Given the upsurge in its application potential across the various sectors like F&B packaging, strapping, textile fibre, recycled PET (RPET) is expected to witness heightened demand in future, worldwide. Made from post-consumer plastics that otherwise end up in landfills, and oceans, recycled PET has been garnering attention based on its high sustainability quotient. Fairfield Market Research in its latest upcoming study indicates a strong growth outlook for global recycled PET market over the course of next few years. There has been an increasing trend of legislative regulatory implementation, collection and recovery of PET, domestic recycling, and export of PET, which is projected to contribute significantly to the growth of RPET market. An expanding application base, besides packaging and PET bottles, is projected to work to the advantage of global recycled PET market, suggest initial findings.
Beverage Brands Showing Preference to RPET Bottles
Growing consumer preference for recycled PET products and more number of these products hitting store shelves indicate a strong opportunity for manufacturers in industry. While several beverage brands are at the forefront in making RPET bottles for packaging, other industry participants are also keen on investing in recycled PET as a major material for their key applications. However, certain challenges prevail facing the long-term market outlook. Ensuring that the quality of RPET meets that of virgin PET, and that it is 100% contaminant-free continues to be a major challenge facing manufacturers. When compared with virgin PET, recycled PET tends to be less rigid, which limits its applicability across a wide variety of industry sectors. Furthermore, recycled plastic is yet to emerge as the most suitable alternative as recycling of plastics is an energy-intensive process, which will also remain a significant challenge facing RPET market players.
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Pre-eminence of Asia Pacific Intact
Being the world’s largest plastic waste producer, Asia Pacific is expected to reflect the maximum potential for the growth of recycled PET market. While the region has been dominant over others in global market, the key nations, i.e., China, and India have been leveraging the advantage of the Plastic Waste Management Market (PWMM) Program that intends to encourage consumers to prefer RPET products. Both the nations are likely to account for more than 60% of the region’s total revenue generation in global market. Rapid of recycling industry here, and the growing significance and awareness about waste management across the region will offer a collective push to market growth in Asia Pacific. Moreover, increasing uptake of RPET by manufacturers of products like furniture, clothing, and building materials is also expected to accelerate market expansion.
Key Players – Global Recycled PET Market Competition
Plastipak Holdings Inc., Alpek, Far Eastern New Century Corporation, Indorama Ventures Public Limited, and Biffa constitute some of the significant players driving competition in global recycled PET market landscape.
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