The global recycled PET market size is estimated to grow from USD 27.9 billion in 2021 to USD 43.5 billion by 2026, at a CAGR of 9.3% during the forecast period. The driving factors for the recycled plastics market is due to increasing emphasis on sustainability between the consumer and packaging products and increasing demand from the textile, food and beverage industry in emerging economies such as India, China, Thailand, Indonesia, countries in the Middle East, Brazil, and Argentina.
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Indorama Ventures Public Ltd (Thailand), Veolia (France), SUEZ (France), Alpek (Mexico), Jayplas (UK), Waste Connections Inc (US), Biffa (UK), Plastipak Holdings (US), Republic Services (US), and Far Eastern New Corporation Century (Taiwan), B&B Plastics (US), Custom Polymers (US), MBA Polymers (US), KW Plastics (US), B. Schoenberg & Co (US), and Remondis SE & Co. KG (Germany), Clear Path Recycling (US), Stericycle (US), and among others, are the leading recycled plastics manufacturers, globally. These companies adopted new plant expansion, investments, partnerships, and merger & acquisition, as their key growth strategies between 2018 and 2021 to earn a competitive advantage in the recycled plastics market.
Indorama Ventures Public Ltd. is one of the largest player in the recycled plastics market. It is a world-class sustainable chemicals company with a global integrated lead in PET and fibers. It has integrated businesses which are aligned to create a sustainable value proposition. It is one of the world’s foremost-integrated producers in the polyester industry and the largest producer of PET. The company has 273 recycling facilities and 124 manufacturing sites all over world. It is present in Europe, North America, South America, APAC, and Africa.
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SUEZ is the second-largest player of the recycled plastics market, globally. SUEZ is a leading and innovative group with a strong presence across the globe, particularly in Europe. Its focus on growth strategies, such as expansions, contracts, new service developments, joint ventures, and partnerships, will drive its growth in the emerging and developed markets. SUEZ has planned to build a recycling plant in Thailand, which would convert plastic waste into circular polymers. This plant is in line with Thailand’s target for achieving 100% plastic recycling by 2030. This expansion is projected to enhance the company’s presence in Southeast Asia and enhance its expertise in plastic recycling. SUEZ has implemented a balanced and profitable growth strategy.
Bottles is expected to be the largest and fastest-growing source in the recycled plastics market during the forecast period.
Bottles are the largest and the fastest-growing source of recycled plastics. Post-consumer PET bottles are the most commonly used plastics for plastic recycling on account of their huge availability and technical feasibility to produce PET granules. Moreover, PET bottles have a better collection and sorting network. The majority of bottles are made of PET resin, which is the most commonly recycled resin and has the highest recycling rate in the recycled plastics market. Therefore, waste bottles are expected to remain the biggest source for producing recycled plastics as many countries are foraying into the recycling business and will depend on bottles as their material source.
Polyethylene Terephthalate: The largest type in the recycled plastics market
Polyethylene Terephthalate (PET) was estimated to be the largest segment of the recycled plastics market, by type in 2021. PET plastics are 100% recyclable, easy to recycle, and have a lower cost, which makes them.
PET is the largest recycled resin worldwide and will continue to be the most demanded recycled resin. It can be recovered and recycled repeatedly and remolded to produce new PET products. They can also be chemically broken into their constituent raw materials, which can then be purified and converted into new PET resins. They can be used in many products such as new containers, carpets, textiles, protective packaging, industrial strapping, automotive parts, and construction materials. PET has the highest recycling rate globally and is only limited by the amount of used PET material collected.
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