Recycled PET Flakes Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Clear, Colored), By End Use (Fiber, Sheet & Film, Food & Beverage Bottles & Containers, Others), By Region, and Competition 2018-2028
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Chemicals | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationRecycled PET Flakes Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Clear, Colored), By End Use (Fiber, Sheet & Film, Food & Beverage Bottles & Containers, Others), By Region, and Competition 2018-2028
In 2021, recycling rate of plastic packaging waste in United Kingdom was around 44.2%.
Increasing Consumer Awareness towards Sustainability
Plastic pollution is one of the major causes of different forms of environmental pollution. Consumers are becoming more aware of the impact of plastic waste on the environment, and they are actively seeking sustainable alternatives. This has resulted in a shift towards eco-friendly products, including packaging materials made from recycled PET flakes which help to protect the environment.
For instance, according to UN Environment Programe, it is expected that the global plastic waste volume would reach 12 billion metric tonnes by 2050.
Hence, it is required to effectively manage and reduce plastic waste. This has increased the focus towards plastic recycling. Recycling rates are rising on account of growing awareness and aggressive attempts to eliminate plastic waste. Many governments are implementing regulations to reduce plastic waste and promote recycling. Such regulations are driving the demand for recycled PET flakes, as they provide a sustainable solution for managing plastic waste. In addition, government incentives and subsidies for recycling initiatives are also driving the growth of the market.
For instance, the European Union has set a target of recycling 55% of all plastic packaging waste by 2030.
Additionally, as consumers become more conscious of sustainability, there is a growing need for recyclable packaging to promote a circular economy focused on recycling and reuse. Making items from recycled PET is an energy-efficient technique that lowers CO2 emissions and utilizes almost half the energy.
For instance, according to Swiss Climate report, recycled PET offers a better ecological equilibrium than virgin PET and is 75% more environment friendly.
Therefore, increasing demand for recycled plastic increases the demand of Global Recycled
Additionally, advancements in recycling technology are being developed that can process a wider range of waste materials, including mixed plastics, result in increasing the efficiency and reduce the cost of recycling, making recycled PET flakes more affordable and accessible.
Growing Demand from Various End User Industries
For instance, in October 2022, Coca-Cola signed an agreement with Indorama Ventures to start a polyethylene terephthalate (PET) recycling facility in the Philippines.
Furthermore, for instance, Unilever has partnered with Ioniqa, a Dutch recycling start-up, to develop a technology that can convert PET waste into high-quality recycled PET.
Thus, increasing demand for food grade certified recycled PET led to the growth of Global Recycled PET Flakes market in the upcoming years.
In addition,
Therefore, increasing utilization of recycled PET in the construction industry anticipates the growth of Global Recycled PET Flakes market in the projected years.
Clear Recycled PET Flakes will be Key Product
In addition, many companies prefer clear recycled PET flakes to produce containers and bottles than opaque or colored recycled PET flakes, thus helping in the easy detection of variations in products packaged inside containers and bottles.
For instance, in 2022, the PQRenew brand of recycled bottle flake and resins, which is a distinctive product line pushing sustainability solutions, was legally trademarked by PolyQuest, Inc.
High durability, wide utilization in food and non-food applications and the low processing costs associated with clear recycled PET flakes led to the growth of Global Recycled PET Flakes market in the projected years.
However, rapid industrialization and economic expansion resulted in the drastic growth in municipal solid waste due to a lack of waste management alternatives and ineffective waste policy implementation. These are the major challenges for governments to materialize a sustainable solid waste management framework, and there is no proper framework for plastic waste management at the moment. Along with this, the lack of standardized recycling technology could result in inconsistent quality and performance of recycled PET flakes. This could deter end-users from using recycled PET flakes and limit their market penetration. In addition, mechanical recycling weakens used plastic over time and may cause discoloration because it involves washing, shredding, and melting the material (yellowing). The lower mechanical strength of recycled PET is made up for during both the recycling process and use phase by adding virgin PET as well as the presence of impurities in the recycling feedstock, making it difficult to maintain color consistency between batches, which is a factor that restrains the growth of the market. Moreover,
For instance, the UN Environment Programme estimates that seven billion tonnes of plastic waste generated globally so far, of which less than 10% has been recycled.
Recent Developments
- By investing in new extrusion equipment to make pellets in its
facility in Bowling Green, Phoenix Technologies International LLC., in September
2022, enhanced the quantity of food-grade recycled PET Flakes.
- In July 2022, Evergreen Together, an American recycled PET
manufacturer company, completed the expansion of a new production plant in
Clyde, Ohio.
- In May 2022, an Australian supermarket chain, Clones, designed a
shopping bag made of 80% recycled plastic & 20% marine waste plastic.
- Indorama Ventures, in June 2021, purchased the Texas factory of
CarbonLite Holdings.
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Market Segmentation
Global Recycled Polyethylene Terephthalate Market
Company Profiles
Polyvim LLC, Gravita India Ltd., JB Ecotex Limited, Plastipak Industries Inc., Clear Path Recycling LLC., Indorama Ventures Public Company Limited., Verdeco Recycling Inc., Loop Industries, Inc., PolyQuest, Inc., EvergreenTogether are some of the key players of Global Recycled PET Flakes Market.
|
Attribute |
Details |
|
Base Year |
2022 |
|
Historic Data |
2018 – 2021 |
|
Estimated
Year |
2023 |
|
Forecast Period |
2024 – 2028 |
|
Quantitative
Units |
Revenue
in USD Million, Volume in Metric Tonnes, and CAGR for 2018-2022 and 2023-2028 |
|
Report
coverage |
Revenue
forecast, volume forecast, company share, competitive landscape, growth factors,
and trends |
|
Segments covered |
Product End Use |
|
Regional scope |
North
America, Europe, Asia Pacific, South America, Middle East & Africa |
|
Country scope |
United
States, Mexico, Canada, France, Germany, United Kingdom, Spain, Italy, Sweden,
China, India, South Korea, Japan, Vietnam, Hong Kong, Brazil, Argentina, South
Africa, Saudi Arabia, UAE |
|
Key companies
profiled |
Polyvim
LLC, Gravita India Ltd., JB Ecotex Limited, Plastipak Industries Inc., Clear
Path Recycling LLC., Indorama Ventures Public Company Limited., Verdeco
Recycling Inc., Loop Industries, Inc., PolyQuest, Inc., EvergreenTogether |
|
Customization
scope |
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope. |
|
Pricing and
purchase options |
Avail
customized purchase options to meet your exact research needs. Explore purchase options |
|
Delivery
Format |
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Email (We can also provide the editable version of the report in PPT/Word
format on special request) |
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