According to the new market research report “Recycled Polyethylene Terephthalate Market – COVID-19 Impact on Chemical Industry, Global Forecasts to 2027″, published by Precedence Research, the global recycled polyethylene terephthalate market is expected to reach USD 13.45 billion by 2027, at a CAGR of 7.31% during the forecast period.
The report provides the overall revenue of the global recycled polyethylene terephthalate market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.
Polyethylene terephthalate (PET or PETE) is a general purpose thermoplastic polymer that is part of the polyester family of polymers. Polyester resins are well known for excellent combination of properties, such as thermal, mechanical, dimensional stability and chemical resistance. Polyethylene terephthalate is one of the most recycled thermoplastic. Recycled polyethylene terephthalate can be easily converted to fabrics, fibers, packaging sheets and for manufacturing automotive components. Chemically, polyethylene terephthalate is very much alike to polybutylene terephthalate.
Polyethylene terephthalate products are 100% recyclable and are amongst the most recycled type of plastic globally.
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Growth Factors
Increasing use of recycled polyethylene terephthalate in fiber coupled with government initiatives promoting the use of RPET are the major factors predicted to support the growth of global recycled polyethylene terephthalate in coming years. Moreover, ban on plastics by various countries is also predicted to positively impact on global recycled polyethylene terephthalate market. In addition, consumer awareness and growing demand for sustainable product is estimated to propel the demand for this market in years to come. However, emission of carcinogenic compounds may adversely impact the growth of global recycled polyethylene terephthalate. Nonetheless, ongoing product research and development by various market players is estimated to open up plenty of opportunities in the global marketplace.
Report Highlights
- The U.S. is expected to grow a considerable CAGR over the eight years, owing to demand primarily from food & beverage containers and bottles end uses sectors
- Favorable government policies are expected to be key factors to prompt the growth of global recycled polyethylene terephthalate market in near future
- The clear segment accounted for the highest revenue as well as volume market share in 2019 and is estimated to register robust CAGR in next eight years owing to demand for production of fibers and resins.
- The fiber end use segment held the majority of revenue share in 2019 and accounted over 56% of the global recycled polyethylene terephthalate market. Increasing demand from consumer goods, automobiles, FMCG, clothing and accessories, and textile sectors is expected to support the growth of fiber end use segment in near future.
- Brazil, Mexico, Australia and, South Africa are the other major countries for market players in years to come. Recently, Indorama has acquired a PET recycling facility at AG Resin as, a PET recycling facility with a capacity of some 9,000 tons per year, which processes PET post-consumer into recycled polyethylene terephthalate (rPET) flakes and pellets.
COVID-19 Impact
The coronavirus pandemic would have a major effect on the food & beverage industry’s efforts to use more recycled plastics, particularly for water and various beverage bottles. Decline in transportation/travel has depressed the price of oil to the point where virgin plastic, made from petroleum, is now more inexpensive than recycled. In the U.S., the price of premium food grade recycled polyethylene terephthalate over virgin rose from 7% last year to 22%; in Europe, it rose from 35% to 95%.
Big corporations such as Coca-Cola and Danone have had to postpone or miss previously announced deadlines for recycled material in their products. Water bottlers have been particularly hard hit by the situation, as the use of recycled material is essential for them to counter allegations that their packaging is wasteful.
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Key Players & Strategies
The global recycled polyethylene terephthalate market is highly competitive and is extremely fragmented. Libolon, Indorama Ventures Public Company Limited, Verdeco Recycling Inc., Placon and M&G Chemicals are emerged as leading market participants in global recycled polyethylene terephthalate market. Acquisition and agreement along with product research is the key business strategy adopted by major market participants in order to sustain severe market competition. Some of the major players noticed and covered in the report are Placon, Ergis Recycling, M&G Chemicals, Zhejiang AnshunPettechsFibre Co. Ltd., BariQ, PolyQuest, Clear Path Recycling LLC, Verdeco Recycling, Inc., Sorema, Evergreen Plastics, Inc., Phoenix Technologies and Libolon amongst others.
Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2016 to 2027. This research study analyzes market thoroughly by classifying market report on the basis of multiple factors including type, end use and region:
By Product Type
- Clear
- Colored
By End Use Type
- Food & Beverage Containers and Bottles
- Fiber
- Sheet and Film
- Strapping
- Non-Food Containers and Bottles
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
Why Buy this Report?
The purpose of Precedence Research’s recycled polyethylene terephthalate market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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