Market Research Future (MRFR)’s latest study reveals that the global recycled polyethylene terephthalate (RPET)market is poised to register a CAGR of 8.5% during the forecast period 2018 to 2023. In terms of revenue, the market is projected to grow from USD 6,572.9 Mn in 2017 to USD 10,666.2 Mn by 2023-end. The growth of the market is highly dependent on the polyethylene terephthalate (PET) market. The recycling rate of PET is expected to improve over the next couple of years, thus, augmenting the recycled polyethylene terephthalate market. In terms of volume, the global recycled polyethylene terephthalate market is prognosticated to reach over 11 KT by the end of 2023 up from 7,684.3 KT in 2017. However, 20-22% loss is incurred during the manufacturing process which remains an impediment to the market expansion.
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The demand for RPET fiber in the textile industry is anticipated to witness an upsurge as it shows no qualitative degradation after several recycling sessions. The growth of the textile industry is poised to boost the expansion of recycled polyethylene terephthalate market through the review period. Additionally, the extensive use of RPET in the food & beverage sector for packaging has intensified the market proliferation. Increase in working population, and disposable income has led to a shift towards ready-to-eat and packaged food products which is driving the demand for RPET.
The inclination towards plastic roads has paved the way for revenue acceleration for market participants. Plastic roads offer durability and take lesser time to build. This, in turn, is expected to fuel demand for RPET in the foreseeable future. Furthermore, the scarcity of drinking water has created an intense need for water treatment. It is likely to catalyze demand for nanofibers, which is expected to fuel demand for RPET.
MRFR’s report offers a detailed segmental analysis of the market based on type and application. By type, the market has been segmented into clear and colored. Among these, the clear segment holds a major share of the market as the colored RPET has to undergo a process that degrades its quality. The clear segment was valued at USD 4,203.6 Mn in 2017 and is expected to reach a value over USD 6 Mn by the end of 2023. The increasing demand from the packaging industry is likely to drive the growth of the clear segment in the forthcoming years.
By application, the market is based on fiber, sheet & film, strapping, food grade bottles & containers, non-food grade bottles & containers, and others. The fiber segment accounts for the maximum share of the market and is expected to exhibit healthy growth over the next few years. Its growth can be ascribed to the extensive use of polyester fiber in textile manufacturing.
Global Market for Recycled Polyethylene Terephthalate-Competitive Dashboard:
By region, the global recycled polyethylene terephthalate market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific currently accounts for 56% share of the market and is estimated to strike a relatively higher CAGR. The high recycling rate in Asian countries, especially China, Japan, and India are projected to accelerate revenue creation for the market players. For instance, according to a study published by National Chemical Laboratory (NCL), India recycles 90% of its polyethylene terephthalate, trailed by Japan which recycles 72% of its polyethylene terephthalate. India resonates strong growth opportunities and is emerging as an investment-centric market due to intensified textile production.
Europe is the second largest market for recycled polyethylene terephthalate and is forecasted to remain a highly lucrative market in the forthcoming years. Germany is the most promising country-level market and is estimated to reach a value of USD 510.8 Mn towards the end of the assessment period. The growth of Germany’s market can be ascribed to the extensive production and export of textiles. Additionally, the initiatives undertaken by the European Union (EU) for plastic waste recycling has further boosted the market growth in the region. The trend is likely to perpetuate during the projection period.
North America is an important growth pocket due to the presence of established plastic industry in the U.S. Meanwhile; Latin America accounted for 9.9% share of the global market. The factor driving the growth of the regional market include economic reforms in favor of industrialization in Brazil. Apart from Brazil, Mexico and Argentina are projected to FAVOR the proliferation of the regional market.
The Middle East & Africa holds the least share of the global market owing to lack of awareness regarding recycling. However, increasing consumption of plastic coupled with increasing awareness about the benefits of plastic recycling has opened avenues of growth opportunities in the regional market.
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