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.
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).
This section discusses the key market trends influencing the Recycled PET segments as identified by our research experts.
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 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 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.
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.
1. Market Introduction
2. Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Recycled Pet Market Revenue (usd Mn), 2022-2032f
7. Market Insights By Source
8. Market Insights By Application
9. Market Insights By Region
10. Value Chain Analysis
11. Competitive Landscape
12. Company Profiled
13. Acronyms & Assumption
14. Annexure
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:
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 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:
What is the global Recycled PET current size and growth potential?
Q2: What are the driving factors for the growth of global Recycled PET?
Q3: Which segment has the largest share of the global Recycled PET by source?
Q4: What are the emerging technologies and trends in global Recycled PET?
Q5: Which region will dominate global Recycled PET?
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