(MENAFN- GetNews) Recycled polyethylene terephthalate industry continues to flourish as trends such as reduce, and reuse become more significant. The growth in demand for recycled PET is dictated by the packaging sector and the trend is expected to continue throughout the review period.
Recycled Polyethylene Terephthalate Market Overview to 2023:
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.
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.
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Market Segmentation
The global recycled polyethylene terephthalate market is segmented into product, application, and region.
On the basis of application, the market is divided into clear, colored.
Based on the application the global market is segregated into fiber, food & non-food bottles, sheet & film, strapping, and others.
Geographically, the market is divided into five key regions, including Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.
Regional Analysis
The Asia Pacific is the major market for recycled polyethylene terephthalate as a result of growing industrial base in the developing economies such as India and China. Rising textile and apparel industry coupled with the presence of a large number of organized retail stores and increasing disposable income of the consumers is propelling the market growth.
North America is expected to grow substantially over the forecast period due to supportive actions were taken by the companies and government to promote the usage of recyclable plastic. Growing construction and packaging industries are stimulating the product demand in this region.
Europe is anticipated to drive the RPET market owing to the mature packaging industry characterized by innovation and R & D taken up by industry participants and government organizations. Rising demand for upholstery and apparel products coupled with improving living standard of the consumers are boosting the product demand.
Competitive Analysis
ü Placon
ü Clear Path Recycling
ü Verdeco Recycling Inc.
ü Indorama Ventures Public Company Limited
ü M & G Chemicals
ü Zhejiang Anshun Pettechs Fiber Co., Ltd
ü PolyQuest
ü Evergreen Plastics
ü Phoenix Technologies
ü Montello SPA
ü LIBOLON
Intended Audience
- Recycled polyethylene terephthalate manufacturers
- Traders and distributors of recycled polyethylene terephthalate
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratory
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