Recycled Polyethylene Terephthalate Market Size to Reach USD 16.63 Billion in 2030 | Emergen Research

VANCOUVER, BC, May 26, 2022 /PRNewswire/ -- The global recycled Polyethylene Terephthalate (rPET) market size reached USD 9.25 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Rising consumer awareness regarding sustainability and implementation of stringent government norms and regulations to reduce pollution and environmental impact are some major factors driving market revenue growth.

Drivers:

Increased use of rPET for various products, shift in consumer behavior toward sustainability, and implementation of stringent regulations by governmental and regulatory bodies for greener environment and low wastage are driving demand for rPET. Growing demand for rPET from various end-use industries, especially from the Food & Beverages (F&B) due to properties such as good durability, adaptability, eco-friendliness, and infinite recyclability is a key factor driving demand from the Fast Moving Consumer Goods (FMCG) sector. Manufacturing products from recycled PET is an eco-friendly process as it requires almost half of the energy and CO2 emissions are also significantly lower. As per the Swiss Climate report, rPET is 75% more environmentally friendly than PET, and has an effective and better ecological balance than glass.

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Restraints:

Recycled PET is not a completely sustainable option as the material degrades into microplastics before completely decomposing, but the process of decomposing can take a hundreds of years. Another primary restraint is lack of effective or efficient machinery and infrastructure for breaking down the materials for reuse or other purposes. Moreover, heating rPET products for reusability degrades durability, which would gradually lead to being dumped in landfills as waste. Lack of a proper regional definition of 'food grade' and the presence of strict regulatory bodies such as the European Food Safety Authority (EFSA) and the US Food and Drug Administration (FDA) are some other major factors restraining revenue growth of the market. 

Growth Projections:

The global recycled PET market is expected to register a CAGR of 6.7% over the forecast period and revenue is projected to increase from USD 9.25 Billion in 2021 to USD 16.63 Billion in 2030. Shift in consumer preference toward more environment-friendly products and materials for better sustainability and rapid adoption of eco-alternatives by major companies in various industries and verticals to promote positive brand image are also some key factors supporting market revenue growth.

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COVID-19 Impact Analysis:

Lockdowns, shutdown of manufacturing facilities across industries and sudden shift in product demand negatively impacted the recycling chain. Price of virgin plastic declined significantly owing to the volatile crude oil prices during the COVID-19 pandemic. Manufacturers, specifically of sheet or thermoform, moved back to utilization of virgin plastic instead of rPET. Industries such as auto manufacturers, construction, furnishings, and apparel, among others faced a decline in production owing to suspension of operations and lack of workers. Sudden incline in demand for face masks, visors, and Personal Protective Equipment (PPE) presented major revenue opportunities for players in the market. However, the high demand for single-use plastics for gloves, cups, and masks, among others, decreased demand for reusable products owing to hygiene concerns, which further negatively affected growth of the market. Pandemic significantly disrupted the global supply chain, which contributed to reduced collection rates, resulting in a shortage of raw materials. However, demand for bottled beverages and others, and packaged food products rose rapidly, owing to panic buying.

Current Trends and Innovations:

Rising demand for sustainable plastic packaging is boosting growth of the market. Companies are focusing on funding for development of environment-friendly packaging materials and on support projects on waste reduction from plastic packaging. Around 80 million tons of plastic packaging is produced annually and is expected to grow three times by 2050. Governments have been taking initiatives to address national and global challenges. The U.K. Government's Industrial Strategy Challenge Fund Smart Sustainable Plastic Packaging Challenge seeks to dramatically reduce plastic waste by 2025. On 25 April 2021, Textile Exchange and Fashion Industry Charter for Climate Action convened by UN Climate Change launched a joint initiative to invite textile and apparel brands to be a part of climate action by collaborating with 85 brands and suppliers to utilize recycled polyester over virgin polyester. The 2025 recycled Polyester Challenge is expected to shift global volume from an average of 14% to 45% by 2025.

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Geographical Outlook:

Market in Europe is expected to register a steady revenue growth rate during the forecast period owing to increasing demand for Food Contact Materials (FCMs) and food-grade rPET. Strict legislation and initiatives by regulatory bodies on increased use of recycled plastic content with strong recycling infrastructure for environment-friendly packaging are some of the key factors driving growth of the market in the region. On 1 March 2022, the fifth edition of the annual Circular Economy Stakeholder Conference was held by the European Commission and European Economic and Social Committee in collaboration with the French Presidency of the European Union to primarily focus on green products for sustainable consumption. Some of the major highlights of the upcoming Commission proposal included the importance of consumer information and addressing green claims, bio-based and biodegradable plastics, infrastructure, food, and bio-economy, and boosting Europe market for secondary raw materials.

Strategic Initiatives:

Some major companies included in the global market report are Placon, Clear Path Recycling, Indorama Ventures Public Company Limited, MG Chemicals, Verdeco Recycling, Loop Industries, Inc., PolyQuest, Inc., Phoenix Technologies Inc., Evergreen, and Biffa.

• On 23 May 2022, Coles, which is Australian supermarket chain, launched shopping bags that feature 80% recycled plastic, 20% of which is marine waste plastic. Marine waste is recovered from ocean-feeding waterways and inland areas across Malaysia. Bags are designed as per Coles' Together to Zero waste ambition, and is expected to expedite Australia's 2025 National Packaging Targets, which aims to increase the utilization of recycled content in packaging.
• On 10 May 2022, Amcor Rigid Packaging (ARP), Ann Arbor. MI, and Danone, Paris, launched a fully recyclable, label free RPET bottle for Villavicencio water brand of Danone in Argentina. The 1.5-liter 100% RPET bottle offers 21% less carbon footprint than the previous bottle. New bottle represents the same visual elements as the previous bottle; however, the label has been removed from packaging to increase the yields of recycled PET resin.

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Emergen Research has segmented recycled PET market on the basis of type, product, source, application, and region:

• Type Outlook (Revenue, USD Billion, Volume (Kilo Tons); 2019-2030)
• Flakes
• Chips
• Product Outlook (Revenue, USD Billion, Volume (Kilo Tons); 2019-2030)
• Clear
• Colored
• Source Outlook (Revenue, USD Billion, Volume (Kilo Tons); 2019-2030)
• Bottles & containers
• Films & sheets
• Others
• Application Outlook (Revenue, USD Billion, Volume (Kilo Tons); 2019-2030)
• Bottles & containers
• Fiber
• Strapping
• Sheet & film
• Others

Read our Press Release on Recycled PET @ https://www.emergenresearch.com/press-release/global-recycled-pet-market

• Regional Outlook (Revenue, USD Billion, Volume (Kilo Tons); 2019-2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Benelux
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Turkey
• Rest of MEA

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