Recycled Polyethylene Terephthalate (RPET) Global Market Report 2023: Consumer Behaviors Shifting Towards Sustainability and Boosting Industry
DUBLIN, April 14, 2023 /PRNewswire/ — The “Recycled Polyethylene Terephthalate (RPET) Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Flakes, Chips), By Source (Bottle & Containers, Films & Sheet, Other), By End Use, By Region, and Competition” report has been added to ResearchAndMarkets.com’s offering.
Global recycled polyethylene terephthalate (RPET) market is anticipated to grow significantly through 2028.
The growing environmental awareness and paradigm shift towards more sustainable and eco-friendly alternatives are expected to spur market growth through 2028.
Additionally, the growing trend to minimize plastic usage and adopt sustainable alternative solutions in the packaging industry is further expected to spur market growth. Besides, various companies operating in the market are focusing on developing environmentally friendly packaging materials and on programs that help the reduction of waste from plastic packaging.
For example, PepsiCo and Evian aim to recycle 75% of their packaging waste and 100% of their plastics by 2030 and 2025, respectively. Governments across the globe are taking initiatives to address these challenges. Polyethylene terephthalate, also called PET, is a clear, strong, lightweight, and 100% recyclable plastic.
This material is a polymer produced by combining purified terephthalic acid and modified ethylene glycol. Recycled PET requires low energy consumption during production. Due to its lightweight, its transportation cost is also less. Additionally, Recycled PET is 75% more environmentally benign than virgin PET, which has a better ecological balance, according to a Swiss Climate study.
Increasing Consumer Awareness towards Sustainability
The growing awareness among the population towards adopting sustainable alternatives in order to protect the environment is expected to create lucrative opportunities for the growth of the recycled polyethylene terephthalate market. Plastic pollution is one of the major causes of different forms of environmental pollution. It is expected that the global plastic waste volume will reach 12 billion metric tonnes by 2050.
Hence, it is required to effectively manage and reduce plastic waste. This has increased the focus on plastic recycling. Recycling rates are rising on account of growing awareness and aggressive attempts to eliminate plastic waste. The recycling rate of plastic packaging waste in the United Kingdom was around 44.2% in 2021.
Growing Demand from various End User Industries
Recycled PET is similar in characteristics and properties to PET, which is commonly used in packaging and various other applications like clothes, sheets & films, food & beverage containers, cushions, and automobile parts. The demand for recycled polyethylene terephthalate is primarily driven by the packaging demand created by the food & beverage industries.
Additionally, various companies operating in the market have committed to implementing at least 50% of recycled plastic in packaging by 2030. This will, in turn, increase the demand for the food grade certified recycled polyethylene terephthalate market.
- By investing in new extrusion equipment to make pellets in its facility in Bowling Green, Phoenix Technologies International LLC., in September 2022, said that the company will enhance the quantity of food-grade recycled polyethylene terephthalate (RPET) manufactured by them. Once the expansion gets completed by mid of 2023, the company anticipates producing 140 million pounds of RPET resin yearly, which is equivalent to processing 5 billion bottles.
- In July 2022, Evergreen, an American recycled PET manufacturer company, completed the expansion of a new production plant in Clyde, Ohio. The expansion, which started as a USD 22 million project with three lines in August 2021, changed due to growing customer demand for recycled PET plastic. The 54,000-square-foot addition has four extrusion lines that may be expanded to six, producing 11.8 billion bottles annually for a total capacity of 113 million pounds of food-grade PET locally. Along with Closed Loop Partners, the American Beverage Association, Ohio Beverage Association, and other organizations, the company focuses on making this achievement feasible.
- In May 2022, an Australian supermarket chain, Clones, designed a shopping bag made of 80% recycled plastic & 20% marine waste plastic. By 2025, Australia National Packaging Targets to increase recycled materials utilization in packaging applications.
- Indorama Ventures, in June 2021, purchased the Texas factory of CarbonLite Holdings. With this acquisition, the firm hopes to swiftly increase its manufacturing capacity while extending its reach in North America.
In this report, global recycled polyethylene terephthalate market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Recycled Polyethylene Terephthalate Market, By Type:
Recycled Polyethylene Terephthalate Market, By Source:
- Bottles & Containers
- Films & Sheet
Recycled Polyethylene Terephthalate Market, By End Use:
- Food & Beverage Containers and Bottles
- Non-Food Containers and Bottles
Recycled Polyethylene Terephthalate Market, By Region:
- North America
- United States
- United Kingdom
- South Korea
- South America
- Middle East & Africa
- South Africa
- Saudi Arabia
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Recycled Polyethylene Terephthalate Market Outlook
6. North America Recycled Polyethylene Terephthalate Market Outlook
7. Europe Recycled Polyethylene Terephthalate Market Outlook
8. Asia-Pacific Recycled Polyethylene Terephthalate Market Outlook
9. South America Recycled Polyethylene Terephthalate Market Outlook
10. Middle East and Africa Recycled Polyethylene Terephthalate Market Outlook
11. Market Dynamics
11.1.1. Increasing demand from the food & beverage industry
11.1.2. Stringent laws and regulations by governments
11.1.3. Reduce CO2 emission and require less energy for production
11.2.1. High cost of recycled plastics
11.2.2. Absence of a proper framework for plastic waste management
12. Market Trends & Developments
12.1. Increasing demand for Recycled Polyethylene Terephthalate from food & packaging industries
12.2. Consumer behaviors shifting towards sustainability
13. Global Recycled Polyethylene Terephthalate Market: SWOT Analysis
14. Porter’s Five Forces Analysis
15. Competitive Landscape
16. Strategic Recommendations
A selection of companies mentioned in this report includes
- Placon Corp
- Keenpro Industry Corp.
- Plastipak Industries Inc.
- Clear Path Recycling LLC.
- Indorama Ventures Public Company Limited.
- Verdeco Recycling Inc.
- Loop Industries, Inc.
- PolyQuest, Inc.
- Alpek SAB de CV
For more information about this report visit https://www.researchandmarkets.com/r/tscv0b
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:https://www.prnewswire.com/news-releases/recycled-polyethylene-terephthalate-rpet-global-market-report-2023-consumer-behaviors-shifting-towards-sustainability-and-boosting-industry-301797551.html
SOURCE Research and Markets
Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Agrigate Global takes no editorial responsibility for the same.