The recycled PET market size was USD 10.9 billion in 2023 and is anticipated to reach USD 21.5 billion in 2033, growing at a rate of 6.9% from 2024 to 2033.
Recycled PET is a type of recycled plastic that is made from post-consumer plastic waste. PET is the most common type of plastic used in consumer products, and is often used in single-use packaging such as water bottles and soda bottles. Recycling PET helps to reduce the amount of waste that is sent to landfill, and can also be used to create new products.
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Key Trends
The use of recycled PET has grown in popularity in recent years as companies look for ways to reduce their environmental impact. The recycling of PET helps to reduce the amount of waste that is sent to landfill, and it also reduces the need for virgin materials, which can help to conserve resources.
There are a number of different technologies that can be used to recycle PET, and the most common is mechanical recycling. This process involves shredding the material and then melting it down so that it can be reformed into new products.
Another popular method of recycling PET is chemical recycling, which breaks down the material into its component parts so that it can be used to create new products. This method is often used to recycle PET bottles into food-grade packaging.
Key Drivers
The key drivers of the recycled PET market include an increase in environmental awareness, the introduction of stringent environmental regulations, and the growing demand for sustainable packaging solutions.
The increase in environmental awareness has led to a growing demand for sustainable packaging solutions that minimize the impact on the environment. This has resulted in a shift in preference from virgin PET to recycled PET.
The introduction of stringent environmental regulations, such as the European Union’s directive on the reduction of the use of certain hazardous substances in electrical and electronic equipment, has also driven the demand for recycled PET.
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Restraints & Challenges
The key restraints and challenges in Recycled PET market are:
1. Lack of awareness: There is lack of awareness about the benefits of recycling PET among consumers, which is hindering the growth of the recycled PET market.
2. High cost of recycling: The process of recycling PET is expensive, which is another challenge faced by the recycled PET market.
3. Stringent regulations: Stringent regulations regarding the disposal of PET waste are also hampering the growth of the recycled PET market.
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Market Segmentation
The recycled PET market is segmented into source, grade, color, application, and region. Based on source, the market is categorized into bottles, containers, films & sheets, and others. On the basis of grade, the market is categorized into grade A and grade B. Based on form, the market is divided into rPET flakes and rPET chips.Based on the color, the market is segmented into clear, and colored .Based on application, it is divided into fibers, films & sheets, strapping, food & beverage containers and bottles, non-food containers and bottles, and others. Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World.
Key Players
The recycled PET market is characterized by a high degree of consolidation, with a limited number of key players dominating the market. Major contributors include Placon (EcoStar), Clear Path Recycling LLC, Verdeco Recycling, Inc., Indorama Ventures Public Ltd., Zhejiang Anshun Pettechs Fibre Co., Ltd., PolyQuest, Phoenix Technologies, Libolon, Biffa, Avery Dennison Corporation, Lotte Chemical Corporation, ALPLA, ALBA Group, Ds Smith, Far Eastern New Century Corporation , Kaptan Group Holdings AS, Krones AG, Libolon, Reliance Industries Ltd , Repro-PET, Veolia, REMONDIS recycling and Evergreen Plastics (Polychem Corporation), among others.
Market Report Coverage
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