Recycled Polyethylene Terephthalate Market Growth & Trends
The global recycled polyethylene terephthalate market size is expected to reach USD 14.40 billion by 2028, according to a new study by Grand View Research, Inc., growing at a CAGR of 6.7% over the forecast period. The growing beverage industry in countries, such as China, India, Japan, South Korea, Vietnam, and the Philippines, as well as increasing demand for Recycled Polyethylene Terephthalate (rPET) in non-food sectors, is expected to drive the global market over the forecast period.
Recycled PET is a synthetic compound prepared from used PET products, which finds application in a wide range of end-use industries. The resins are produced from post-consumer PET bottle flakes and are one of the most stable forms of recycled PET. Clear was the largest type of rPET in 2020 and the product is expected to continue dominating the global market owing to the high demand in the production of bottles and sheets. Clear recycled PET is widely used in multiple applications, such as in the production of resins and fibers.
Rising concerns about the sustainability of natural resources in the developing economies of North America and Europe are expected to have a positive influence on the product demand over the forecast period. The shift in preference toward establishing manufacturing units in the Asia Pacific region, especially in China, India, Vietnam, Indonesia, and Thailand, is also expected to propel the product demand. The non-food containers and bottles end-use segment is expected to grow at a steady rate over the forecast period.
Recycled Polyethylene Terephthalate Market Report Highlights
- The global market was valued at USD 8.6 billion in 2020 and is estimated to grow at a CAGR of 6.7% from 2021 to 2028
- The clear product segment accounted for the largest revenue share in 2020 and is anticipated to retain its dominance throughout the forecast period
- Low energy requirements and ease of bottle-to-bottle recycling are expected to drive the demand for clear recycled PET over the forecast period
- The food & beverage containers & bottles end-use segment is projected to register the fastest CAGR over the forecast period
- In terms of revenue, Asia Pacific dominated the global market and is projected to expand further at a steady CAGR over the forecast period
- The growth can be credited to the presence of a strong manufacturing industry wherein rPET is widely used across several applications
- North America is projected to grow at a significant CAGR over the forecast period owing to the presence of several key end-use industries, such as FMCG, consumer goods, clothing & textile, and automobile, and the anticipated surge in recycled plastic adoption in these industries