Global Recycled PET (r-PET) Bottles Market Size By Product (Clear, Colored), By Grade (Food, Non-food), By Recycling Process (Mechanical, Chemical), By Application (Packaging, Mono Filaments), By Geographic Scope And Forecast
Report ID: 41022|No. of Pages: 202
Global Recycled PET (r-PET) Bottles Market Size By Product (Clear, Colored), By Grade (Food, Non-food), By Recycling Process (Mechanical, Chemical), By Application (Packaging, Mono Filaments), By Geographic Scope And Forecast
Recycled PET (r-PET) Bottles Market Size And Forecast
Recycled PET (r-PET) Bottles Market size was valued at USD 2.6 Billion in 2020 and is projected to reach USD 4.65 Billion by 2028, growing at a CAGR of 7.8% from 2021 to 2028.
Government regulations towards increasing the use of recycled products have brought significant growth in the market. The demand for Recycled PET (r-PET) Bottles are also increasing because of the safety it provides to the packaging industry. The bottles tend to be waterproof and the demand for safe packaging acts as a key driver to the market. The Global Recycled PET (r-PET) Bottles Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Recycled PET (r-PET) Bottles Market Definition
PET is the main component in making Recycled PET (r-PET) Bottles. PET is a polymer made up of modified ethylene glycol and purified terephthalic acid. These bottles are used frequently for packaging purposes but due to their high demand and to increase the sustainability of the production process, PET bottles are now being recycled and have a well-established demand in the market. The bottles can be recycled by two methods, mechanical recycling, and chemical recycling. These bottles are usually classified either as colored or clear.
The clear segment leads the market as it is widely used in food and non-food applications. Most manufacturers prefer clear granules to make containers or bottles later on from it. Clear bottles tend to be high in value, hence generating more revenue as it offers practical recycling as well. Pet is utilized as a crude constituent for the production of packaging materials, for example, bottles and vessels for packaging. It also has its application in the making of waterproof paper. It is usually utilized in the food and packaging industry.
The Recycled PET (r-PET) Bottles can also be used in making new products like new plastic bottles, clothing, industrial strapping, fiberfill, sheet and film, and automotive parts. The technological advancements in the market can be seen on the basis of new technologies introduced by various top players in the market to recycle bottles. In the year 2021 world’s first 100% enzyme-based PET plastic bottle. The growing demand for recycling bottles to save the environment is propelling technological advancement in the market, hence giving major technical exposure to the industry.
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Global Recycled PET (r-PET) Bottles Market Overview
The market growth is primarily driven due to rising concerns over safe packaging. Recycled PET (r-PET) Bottles provide healthy packaging due to their waterproof feature. Light-weighted raw material also helps the product to tap the consumers. The constant concern to protect the environment due to the harmful effects of PET has also contributed positively to increasing the demand for Recycled PET (r-PET) Bottles. Government strict laws towards the use of single-use plastic and the multiple appeals by various organizational bodies have driven the demand for Recycled PET (r-PET) Bottles recently. The government has also made huge investments regarding the technological development of the recycling process which has impacted the demand and growth of the market significantly.
The growing demand for the bottles in food and beverage industry has acted as a major driver in the market. The applications of the Recycled PET (r-PET) Bottles are also expanding in other industries apart from food packaging, such as clothing, industrial strapping, the automotive industry, etc, hence driving the market. The rising demand for Recycled PET (r-PET) Bottles in the automotive segment is giving a major blow to its demand as the automotive sector itself is growing for decades and is expected to maintain its growth over the forecast period. The growing deficit of drinking water around the globe and the development of the need for safe drinking water are likely to drive the Recycled PET (r-PET) Bottles.
Poor and inconsistent bale quality, fluctuating bale prices, and low margins are some of the restraints of the market. The COVID-19 pandemic also leads to a negative impact on production due to the disruption in the supply chain. Closed offices, factories, and strict rules regarding transportation impact the market a lot. The pandemic not only affects the manufacturing of Recycled PET (r-PET) Bottles but also leads to changes in consumption patterns. The price fall of virgin plastic is predicted to lower the price for RPET, hence hampering the demand.
The high initial cost associated with the recycling of PET bottles, lack of infrastructure facilities, less awareness about the benefits of plastic recycling between manufacturers and consumers, and low collection and recycling rates are other factors anticipated to affect the market growth. According to the World Economic Forum, the outbreak of covid-19 has made plastic waste management and recycling more complex, thereby increasing the demand for single-use plastic. But since the government has put a ban on single-use plastic so it is expected that the demand for recycled PET bottles will not fall further.
Global Recycled PET (r-PET) Bottles Market: Segmentation Analysis
The Global Recycled PET (r-PET) Bottles Market is Segmented on the basis of Product, Grade, Recycling Process, Application, And Geography.
Recycled PET (r-PET) Bottles Market, By Product
- Clear
- Colored
Based on Product, the market is segmented into Clear and Colored. Manufacturers usually demand clear products as it is easy to use them after recycling in order to convert them into new plastic bottles or containers, etc. Low energy requirements and ease of bottle-to-bottle recycling are expected to drive the demand for clear recycled PET bottles. Clear bottles are also considered to be highly durable, light-weighted, and shatterproof.
Recycled PET (r-PET) Bottles Market, By Grade
- Food
- Non-food
Based on Grade, the market is segmented into Food and Non-food. The demand for both food and non-food bottles across a large number of end-use industries is increasing in recent years. Though the wide application of recycled PET bottles in the food packaging industry is expected to drive the demand for food bottles.
Recycled PET (r-PET) Bottles Market, By Recycling Process
- Mechanical
- Chemical
Based on Recycling Process, the market is segmented into Mechanical and Chemical. The mechanical recycling process holds the lead in the market as manufacturers are familiar with it and the recent technological development in the process has also fueled its demand. On the other hand, the chemical recycling process is still in its development stage.
Recycled PET (r-PET) Bottles Market, By Application
- Packaging
- Mono Filaments
- Industrial Yarn
- Building Materials
- Strapping
- Others
Based on Application, the market is segmented into Packaging, Mono Filaments, Industrial Yarn, Building Materials, Strapping, and Others. The packaging segment rules the market due to the increased demand for PET bottles in the sector. Though the rising demand for recycled PET in the automotive and industrial yarn industries is making these sectors tough competitors to the packaging industry in terms of demand.
Recycled PET (r-PET) Bottles Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
On the basis of Geography, the Global Recycled PET (r-PET) Bottles Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Among all the four regions, Asia Pacific is the leading region in the Recycled PET (r-PET) Bottles Market due to the abundance of land and low-cost, skilled labor force. Developing countries such as China and India are able to fulfill all the needs of the market hence bringing the region to the top.
Key Players
The “Global Recycled PET (r-PET) Bottles Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Placon, Clear Path Recycling, Verdeco Recycling Inc., Indorama Ventures Public Company Limited, Polyquest, Evergreen Plastics, Montello S.p.A, Phoenix Technologies, M&G Chemicals, LIBOLON. The report provides a detailed analysis of each player in the market. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2017-2028 |
| BASE YEAR | 2020 |
| FORECAST PERIOD | 2021-2028 |
| HISTORICAL PERIOD | 2017-2019 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Placon, Clear Path Recycling, Verdeco Recycling Inc., Indorama Ventures Public Company Limited, Polyquest, Evergreen Plastics, Montello S.p.A. |
| SEGMENTS COVERED | By Product, By Grade, By Recycling Process, By Application, And By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
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