Recycled PET Market: Current Analysis and Forecast (2024-2032)

Report Description

Recycled PET market Size & Forecast

The Recycled PET market was valued at approximately USD 10 Billion in 2023 and is expected to grow at a robust CAGR of around 6.5% during the forecast period (2024-2032). The global market for recycled PET is expanding due to growing emission standards, rising popularity of green packaging, and concern from authorities about recycling plastics.

Recycled PET Market Analysis

Global plastic production reached 450 million tons (Mt) in 2022, which has doubled from 234 Mt in 2000, showcasing a rapid increase in demand owing to population growth and higher incomes. In addition, during the same period, plastic waste generation has increased by 197 Mt surpassing the growth of plastic production. As a result, increasing concern among environmental bodies to control the production and use of primary plastic, hence promoting the use of recycled plastic. PET is one of the most widely used plastics today in a range of industries including packaging foods and beverages, especially convenience-sized soft drinks, juices, and water. Furthermore, it is completely recyclable and is the most recycled plastic worldwide. Moreover, companies across the globe are making efforts to promote sustainability thereby opting for a circular economy model, thus promoting the global plastic recycling business including recycled PET. For instance, in December 2021, PepsiCo Inc. announced that the company has set the target to eliminate all virgin plastic from its Pepsi brand beverage bottles sold in nine European Union markets by 2022. The company will package the entire range of beverages under that brand with plastics recycled from post-consumer packaging (recycled PET).

Recycled PET Market Trends

This section discusses the key market trends influencing the Recycled PET segments as identified by our research experts.

Bottles and Containers Segment Transforming Industry

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.

Asia Pacific to hold a significant share of the market

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.

Recycled PET Industry Overview

Recycled PET is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Indorama Ventures Public Company Limited, Biffa, Far Eastern New Century Corporation, Plastipak Holdings, Inc, Alpek S.A.B. de C.V, Dongguan Guo Heng Plastic Technology Co., LTD, Loop Industries, Inc, Evergreen Marine Corp, Placon, and Reliance Industries Limited. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Recent Development

• In 2024, Synthetic fibre giant Indorama Ventures (IVL) has signed a partnership deal that will see it build multiple recycling facilities in India, part of its plan to bolster growth in its PET supply chain.
• Under the terms of the deal, IVL’s direct subsidiary, IVL Dhunseri Petrochem Industries has formed a joint venture with Varun Beverages, PepsiCo’s second-largest bottling company globally outside the US, to establish several greenfield PET recycling facilities.

Recycled PET Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global Recycled PET can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Recycled PET Market Analysis (2022-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Recycled PET market were the three major steps undertaken to create and analyze the adoption of Recycled PET in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Recycled PET market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Recycled PET market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of Recycled PET, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as source, application, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Recycled PET market. Further, we conducted factor analysis using dependent and independent variables such as source, application, and Specialty tape regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Recycled PET market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Recycled PET market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of Recycled PET across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Recycled PET in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Recycled PET. Data was split into several segments and sub-segments after studying various parameters and trends in the source, application, and regions of the global Recycled PET market.

The main objective of the Global Recycled PET Market Study

The current & future market trends of global Recycled PET were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Recycled PET market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of source, application, and regions.
• Define and analyze the regulatory framework for the Recycled PET
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Recycled PET market for the major regions.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Recycled PET market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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