The market is expected to generate an incremental $ opportunity of US$ 9,336.53Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : November 2022 ID: CVC-00527 Format: PDF Pages: 280
Recycled Polyethylene Terephthalate (rPET) Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Recycled Polyethylene Terephthalate (rPET) Market grew at a CAGR of 9.0% between 2017-2021 and is estimated to be US$ 6,220.4Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 9.6% and is expected to reach a valuation of US$ 15,556.9Mn by 2032 end.
Demand for recycled polyethylene terephthalate (rPET) is anticipated to increase throughout the forecast period due to growing environmental concerns, decreased plastic waste, and measures to strengthen North America’s and Europe’s circular economy.
RISING CONSUMER AWARENESS TOWARD SUSTAINABILITY
Consumer views toward plastic trash are changing, and this increased awareness fuels the consumer movement. Recycling rates are rising as society grows more aware of and aggressive in its attempts to eliminate plastic waste. Additionally, as consumers become more conscious of sustainability, there is a growing demand for recyclable packaging to promote a circular economy focused on recycling and reuse.
Making items from recycled PET is an energy-efficient technique that lowers CO2 emissions while using almost half the energy. Recycled PET is 75% more environmentally benign than virgin PET, which has a better ecological balance, claims a Swiss Climate report. Major businesses, such as Evian and PepsiCo, have started prioritizing the circular economy, which aims to use 100% recycled plastic by 2025.
LACK OF PROPER FRAMEWORK FOR PLASTIC WASTE MANAGEMENT
The quantity of municipal solid waste (MSW) has significantly expanded due to economic growth and fast industrialization. There is currently no adequate framework for managing plastic trash due to ineffective waste policy implementation and a lack of options, which are key obstacles for governments trying to develop a sustainable solid waste management system. Due to a shortage of recycling facilities, approximately 11.4 billion USD worth of recyclable materials is thrown away in the United States each year. According to the UN Environment Programme, 330 million tonnes of plastic trash are created each year globally. Still, only 9% of that waste is recycled, and only 14% is currently collected for recycling.
Market Segments Covered in Report
By Region and Country:
Which end-use industry is dominating Recycled Polyethylene Terephthalate (rPET) consumption?
Since they help prevent leaks and protect buildings from extremely high and low temperatures, sheets and films for roof flooring are becoming increasingly popular. Additionally, they provide the roof with a smooth texture and require less paint and cement to finish the project with a better aesthetic appeal.
In industrialized nations like North America and Europe, rPET sheets are used more frequently. As major cities are on the verge of drowning in construction activity, mall owners will likely focus on developing cities for continued development. It is anticipated that these factors will increase demand for recycled PET.
Which Recycled Polyethylene Terephthalate (rPET) product will gain traction in the coming years?
The clear segment had the highest revenue share—more than 75.06%. Over the projected period, the clear recycled PET market is anticipated to be driven by low energy requirements and straightforward bottle-to-bottle recycling. Due to its strength, lightweight, non-reactive, and shatterproof qualities, the clear rPET market is anticipated to rise rapidly throughout the forecast period.
Because it is widely used in food and non-food applications and has a cheap processing cost, clear type rPET is the most popular type. Instead of using opaque or colored PET, most producers use transparent granules or flakes to make containers and bottles. Additionally, fine rPET goods quickly identify internal product differences, such as a change in color, fungal growth, and chemical reaction due to inadequate storage conditions.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Companies that operate in the global market place a lot of focus on broadening their global reach to boost sales and gain market share. To meet the growing demand for sustainable products, businesses are growing their service offerings in Asia Pacific and Europe.
Throughout the projection period, the Chinese government’s restriction on importing plastic trash from other countries is anticipated to open up profitable prospects for market players in Southeast Asian nations like Malaysia, Thailand, and Indonesia. Because so many manufacturers are operating worldwide, the global market is determined to be highly fragmented.
The key developments in the Global Recycled Polyethylene Terephthalate (rPET) Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|