Market Overview:
Market Research Future (MRFR) will be publishing a
cooked research report on "Global Recycled Polyethylene
Terephthalate Market" that contains the information from
2018 to 2028.
MRFR recognizes the following companies as the key players
in the global recycled polyethylene terephthalate market—Placon,
Clear Path Recycling, Verdeco Recycling Inc., Indorama Ventures Public Company
Limited, Zhejiang Anshun Pettechs Fiber Co., Ltd, Polyquest, Evergreen
Plastics, Montello S.p.A, Phoenix Technologies, M&G Chemicals, and LIBOLON.
Market Highlights
The global recycled polyethylene terephthalate market is
projected to be valued at USD 13,941.16 million by the end of 2028,
registering a CAGR of 7.6% during the forecast period.
The use of these fibers in outlay textile manufacturing
applications is largely responsible for the market's growth. One of the major
drivers of market growth is the implementation of a closed-loop cycle for
manufactured goods using recycled PET fibers. The US FDA's acceptance of the
use of RPET in packaging solutions is expected to drive up product demand. For
example, plastic roads are ground-breaking technology for manufacturers and can
help solve all plastic-related issues. In the coming years, this is also likely
to fuel demand for RPET.
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During the forecast period, the demand for recycled
polyethylene terephthalate is expected to rise significantly. Consumers will be
able to choose from a variety of colored containers made from recycled PET.
Color containers are available to provide power and longevity. Colored recycled
PET is expected to keep the products fresher for longer. Despite the increasing
demand for colored PET, clear recycled PET is still in demand. Flexibility,
lightness, and longevity are all advantages of such containers. These factors
are expected to propel the global recycled polyethylene terephthalate market
further.
The recycled polyethylene terephthalate market is expected
to rise in response to rising consumer impact on the environment and the
development of sustainable alternatives. The government's recent ban will
amplify the development. Market growth will be fueled by increased demand for
bottle production in the food and beverage industry. Recycled PET food storage
containers are likely to have thermal insulation and have a low environmental
effect. End-user cost-effectiveness is another factor that will contribute to
market growth. Another factor driving growth is the demand for food and
non-food containers around the world. Furthermore, a thriving FMCG industry
would propel the market into new territory. The global minimize, reuse campaign
is sweeping the market for recycled PET bottles and containers. Another factor
that contributes to significant market growth is this.
Covid Impact Analysis
The global supply chain has been disrupted by the COVID-19
outbreak, which has had a detrimental effect on the development of recycled
PET. Due to the outbreak of COVID-19, the majority of raw materials suppliers
in this sector had to shut down their operations. Owing to trade sanctions and
the closure of numerous productions around the world, obtaining raw materials
was becoming difficult. It has also had an effect on manufacturers' ability to
maintain price margins in tough times. Furthermore, due to the second wave of
lockdown in North America and Europe, demand is expected to be sluggish in the
coming quarter, which will have a huge impact on demand for recycled polyethylene
terephthalate in the years ahead.
On the other hand, the pandemic is expected to have a major
short-term effect on all markets. The long-term effect, however, is projected
to be mild, with operations in this sector returning to normal around the
second half of 2021.
Segment Analysis
The global Recycled
Polyethylene Terephthalate Market has been segmentedon the basis
oftype, application, and region.
The recycled polyethylene terephthalate market has been
segmented, by type, into clear and colored. Clear RPET is relatively economical
and largely preferred over colored RPET. Considering the extensive demand for
colored RPET in textiles and apparel, the segment is likely to account for a
larger market share in the years to come. Colored RPET products are available
in a range of colors.
The recycled polyethylene terephthalate market has been
segmented, by application, into fibers, sheets and films, strapping, food-grade
bottles and containers, non-food-grade bottles and containers, and others. RPET
fibers accounted for a large share in the global market in 2020. RPET fiber
offers properties such as high strength, functional versatility, and lower
environmental impact, leading to its preference over traditional polyester
fiber. Shifting dynamics in the packaging industry over the past few years has
led to the use of innovative packaging solutions in the food & beverage
industry.
Access full report @ https://www.marketresearchfuture.com/reports/recycled-polyethylene-terephthalate-market-5812
Key Findings of the Study:
The global recycled polyethylene terephthalate market is
projected to reach USD 13,941.16 millionby 2028,ata CAGR of around 7.6%during
the forecast period of 2021–2028.
- Asia-Pacific
accounted for the largest market share in 2020. Population growth, rapid
industrialization, economic reforms, and government initiatives for waste
recycling are the key factors driving the growth of the market.
- Asia-Pacific
is expected to be the fastest-growing regional market due to the
increasing production capability in emerging countries such as China and India
in the region.
- Europe
is the second-fastest-growing marketdue to the increaseddemand for
recycled polyethylene terephthalate from the packaging industry.
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