Summary
PET Bottle Recycling Market By Recycling Process (Chemical, Mechanical), Application (Beverages, Personal Care, Pharmaceutical, Consumer Goods, And Others), And Region - Global Forecast To 2023
PET Bottle Recycling Market Overview
Easy recyclability of PET or polyethylene terephthalate is expected to promote the global PET bottle recycling market, reveals Market Research Future (MRFR). PET is a thermoplastic, which means that even after recycling, the properties of PET are not distorted. This is likely to cause the PET bottle recycling market value at USD 5,933.6 Mn by 2023. The escalation in the market valuation of USD 4,381.3 Mn in 2017 is observed due to the high usage of PET in the packaging industry. MRFR, in its latest “PET Bottle Recycling Market” report, suggests that the market is expected to tap into a 5.28% CAGR across the forecast period (2018-2023).
The automation trend is likely to add momentum to the global PET bottle recycling market growth. Deployment of technologies, such as robotics and infrared radiation solutions to sort bottles and execute other recycling procedures, is anticipated to propel the global PET bottle recycling market in years to come.
Segmentation:
The global PET Bottle Recycling Market is segmented on the basis of recycling process, application, and region.
By recycling process, the global PET Bottle Recycling Market is segmented into mechanical and chemical. The mechanical recycling segment dominates the global PET Bottle Recycling Market and is likely to exhibit the highest CAGR over the forecast period. The segment accounted for a whopping 67.92% of the market in 2017.
By application, the global PET Bottle Recycling Market is segmented into beverages, personal care products, consumer goods, pharmaceuticals, and others. The beverages segment is expected to dominate the global PET Bottle Recycling Market over the forecast period due to the longstanding use of plastics for packaging beverages. The growing demand for packaged beverages in developing economies could also play a key role in the growth of this segment, which is expected to exhibit a CAGR of close to 6% over the forecast period.
Regional Analysis:
The Americas are the dominant force in the global PET Bottle Recycling Market, followed by Europe and Asia Pacific, which are also expected to hold considerable shares in the market over the forecast period. The Americas account for more than 30% of the global PET Bottle Recycling Market and are likely to remain the dominant segment in the global market over the forecast period due to the high production of beverages, personal care products, and pharmaceuticals in this region and the high use of plastics for packaging the same. The widespread popularity and distribution of leading brands like Coca Cola and PepsiCo is likely to drive the PET Bottle Recycling Market in the Americas over the forecast period.
The increasing demand for personal care products and beverages in emerging Asia Pacific economies is likely to be a major driver for the global PET Bottle Recycling Market over the forecast period, as the growing disposable income of consumers in Asia Pacific has driven the demand for several household necessities such as cleaning products, as well as luxury products such as beverages and personal care products, which are often packaged in PET bottles. The Asia Pacific market for PET bottle recycling is expected to exhibit a strong 6.59% CAGR over the forecast period.
Competitive Analysis
Leading players in the global PET Bottle Recycling Market include PolyQuest, PFR Nord GmbH, Schoeller Group, Clear Path Recycling, Phoenix Technologies, UltrePET LLC, Plastipak Holdings Inc., Krones AG, CarbonLITE Industries, and Indorama Ventures Public Company Limited.
In June 2019, Coca Cola made a pledge to increase the share of recycled plastic in its production chains to 50% by 2025, with the figure currently hovering around 27%. Honest Tea, Chaudfontaine mineral water, and Glaceau Smartwater, all of which are emerging Coca Cola brands in Europe, are expected to incorporate 100% recycled PET by 2020, thanks to the higher awareness about the importance and benefits of plastic recycling in Europe.
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About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
PET Bottle Recycling Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Pet Bottle Recycling Market By Recycling Process, Application, And Region - Global Forecast To 2027” the market is expected to achieve USD 7,538.6 Mn 2027, at a 5.28% CAGR.Get Free Sample PDF Brochure https://www.marketresearchfuture.com/sample_request/2865A lack of awareness about waste management and recycling, particularly in developing Asia Pacific nations such as India, Cambodia, and Indonesia, limits the growth of the worldwide PET recycling market.
Rising awareness of recycling, economic development, and progressive policies to assist environmental protection and waste management are anticipated to help Asia Pacific emerge as the fastest expanding market for PET bottle recycling.
The Americas are the largest market for PET bottle recycling, accounting for over 30% of the global industry.
Meanwhile, the ban on the import of plastic waste by emerging economies is projected to open up attractive growth opportunities for the worldwide PET bottle recycling market.COVID-19 Impact on the Global PET Bottle Recycling MarketCOVID-19 is an incomparable global public health emergency that has impacted almost every sector, with long-term consequences anticipated to affect industry development over the forecast period.Dominant Key Players on PET Bottle Recycling Market covered are:Indorama Ventures Public Company LimitedCarbonLITE IndustriesKrones AgPlastipak Holdings, Inc.Ultrepet LLCPhoenix TechnologiesClear Path RecyclingSchoeller GroupPFR Nord GmbHPolyQuest, among others.Market SegmentationThe global PET bottle recycling market has been segmented into the recycling process and application.
Regional AnalysisRegion-wise, the global PET bottle recycling market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The ban on landfills implemented in developed countries such as the United States is also pushing the region's PET bottle recycling market.The implementation of tough environmental restrictions imposed by the European Union is expected to boost the European PET bottle recycling market.
According to a recent study report published by the Market Research Future, The global market of Plastic Bottle Recycling is booming and expected to gain prominence over the forecast period.
Most recycled plastics are mainly used for making low-grade products.
In order to convert plastic bottles into food-grade plastic, the bottles are hydrolysed to monomeric form and finally passes through purification and re-polymerization process before converting to a new form.
The plastic bottle recycle market is picking up the pace and is expected to grow at a steady rate in the near future, boosted by increased demand for recycled plastic bottles.Recycling plastic water bottles helps to conserve natural resources, especially oil, which is a non-renewable natural resource available in restricted supply.
Moreover, government initiatives towards recycling of plastic bottles and stringent regulations against consumption of non-recyclable plastics, are the factors driving the growth of the market.Get Free Sample @ https://www.marketresearchfuture.com/reports/plastic-bottle-recycling-market-2065Key Players:Advanced Environmental Recycling Technologies, Avangard Innovative, Phoenix Technologies International, UltrePET, CarbonLITE, Complete Recycling, ECO2 Plastics, Evergreen Plastics, National Recycling Technologies, Recycle Clear, and Worldwide Recycler Services, are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Plastic Bottle Recycling Market.Competitive AnalysisGlobal Plastic Bottle Recycling Market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market.
The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion.
