Recycled Polyethylene Terephthalate (PET) Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (Colored and Clear), By End User (Non-Food Containers and Bottles, Strapping, Fiber, Sheet and Film, Food & Beverage Containers and Bottles and others), and Region Forecast 2020-2031

Recycled Polyethylene Terephthalate (PET) Market size was valued at US$ 9.13 billion in 2023 and is poised to grow at a CAGR of 6.7% from 2024-2030. 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. the 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.