Recycled PET Market Size, Share and Industry Analysis, By Grade (Flakes and Chips), By Application (Fibres, Strapping, Bottles, Sheet & Films, Others), and Regional Forecast, 2024-2032

The global recycled polyethylene terephthalate (PET) market size is anticipated to experience significant growth during the forecast period. Recycled PET resin is a beneficial manufacturing feedstock that can be reprocessed and reused in bottles repeatedly. Instead of landfilling, PET is recycled and then use as a raw material for making new products. Recycled PET reduces the greenhouse gas and carbon emissions impact and it requires minimal energy to manufacture the new product.

Recycled PET has various applications, from manufacturing clothing like jeans, jackets, and sportswear, to automotive manufacturing like seat covers and also in the manufacturing of new bottles. The global recycled PET market is expected to witness significant growth due to increasing awareness of sustainability, government initiatives to reduce plastic waste, and more. In addition, beverage brand manufacturers are aiming for 100% recycled PET bottles for circular plastic packaging solutions are also positively impacting the market in near future.

Impact of COVID-19 on the Recycled PET Market

The outbreak of the COVID-19 pandemic in 2020 and the strict government regulations implemented in many developed and developing countries have disrupted the supply chain. Restrictions on people’s movements led to significant delays in the arrival of raw materials, disrupted cash flow, and increased number of absentees among manufacturing workers. These factors have affected the food & beverages, textile, automobiles, and other end-use industries, as well as a number of their suppliers. In 2021 after the relaxation of the restrictions the end-use industries gradually began to recover. This has also aided the Recycled PET markets are expected to continue during the forecast period.

Key Insights

The report will cover the following key insights:

• Key Trends in the recycled polyethylene terephthalate Industry


• New Advancements in Production Technologies


• New Product Launches, Expansions of the market


• Impact of COVID-19 on the Recycled PET market

Analysis by Application

Based on application, the recycled PET market has been divided into fibers, strapping, bottles, sheets & films, and others. Among these, the Fibres segment dominates the market during the forecast period. The market is expected to maintain its dominance due to increasing uses of recycled polyethylene terephthalate  in textile, clothing & accessories, consumer goods, and more sectors. Fiber is majorly demanded in the making of T-shirts, sports clothing, and automobile seat covers. The growing demand for sports clothes is drastically increasing due to rising sports activities in the Asia Pacific region in the last few years. Also, the rising popularity of the Indian Premier League (IPL) across the globe is expected to create an opportunity for the recycled PET market during the forecast period.

Regional Recycled PET Market Analysis

Increasing Recycling Initiatives in Southeast East Asian Countries to Drive Market Growth in Asia Pacific

Asia Pacific is dominating the recycled PET market and is expected to hold the largest market share during the forecast period. The growth of the region is due to growing recycling activities in the South East Asian countries. In addition, the South East Asia region has its largest plastics recycling plant. For Instance, In September 2022, ALPLA Company and PTT Global Chemical partnered and set up ENVICCO (Environment Circular Collaboration) recycling plant. This recycling plant is South East Asia’s largest plastics recycling plant. Moreover, the growing population in china and rising economic growth are likely to drive the growth of the recycled PET market in this region.

Key Players Covered

• Indorama Ventures Public Company Limited (Thailand)


• Phoenix Technologies International LLC (U.S.)


• UltrePET LLC (U.S.)


• ALPLA Group (Austria)


• PETCO (U.S.)


• Extrupet Group (Pty) Ltd. (South Africa)


• Evergreen Plastics Inc. (U.S.)


• Verdeco Recycling Inc. (U.S.)


• Seiu Japan Co. Ltd. (Japan)


• PolyQuest (U.S.)

Segmentation

Key Industry Developments

• In April 2022, Indorama Ventures Public Company Limited (IVL) acquired the Ngoc Nghia Industry. The acquired company is one of Vietnam’s leading PET packaging companies. With this acquisition, IVL makes a new presence in the Vietnam market and expands its product offering to major customers across the region.


• In March 2022, ALPLA Group completed the acquisition of the recycling company Texplast from the FROMM Group. ALPLA Group is strengthening its presence in the recycling industry of Germany through this acquisition. The acquisition strategy increased the ALPLA Group processing volumes to a total of nearly 75,000 tons of PET input in Germany.


• In October 2021, PolyQuest Incorporation formed the Renuva PlasticsTM, LLC. This wholly owned subsidiary of PolyQuest is expected to acquire the Faith Group Companies U.S. division. Such strategical developments increase the recycled PET production capacity of PolyQuest Incorporation.