The global recycled polyethylene terephthalate market size accounted for USD 6.86 billion in 2022 and it is expected to increase at USD 11.22 billion by 2032, poised to grow at a CAGR of 5.1% from 2023 to 2032.
The growth of global recycled polyethylene terephthalate market is mainly attributed to growing consumer awareness regarding environment and rising demand for sustainable alternatives. Furthermore, various companies from food and beverage industry such as Coca-Cola planned to move from virgin PET bottles with recycled polyethylene terephthalate by 2025 in Western European region. On the other hand, emission of carcinogenic compounds is expected hamper the growth of global recycled polyethylene terephthalate market in near future. Even so, rising demand for recycled polyethylene terephthalate from non-food sector is predicted to open massive opportunities for market players in years to come.
Product Type Insights
Based on product type, the global recycled polyethylene terephthalate market is segmented into clear and colored. Clear recycled PET held the largest share in product type segment of the global recycled polyethylene terephthalate market in 2022 and is also expected hold its place in forecast period. The growth of this segment is mainly attributed to rising demand for production of fibers and resins paired with rising demand for bottles. Furthermore, clear recycled polyethylene terephthalate containers possess the characteristics like flexibility, lightweight and durability. Colored recycled PET segment is predicted to account noticeable share in coming years.
End Use Insights
Fiber, sheet and film, strapping, food & beverage containers and bottles, non-food containers and bottles and others are the end user segment of global recycled polyethylene terephthalate market. In 2022, fiber end user segment accounted highest sales volume, the growth of fiber end user segment is primarily driven by growing demand from clothing and accessories automobiles and textile. Rising demand of recycled polyethylene terephthalate in non-food sector is also predicted to shape the global recycled polyethylene terephthalate market in coming years. Food and beverage containers and bottles segment is predicted to show growth at a CAGR of 7.9% during forecast period.
Asia Pacific held the majority share of global recycled polyethylene terephthalate industry in 2022. This trend is estimated to continue as brand owners initiate the growth in usage of recycled materials in their products. The growth of Asia Pacific recycled polyethylene terephthalate market is mainly attributed by shift in production facilities of various end uses towards countries particularly in China, India and Indonesia. Japan’s rate of PET bottle recycling is among the highest in the world which is about 85%. With the commitment of brand owners to increase the amount of recycled materials in their packaging, PET recyclers have to catch-up to meet the growing demand. Furthermore, rising concerns regarding sustainability of natural resources in developing economies of North America and Europe are likely to escalate the product demand over the forecast period. Latin America is also predicted to show noticeable growth in global recycled polyethylene terephthalate market owing to rising demand from non-food containers and bottles.
Key Companies & Market Share Insights
The global recycled polyethylene terephthalate market is highly competitive and fragmented with number of small regional players. The market players operating in recycled polyethylene terephthalate market are working to retain the quality of these products and acquiring the new client across different industries. Ongoing product research and development by manufacturers is expected to open numerous opportunities in global recycled polyethylene terephthalate market. Some of the recent activities by market players are:-
Some of the noteworthy players in the recycled polyethylene terephthalate market include:
Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2022 to 2032. This research study analyzes market thoroughly by classifying market report on the basis of multiple factors including type, end use and region:
By Product Type
By End Use Type
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