Global Recyclate PET Market - Segmented by Product Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for recyclate PET is expected to register a significant growth during the forecast period, 2018 to 2023. This significant growth is majorly driven by the growing emphasis on sustainability amongst the consumer and packaging products.
Growing Emphasis on Sustainability amongst the Consumer and Packaging Products
In recent years, the consumer goods industry has made significant progress on improving the recyclability of packaging. As one of the largest purchasers of recyclate PET in the consumer goods space, PepsiCo’s brands, like Naked Juice use 100% post-consumer recycled (PCR) square bottles. By not using virgin PET feedstock, Naked Juice bottles save 25% of the energy typically used in conventional manufacturing processes. Likewise, many consumer packaged goods companies are applying recyclate PET to their broader product lines in order to get safeguarded by strong environmental policies and legislations globally. These trends are successful in creating the huge demand for global recyclate PET market.
Industrial Yarn Application Segment to Dominate the Market Share
Among the applications, industrial yarn holds the highest market share of the global recyclate PET market. Though virgin PET production is majorly consumed by packaging of food & beverage industry, production of recyclate PET is majorly used by textile industry with almost 50% of the market share. This trend in the market is heavily influenced by the fact that recyclate PET observes huge profit margins in textile industry when compared to the food & beverage industry. The immensely growing textile industry is further helpful to fuel the market growth for global recyclate PET market in the nearby future.
Asia-Pacific to Dominate the Market Share
Asia-Pacific is the largest regional market for global recyclate PET market with almost more than 50% of the market share. The increasing demand from food & beverages packaging, and textile industries of the countries, like China, India, Thailand, and Korea is providing great opportunity for the recyclate PET market to continue the fastest pace of growth. The Chinese government's plans to ban waste imports, including recyclate PET waste products by the end of 2017 could have significant impact on increasing the market share and fuelling the market growth rate of ASEAN countries. The large market size coupled with the huge growth of the region (especially growth in ASEAN countries) is quite instrumental in expansion of the global recyclate PET market.
Key Developments in the Market
February 2018: Applied DNA Sciences Inc. (Applied DNA) collaborated with GHCL Limited and Reliance Industries Ltd (RIL) to launch CertainT verified recycled PET (rPET) bedding products
August 2017: Krones and Erema joined forces to incorporate the technical expertise of both companies into the planning and design of PET recycling lines and complete factories
Major Players: Phoenix Technologies, Krones AG, Placon (EcoStar), PolyQuest, Equipolymers, and Foss Manufacturing, LLC, amongst others.
Reasons to Purchase this Report
Identify the current and future prospects of global recyclate PET market in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
Information of the segment that is expected to dominate the market
Identify the region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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