Market Insights
Plastics are in high demand as a cheap material in numerous industries ranging from packaging to construction. Its widespread usage is expected to be a key proponent for the growth of the recycled plastics market. Market Research Future has published an extensive study on the global recycled PET market which predicts optimistic growth at a CAGR of 7.02% during the forecast period from 2017 to 2023. PET plastic is among the most commonly used plastic in a large number of industries, packaging being one of the primary ones.
Key Players
Notable market players have been profiled in MRFR’s report on the global recycled PET market. Prominent market players include Phoenix Technologies Ltd, Foss Manufacturing Company, Haiyan Haili Green Fiber Co., Ltd., Krones Group, Libolon, Ecostar Plastics (Placon), Zhejiang Anshun Pettechs Fibre Co. Ltd, Fromm India, Arora Fibres, Polyquest, and Equipolymers
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The rising concern for the environment has led to the establishment of several environmental regulations surrounding plastic use. This has lead to tremendous growth for the recycled PET market. Presently, more than 90% of recycled PET is used in the production of food and beverage packaging. This is due to the properties of PET which allow the material to resist the growth of mold, bacteria, and fungi, making it a more hygienic option in F&B packaging.
Recycled PET plastic also has a number of applications in cosmetics, pharmaceuticals, and electronics. The recycled plastics industry is growing rapidly and is a key driver of growth for the market. Increasing awareness regarding recycling of plastics and conscious government efforts to promote the use of recycling bins are expected to bolster the recycled PET market.
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Market Segmentation
MRFR’s analysis of the market breaks it down into its core parts which have been segmented on the basis of process, application, and region. Processes used to produce recycled PET are segmented into chemical and mechanical. Applications for recycled PET are segmented into beverages, personal care, pharmaceuticals, consumer goods, and others.
The global market is segmented by region to represent North America, Europe, Asia Pacific, and the Rest of the World.
Regional Analysis
Europe, with a particular emphasis on Western Europe, leads the global Recycled PET Market with the largest share. Countries such as the U.K, Belgium, Sweden, Germany, and others are among the key participants in the market. Strong recycling programs by various local governments have resulted in aware consumers. Moreover, stringent government regulations have been imposed and are responsible for the high volumes of recycling in the region. Other important regional markets include the Asia Pacific is a rapidly growing market with high promise for growth in the coming years.
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The region is concentrated with emerging economies, many of which have massive consumer populations generating high volumes of waste. As a result, many of these emerging economies are increased focus on banning the use of single-use plastic and emphasizing on waste separation for recycling purposes. The region is expected to be a thriving market due to the presence of a massive food & beverage industry which is placing a huge demand for recycled PET plastics in an effort to appeal to customers as environmentally friendly.
Latest Industry News
- Faerch Plast K has launched a 100% recycled PET material under its Food to Go packaging banner. The material is highly sustainable and reduces the need for virgin materials.
- PepsiCo Inc has announced that it will be using 100% recycled PET which has been produced by Loop Industries Inc. The material has been produced using Loops PET depolymerization technology.
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