Market Research Future (MRFR)’s most recent investigation uncovers that the worldwide recycled polyethylene terephthalate (RPET) market is ready to enlist a CAGR of 8.5% during the estimate time frame 2018 to 2023. As far as income, the market is projected to develop from USD 6,572.9 Mn in 2017 to USD 10,666.2 Mn by 2023-end. The development of the market is profoundly subject to the polyethylene terephthalate (PET) market. The reusing pace of PET is relied upon to work on throughout the two or three years, in this way, expanding the recycled polyethylene terephthalate market. As far as volume, the worldwide recycled polyethylene terephthalate market is guessed to reach more than 11 KT before the finish of 2023 up from 7,684.3 KT in 2017. Notwithstanding, 20-22% misfortune is caused during the assembling interaction which stays an obstruction to the market extension.
The interest for RPET fiber in the material business is expected to observe an upsurge as it shows no subjective debasement after a few reusing meetings. The development of the material business is ready to support the extension of recycled polyethylene terephthalate market through the survey time frame. Moreover, the broad utilization of RPET in the food and refreshment area for bundling has escalated the market expansion. Expansion in working populace, and discretionary cashflow has prompted a shift towards prepared to-eat and bundled food items which is driving the interest for RPET.
MRFR’s recycled pet market report offers a detailed segmental analysis of the market based on type and application. By type, the market has been segmented into clear and colored. Among these, the clear segment holds a major share of the market as the colored RPET has to undergo a process that degrades its quality. The clear segment was valued at USD 4,203.6 Mn in 2017 and is expected to reach a value over USD 6 Mn by the end of 2023. The increasing demand from the packaging industry is likely to drive the growth of the clear segment in the forthcoming years.
By application, the market is based on fiber, sheet & film, strapping, food grade bottles & containers, non-food grade bottles & containers, and others. The fiber segment accounts for the maximum share of the market and is expected to exhibit healthy growth over the next few years. Its growth can be ascribed to the extensive use of polyester fiber in textile manufacturing.
Global Market for Recycled Polyethylene Terephthalate-Competitive Dashboard:
Some of the key players profiled in the report include Placon, Clear Path Recycling, Verdeco Recycling Inc., Indorama Ventures Public Company Limited, Zhejiang Anshun Pettechs Fiber Co., Ltd, PolyQuest, Evergreen Plastics, Montello S.p.A., Phoenix Technologies, M&G Chemicals, and LIBOLON
Complete Report Details @ https://www.marketresearchfuture.com/reports/recycled-polyethylene-terephthalate-market-5812
By region, the global Recycled Polyethylene Terephthalate Market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific currently accounts for 56% share of the market and is estimated to strike a relatively higher CAGR. The high recycling rate in Asian countries, especially China, Japan, and India are projected to accelerate revenue creation for the market players. For instance, according to a study published by National Chemical Laboratory (NCL), India recycles 90% of its polyethylene terephthalate, trailed by Japan which recycles 72% of its polyethylene terephthalate. India resonates strong growth opportunities and is emerging as an investment-centric market due to intensified textile production.
Europe is the second largest market for recycled polyethylene terephthalate and is forecasted to remain a highly lucrative market in the forthcoming years. Germany is the most promising country-level market and is estimated to reach a value of USD 510.8 Mn towards the end of the assessment period. The growth of Germany’s market can be ascribed to the extensive production and export of textiles. Additionally, the initiatives undertaken by the European Union (EU) for plastic waste recycling has further boosted the market growth in the region. The trend is likely to perpetuate during the projection period.
North America is an important growth pocket due to the presence of established plastic industry in the U.S. Meanwhile; Latin America accounted for 9.9% share of the global market. The factor driving the growth of the regional market include economic reforms in favor of industrialization in Brazil. Apart from Brazil, Mexico and Argentina are projected to FAVOR the proliferation of the regional market.
The Middle East & Africa holds the least share of the global market owing to lack of awareness regarding recycling. However, increasing consumption of plastic coupled with increasing awareness about the benefits of plastic recycling has opened avenues of growth opportunities in the regional market.
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