CHICAGO, Nov. 8, 2021 /PRNewswire/ -- According to the new market research report "Recycled PET Market by Type (Flakes, Chips), Grade (Grade A, Grade B), Source (Bottles & Containers, Films & sheets), Application ( Bottles, fiber, Sheets, Strapping), and Region (APAC, North America, Europe, MEA, South America)- Global Forecast to 2026", published by MarketsandMarkets™, the market size is expected to grow from USD 8.9 billion in 2021 to USD 11.7 billion by 2026, at a CAGR of 5.7% during the forecast period.
The driving factors for the Recycled PET Market is increasing penetration of recycled PET in the bottles, sheets, fiber and other applications throughout the world. An increasing trend in terms of collection, domestic recycling, recovery of PET, export of PET waste, and implementation of legislative regulations has been witnessed in the market for RPET. These activities have contributed significantly to the growth in demand for RPET in various applications such as food & beverage bottles, textile fiber, and strapping.
Bottles is expected to be the largest and fastest-growing application in the Recycled PET Market during the forecast period.
Bottle is the largest and fastest-growing application segment in the Recycled PET Market. Increasing demand for RPET bottles in food & beverage packaging is driving the market. Growth of this segment is attributed to the rising demand for bottle-to-bottle recycling across the world. It accounted for a share of about 36.5% of the Recycled PET Market, in terms of value, in 2020.
APAC is expected to hold the largest market share in the global Recycled PET Market during the forecast period.
APAC is the largest and market of recycled PET, with China being the major emerging market. APAC accounted the growth is due to the growing demand from bottles, sheets, fiber and other applications throughout the world. An increasing trend in terms of collection, domestic recycling, recovery of PET, export of PET waste, and implementation of legislative regulations has been witnessed in the Recycled PET Market. These activities have contributed significantly to the growth in demand for RPET in various applications such as food & beverage bottles, textile fiber, and strapping. It accounted for a share of about 43.6% of the Recycled PET Market, in terms of value, in 2020.
Indorama Ventures Public Limited (Thailand), Biffa (UK), Far Eastern New Century Corporation (Taiwan), Plastipak Holdings Inc (US), Alpek (Mexico), among others. are the leading recycled PET manufacturers, globally.
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