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Recycled PET (rPET) Market Expected to Reach $16.2 Billion by 2032

 
2022
Recycled PET (rPET) Market

Report Code : A59869

quote The recycled PET market is driven by a combination of environmental, regulatory, technological, consumer, and market factors. There is an expexted continued increase in the demand for recycled PET as awareness of plastic pollution grows and sustainability becomes a priority. This is projected to drive investments, innovations, and collaborations across the value chain. Furthermore, funding support from governments, private investors, and philanthropic organizations accelerates the development of sustainable solutions and promotes circular economy initiative. quote

Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Recycled PET (rPET) Market," The recycled pet (rpet) market was valued at $8.4 billion in 2022, and is estimated to reach $16.2 billion by 2032, growing at a CAGR of 6.7% from 2023 to 2032.

Recycled polyethylene terephthalate (rPET) refers to a form of PET plastic that has been recovered, processed, and reprocessed for reuse. PET is a common type of plastic used in the production of various consumer goods, particularly packaging for beverages, food, and personal care products, due to its lightweight, transparent, and durable nature. 

Recycled PET is obtained from post-consumer PET products, such as plastic bottles or containers, as well as post-industrial PET waste from manufacturing processes. These PET materials are collected, sorted, cleaned, and processed through recycling technologies to remove impurities, contaminants, and colors. The resulting material is then melted and formed into pellets or flakes, which can be used to produce a wide range of products, including new bottles, containers, fibers for textiles, and various other applications. 

Market Dynamics

Supply chain collaboration and partnerships between stakeholders, including recyclers, manufacturers, retailers, and government agencies, are essential for the development of the recycled PET market. Moreover, economic factors such as the price of crude oil, which affects the cost competitiveness of recycled PET compared to virgin PET, influence market dynamics. Additionally, market demand for recycled PET is influenced by factors such as population growth, urbanization, consumption patterns, and emerging markets. 

Furthermore, the transition towards a circular economy, where resources are reused, recycled, and regenerated, drives investments in recycling infrastructure and promotes closed-loop systems for PET packaging. Collaborative initiatives and industry commitments, such as the Ellen MacArthur Foundation's New Plastics Economy Global Commitment, aim to eliminate plastic waste and promote the use of recycled materials.  

In addition, recycled PET finds applications in various sectors, including packaging, textiles, automotive, construction, and consumer goods. Innovations in product design and manufacturing processes create new opportunities for recycled PET utilization. Also, development of high-performance recycled PET (rPET) materials with enhanced properties, such as strength, durability, and aesthetics, expands its market potential and competitiveness. 

However, contamination remains a significant obstacle in the recycled PET (rPET) market, affecting both the quality of recycled materials and downstream applications. Contaminants such as food residue, dirt, and incompatible plastics can compromise the integrity of recycled PET products, leading to performance issues and safety concerns. Moreover, inadequate collection and sorting practices contribute to higher contamination levels in recycled PET streams. Implementing effective collection and sorting systems, along with educating consumers about proper recycling practices, are critical steps to minimize contamination and improve the quality of recycled PET.  

On the contrary, there is scope for developing innovative products and packaging solutions using recycled PET. Manufacturers can leverage the properties of recycled PET, such as its strength, flexibility, and transparency, to create new products for various industries, including food and beverage, cosmetics, and consumer goods. Also, beyond traditional packaging applications, there are untapped opportunities for recycled PET in sectors such as textiles, automotive, and construction. By diversifying its applications, recycled PET can capture new market segments and drive growth in the recycled materials industry. 

Segments Overview

The recycled PET (rPET) market is segmented on the basis of type, source, application, and region. By type, the market is segregated into flakes and chips. The flakes segment accounted for the highest share in terms of revenue. Consumers are increasingly seeking out products that are environmentally friendly and sustainable. This has led many companies to incorporate recycled materials into their products, including PET flakes, to appeal to eco-conscious consumers.. 

By source, the market is divided into bottles and containers, and films & sheets. The bottles and containers segment accounted for the highest share in terms of revenue. The concept of a circular economy, where resources are reused and recycled to minimize waste, is gaining traction globally. PET recycling from bottles and containers is a crucial component of this approach, leading to increased demand for PET recycling infrastructure and services. Advances in recycling technology have made it more efficient and cost-effective to process PET bottles and containers into high-quality recycled material. These technological advancements have increased the feasibility and scalability of PET recycling, further driving up demand. 

By application, the market is divided into packaging fiber and textiles, sheets and thermoforming, construction materials, automotive parts and others. The packaging application segment dominated the global market, in terms of revenue in 2022 with 6.9% share in the global market. Many companies across various industries are committing to sustainability goals, including reducing their environmental footprint and increasing the use of recycled materials in their products and packaging. Using recycled PET in packaging helps companies demonstrate their commitment to sustainability and meet consumer expectations for eco-friendly products..    

Regional Analysis

Region-wise, the recycled PET market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific recycled PET market accounted for a major market share in 2022 and is projected to grow at the highest CAGR during the forecast period.  There is increasing awareness and concern about environmental issues such as plastic pollution in the Asia-Pacific region. Governments, businesses, and consumers are becoming more conscious of the need to reduce waste and mitigate environmental impacts. This heightened awareness is driving demand for sustainable packaging solutions, including recycled PET. Moreover, Governments in the Asia-Pacific region are implementing regulations and policies to address plastic waste and promote recycling. For example, several countries have introduced bans or restrictions on single-use plastics, which incentivize the use of recycled materials like recycled PET in packaging. Additionally, some governments offer incentives or subsidies to encourage recycling and the use of recycled materials.   

Key players operating in the global recycled PET market include Indorama Ventures Public Company Limited, Plastipak Holdings, Inc, Alpek SAB de CV, Clear Path Recycling, CarbonLite Industries, LLC, Evergreen Plastics, Phoenix Technologies International LLC, M&G Chemicals, Loop Industries, Inc., and Placon.   

Other key players involved in the manufacturing of recycled PET include Biffa, Far Eastern New Century Corporation, PolyQuest, OCTAL , and others. 

Key Findings of the Study 

  • By type, the flakes segment is estimated to display the highest growth rate, in terms of revenue, from 2023 to 2032.  
  • By source, the bottles and containers segment is projected to grow at the highest CAGR during the forecast period.  
  • By application, the packaging segment is the most lucrative segment.  
  • By region, Asia-Pacific garnered the highest share in 2022, in terms of revenue, growing at a CAGR of 7.3%.  

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quote Recycled PET (rPET) Market by Type (Flakes, Chips), by Source (Bottles and Containers, Films and Sheets), by Application (Packaging, Fiber and Textiles, Sheets and Thermoforming, Construction Materials, Automotive Parts, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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