Recycled PET Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region

The global recycled PET market is expected to experience heightened demand in the coming years, driven by its increasing application potential across various sectors such as F&B packaging, strapping, textile fiber, and more. Recycled PET, made from post-consumer plastics that would otherwise end up in landfills and oceans, is gaining attention due to its high sustainability quotient. The upcoming study reveals a strong growth outlook for the global recycled PET market, with an increasing trend of legislative regulatory implementation, PET collection and recovery, domestic recycling, and export of PET contributing significantly to its growth.

Beverage Brands Show Preference for RPET Bottles

Growing consumer preference for recycled PET products, coupled with a greater number of these products on store shelves, presents a strong opportunity for manufacturers in the industry. Many beverage brands are at the forefront of using RPET bottles for packaging, while other industry participants are also investing in recycled PET as a major material for their applications. However, challenges remain for the long-term market outlook. Ensuring that the quality of RPET matches that of virgin PET and maintaining 100% contaminant-free RPET continue to be major challenges for manufacturers. Recycled PET is also less rigid compared to virgin PET, limiting its applicability across a wide range of industry sectors. Additionally, the energy-intensive nature of plastic recycling poses a significant challenge for RPET market players.

Asia Pacific Retains Pre-eminence in the Global Market

As the world's largest plastic waste producer, Asia Pacific is expected to offer the maximum growth potential for the recycled PET market. The region, particularly China and India, has leveraged the advantage of the Plastic Waste Management Market (PWMM) Program, which encourages consumers to prefer RPET products. These two nations are projected to account for over 60% of the region's total revenue in the global market. The rapid growth of the recycling industry and increasing awareness about waste management in Asia Pacific will collectively drive market growth. Furthermore, the growing adoption of RPET by manufacturers in sectors such as furniture, clothing, and building materials is expected to accelerate market expansion in the region.

Key Players Driving Competition in the Global Recycled PET Market

Prominent players contributing to the competition in the global recycled PET market landscape include Plastipak Holdings Inc., Alpek, Far Eastern New Century Corporation, Indorama Ventures Public Limited, and Biffa.