The global Recycled Polyethylene Terephthalate Market size is expected to reach USD 18.46 billion by 2030, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 7.4% from 2022 to 2030. The growing beverage industry in Asia Pacific countries such as China, Japan, India, Vietnam, South Korea, and the Philippines and the increasing demand for recycled polyethylene terephthalate (rPET) in the non-food sector are expected to boost the market growth over the forecast period.
Recycled
PET (rPET) is a synthetic material produced from recycled PET products that
have a wide range of applications. The resins are made from post-consumer PET
bottle splints, which are one of the most durable types
of PET recycling. The clear product segment dominated the market in
2021 and the product is likely to continue to dominate the global market over
the forecast period due to the increasing demand for bottles and sheets. Clear
recycled PET is extensively used in a variety of applications, including resin
and fiber manufacturing.
Rising
awareness regarding the sustainability of natural resources in the developing
countries of North America and Europe is anticipated to have a positive
influence on the demand for recycled PET over the forecast period. The shift in
preference toward developing manufacturing units in Asia Pacific countries,
such as India, China, Indonesia, Vietnam, and Thailand, is expected to propel
the demand for recycled PET. The non-food containers and bottles end-use segment
is projected to grow at a constant rate over the forecast period.
Related Press
Release@ Recycled
Polyethylene Terephthalate Market Report
Recycled Polyethylene Terephthalate Market Report
Highlights
- In terms of
revenue and volume, Asia Pacific led the market in 2021. The existence of
rPET manufacturing industries is majorly used in several applications that
resulting in the growth of the market in the region
- The clear
product segment dominated the market in 2021 and is predicted to maintain
its lead over the forecast period. Low energy demands and the convenience
of bottle-to-bottle recycling are expected to boost the market growth over
the forecast period
- By end-use,
the fiber led the market in 2021. High demand from the FMCG, consumer
goods, automobiles, clothing and accessories, textile, telecom, and
home furnishing sectors is contributing to the growth of the segment
- North
America is expected to expand at a revenue-based CAGR of 8.1% over the
forecast period due to the presence of numerous key end-use sectors such
as FMCG, consumer goods, clothing and textile, automobiles, and packaging
in the region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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