Advancements in Recycling Technology Drive the Recycled Polyethylene Terephthalate Market; MRFR Unleashes the Forecast for 2016-2023

Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Recycled Polyethylene Terephthalate Market.

Overview

The Recycled Polyethylene Terephthalate (PET) Market is growing rapidly, mainly due to the speeding efforts to clean up the earth by reducing its environmental footprint. Annual plastics production is 20 times the level it was 50 years ago, whereas the plastic recycling rate sits at just  7.60%. Governmental efforts for energy transitions and global framework designed to curtail ocean plastic waste to save the environment are rising too.

Recycled polyethylene terephthalate (RPET) is extensively used in diverse applications such as fibers, food, and non-food product packaging, sheets, and films are increasing. The textile and apparel industry is another significant end-user for RPET products. Besides, the rising uptake of RPET catalyzes the growth of the market. Reduced costs of the recycling process of PET are making its adoption all the more feasible.

The economic recycling process consumes less energy consumption and reduces carbon emissions in comparison to virgin fibers. Government endeavors to promote environmental awareness has been instrumental in the growth of the global recycled PTE market. Increasing uses of RPET in concrete formation and road construction foster the growth of the market, presenting tremendous opportunities.

On the other hand, poor and inconsistent bale quality, fluctuating bale prices, and low margins are some of the factors hampering the recycled polyethylene terephthalate market growth. Moreover, process loss during the recycling of PET, which could be as high as 20–22% are impeding the growth of the market. Also, PET packaging that has antimony, a component that has similar toxicity as of arsenic might pose challenges to the recycling process of PET.           

Global Recycled PET Market   - Segments

The report is segmented into three market dynamics to widen the scope of understanding,

By Type: Clear and Colored.

By Application: Fiber, Strapping, Sheet & Film, and Food & Non-Food Bottles, among others.

By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).

Global Recycled PET Market   -

Regional Analysis

The Asia Pacific region would retain its leading position in the global recycled polyethylene terephthalate market throughout the forecast period. Ever-increasing population alongside, the rapid industrialization & urbanization in the region have led to the increased usages of plastic products and environmental concerns. Furthermore, economic reforms and government initiatives for waste recycling are some of the key factors supporting the growth of the Asia Pacific recycled polyethylene terephthalate market.

Also, significant advancements in recycling technology driven by the increasing foreign direct investment (FDI) are driving the regional market growth. Owing to the rapidly emerging countries, China, India, Japan, and Indonesia, the APAC recycling PET market is estimated to grow at approximately 8% CAGR throughout the forecast period. 

The recycled polyethylene terephthalate market in the European region takes the second-leading position, globally. Initiatives undertaken by the European Union (EU) for plastic waste recycling have been beneficial to the market growth. European countries such as Russia, Germany, Italy, Belgium, and the UK account for the key contributors to the regional market growth.

High production and export rate of textiles in Germany and Italy attribute to the growth of the market in the region. The region had acquired over 30% of the market share, in 2017, led by the stringent environmental regulations about plastic waste and consistently developing plastic recycling technologies in the region. Furthermore, the increasing automotive production alongside, the rising demand for lightweight vehicles supports the growth of the market.

Recycled Polyethylene Terephthalate Market   - Competitive Analysis

Highly competitive, the global recycled Polyethylene Terephthalate market appears to be and fragmented. Many large and small players are churning the competition to gain a competitive advantage. Further, they incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch to sustain their market position.

Major Players:

Key players leading the recycled polyethylene terephthalate market include Zhejiang Anshun Pettechs Fiber co. Ltd, Phoenix Technologies, Placon Corporation, LIBOLON, Evergreen Plastics, Indorama Ventures Public Company Limited, PolyQuest, Inc., Verdeco Recycling Inc., M&G Chemicals, Clear Path Recycling, and Montello S.p.A., among others.

Industry/Innovation/ Related News:

June 04, 2019 --- Far Eastern New Century (Taiwan), a conglomerate active in the production and finishing of synthetic fibers and other textiles announced the acquisition of Phoenix Technologies International (the US), a polyethylene terephthalate recycling company to tap into rising demand for eco-friendly, recycled feedstocks.

The PET recycling firm has an annual capacity of 36,000 tons (80m pounds) and is the third production site FENC has acquired in the US over the last 18 months. The acquisition not only attests to FENC's strategic commitment to sustainable product development and circular economy but will also enable the company to solidify its synergy with its subsidiary further and secure its competitiveness in the industry. 

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