Download Free Sample
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Recycled Polyethylene Terephthalate Market: By Product, By End User, and Geography
Recycled Polyethylene Terephthalate Market: By Product, By End User, and Geography
Recycled Polyethylene Terephthalate (PET) Market size valued at US$ 9.13 billion in 2022 and is poised to grow at a CAGR of 6.7% from 2023-2029. The key factors that are responsible for the market growth include huge R&D investments, increasing awareness among general populace about plastic wastage and changing end-user perception towards sustainable sourcing of bottling materials. Consumer behaviour is shifting toward sustainability, which is driving market growth. Furthermore, the introduction of landfill bans in numerous developed nations in North America and Europe is expected to boost product demand over the forecast period. The extensive application scope of Recycled Polyethylene Terephthalate (rPET) in various main application industries, such as FMCG, consumer goods, clothing & textile, and automotive, is the fundamental factor driving demand in North America. Various government measures promoting plastic recycling, along with significant investment, have resulted in a healthy rPET market in the region. Global Recycled Polyethylene Terephthalate (PET) market is surging owing to frequent acquisitions and launchings by the market players. For Instance, the companies are actively involved in the collection, processing of used plastics, and production of new rPET products and even distribution of the same. Market players are focusing towards provision of greater quality products to retain customer loyalty, since low switching costs and product differentiation have reduced supplier power in recent years.
Study Period
2024-2030Base Year
2023CAGR
6.7%Largest Market
Asia PacificFastest Growing Market
Asia Pacific
In recent times, consumers have become more conscious towards environmental sustainability, which has benefitted the growth of the market. In addition, ban on landfills introduced in several developed countries in North America and Europe is anticipated to drive the rPETmarket over the forecast period. In addition, increasing awareness among general populace about plastic wastage has prompted governments to take initiatives that are aimed at promoting plastic recycling, which in turn boosted polyethylene terephthalate recycling landscape. Furthermore, bottling companies across the global are gradually adopting to recycled PET in order to establish sustainable material sourcing strategies.
Asia Pacific accounted for larger revenue share in global Recycled Polyethylene Terephthalate (RPET) market with considerable CAGR. Asia Pacific was the leading revenue contributor. Asia Pacific is characterized by availability of a significant amount of skilled labor at low cost and easy availability of land. Shift in production landscape towards emerging economies, particularly China and India, is projected to positively influence the growth of the market over the forecast period.
Latin America
Europe
Asia Pacific
Middle East
North America
|
Report Benchmarks |
Details |
|
Report Study Period |
2024-2030 |
|
Market Size in 2022 |
US$ 9.13 billion |
|
Market CAGR |
6.7% |
|
By Product Type |
|
|
By End User |
|
|
By Region |
|
Download Free Sample Report
The recycled polyethylene terephthalate (pet) market size was valued at US$ 9.13 billion in 2022
Improving demand for RPET from the food and beverage industry
Asia Pacific is the fastest-growing for recycled polyethylene terephthalate (pet) market
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.