RecycledPET Market: Introduction
TransparencyMarket Research delivers key insights on the global recycled PET market. In terms ofrevenue, the global recycled PET market is estimated to expand at a CAGR of ~7% duringthe forecast period, owing to numerous factors regarding which TMR offersthorough insights and forecasts in its report on the global recycled PETmarket.
Easieraccess to virgin PET and decreasing prices of virgin PET are projected tohamper the global recycled PET market during the forecast period. The price ofrecycled PET was higher than virgin PET in 2019. PET recyclingis energy and water consuming process as compared to other polyester materialsprepared from crude oil. On the other hand, it is a resource-efficient process,which helps reduce energy consumption by 50% and CO2emissions by 60%. Ban on PETbottles and government initiatives to recycle PET bottles across the globe areexpected to augment the demand for recycled PET bottles in the near future.
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Recycled PET Market: Dynamics
Land andair pollution is hazardous to the health of people across the globe. Accordingto the U.S. Environmental Protection Agency, the amount of plastic generatedstood at 34.5 million tons in the U.S. in 2015.The amount of plastic recycled stood at 3.1 milliontons, while 26 million tons of plastic endedup in landfills. Most plastic products end up in landfilling and littering.This becomes a major threat for the aquatic life. Additionally, most of theplastic is burnt in order to decrease the waste content present on the Earth.This is likely to increase the content of CO2 in atmosphere. Thus, variousgovernments and regulatory bodies have banned the usage of plastic,particularly PET bottles, across the globe. Additionally, manufacturers of PETbottles are large in number. Therefore, government bodies have asked them torecycle these plastics. This is estimated to fuel the demand for recycled PETin the near future.
Landfillspace is limited, and the conditions in landfills make it nearly impossible foranything, including plastic, to biodegrade. Recycling plastic water bottleshelps conserve space that can be used for other waste. Recycling can also helpreduce the number of plastic water bottles that end up as litter on roadwaysand water sources. The factors mentioned above are projected to boost thedemand for recycled PET during the forecast period.
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Recycled PET Market: ProminentRegions
AsiaPacific dominates the global recycled PET market. The recycled PET market inthe region is anticipated to expand at a CAGR of more than 6.9% duringthe forecast period. High share of Asia Pacific can be ascribed to the presenceof large number of manufacturers and end users across the region. China holdskey share of the recycled PET market in Asia Pacific. India and Japan haveintroduced various waste recycling campaigns. The demand for recycled PET ishigh in Asia Pacific, primarily due to factors such as increase in governmentalregulations and rise in penetration of new businesses in the region.
Europe isexpected to offer lucrative opportunities to the recycled PET market during theforecast period due to the presence of a mature food industry in the region.PET scrap is widely recycled in Europe. Recycled PET does not melt easily andemits less carbon than new plastic. Hence, efforts to achieve melting ofrecycled PET by adding additives are being taken to reduce environmentalhazards.
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Recycled PET Market: Key Players
The globalrecycled PET products market is consolidated with the presence of key players.Prominent players operating in the global recycled PET market are PhoenixTechnologies International, LLC, Indorama Ventures Public Company Limited,UltrePET, LLC, ALPLA, CarbonLITE Industries LLC, JP Recycling Ltd, PETCO,Extrupet Group (Pty) Ltd, Evergreen Plastics, Inc., Verdeco Recycling, Inc.,Seiu Japan Co., Ltd., Custom Polymers Inc., Marglen Industries, and PolyQuest.
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