- Himanshu Patni
- November 19, 2022
- Recycled PET Market, Recycled PET Market Analysis, Recycled PET Market Growth, Recycled PET Market Share, Recycled PET Market Size, Recycled PET Market Trends
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The global Recycled PET market is likely to showcase a growth of around 7% during the forecast period. This can be ascribed to the increasing government and companies’ initiatives to increase the use of secondary plastic. Moreover, growing awareness among the consumer regarding the environmental effect of discarding the plastic waste is promoting the adoption of sustainable products, thereby aiding in the growth of the Recycled PET market.
According to Organisation for Economic Co-operation and Development, the global production of secondary plastics from recycling has more than quadrupled in the last two decades, still, they are only 6% of the total plastic feedstock. However, among this 6%, the contribution of recycled PET is among the largest. Owing to its thermoplastic nature, it can be melted and reformed into a wide range of products, without significantly losing its properties. Even though many of the popularly used plastics are also thermoplastics, and hence are recyclable, PET remains one of the most widely recycled plastics worldwide. However, to increase the recycled plastic including the PET market there is an increasing need for more favorable policies like combining push and pull policies. Some countries have successfully strengthened their markets by “pushing” secondary plastics supply – for example, through extended producer responsibility schemes – as well as “pulling” demand via recycled content targets. For instance, the recent decoupling of prices for primary and secondary PET in Europe and increasing innovation in recycling technologies are positive signs that the combination of these policies is working.
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Based on the source, the market is categorized into bottles & containers, films & sheets, and others. Among these, bottles & containers captured a dominating position in the market owing to the wide usage of PET-based packaging materials in the food & beverage and non-food industries. This can be attributed to the fact that it is food safe, strong, lightweight, transparent, shatter-resistant, and provides additional properties like desired barrier properties. Moreover, from the consumer perspective, PET packaging offers convenience, lightweight, and shatter-resistant (when compared to glass, ceramic and such options) thus making it a popular choice among consumers as well. Therefore, due to its high demand in packaging applications such as bottles & containers, it is working as a major source of recycled PET.
Based on application, the market is categorized into fibers, sheets & film, strapping, bottles & containers, and others. As countries are taking various steps to allow the use of recycled PET in food & beverage categories, the demand for recycled bottles & containers is likely to showcase robust growth during the forecast period. For instance, In India, the Food Safety and Standards Authority of India (FSSAI) amended the Food Safety and Standards (Packaging) Regulations 2018, allowing for the use of recycled plastics in food contact materials (FCM) with certain restrictions. With this regulation, recycled PET is allowed to use in food contact material.
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For a better understanding of the market adoption of recycled PET, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a significant share of the market and is expected to showcase substantial growth during the forecast period owing to the high consumption of PET-based products in the regional country and high recycling rates in countries like China, India, and Japan. Further, several western countries dump their PET waste in the regional countries for recycling purposes, thereby propelling the recycled PET market in the region.
Global Recycled PET Market Segmentation
Market Insight, by Source
• Bottles & Containers
• Films & Sheets
Market Insight, by Application
• Sheet & Film
• Bottles & Containers
Market Insight, by Region
- North America Recycled PET Market
- United States
- Rest of North America
- Europe Recycled PET Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Recycled PET Market
- Rest of Asia-Pacific
- Rest of World Recycled PET Market
Top Company Profiles
- Indorama Ventures Public Company Limited
- Biffa plc
- Far Eastern New Century Corporation
- Plastipak Packaging Inc.
- Alpek S.A.B. de C.V.
- PolyQuest Inc.
- Loop Industries Inc.
- Placon Corporation
- Reliance Industries Ltd.