New York, USA, Jan. 17, 2023 (GLOBE NEWSWIRE) -- PET Bottle Recycling Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Pet Bottle Recycling Market Information By Recycling Process, by Application, and Region - Forecast till 2030”, the market is estimated to grow at a 5.28% CAGR to reach USD 7358.6 Million by 2030.
Market Synopsis
PET or Polyethylene Terephthalate is generally found in perishable food containers, beverage bottles, and mouthwash. This plastic type is considered to be one of the safe ones but it absorbs the odors and flavors of the edible content that is stored in them.
PET bottle recycling can be described as the process by which plastic waste is recovered and the waste material is turned into useful products. Recycling PET bottles helps foster the chances of reusing plastic material. The pollution levels go down when PET bottles are converted into lower-grade plastics. The carbon dioxide emission level declines while waste generation is reduced with the PET bottle recycling process.
PET bottle recycling process is vastly used in applications like beverages, personal care, packaging, pharmaceuticals, and consumer goods. Out of these, this process is extensively used in packaging. PET bottle recycling is carried out by mechanical recycling as well as chemical recycling.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | 2030: USD 7358.6 Million |
| CAGR | 5.28% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Recycling Process, by Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Expansion popular for Pharmaceutical and bundling materials is considered a significant opportunity. |
| Social mindfulness among individuals has expanded the pet bottle recycling market development. |
Market Competitive Landscape:
The important companies in the PET bottle recycling industry include
- Indorama Ventures Public Company Limited
- CarbonLITE Industries
- Krones Ag
- Plastipak Holdings Inc.
- UltrePET LLC
- Phoenix Technologies
- Clear Path Recycling
- Schoeller Group
- PFR Nord GmbH
- PolyQuest
Since the market is filled with several small as well as big vendors, it is marked with intense competition. New launches or product rebranding as well as innovation are some of the major strategies employed by the players to elevate their market standing.
Market USP Covered:
Market Drivers:
Plastic bottles note considerable demand in line with the improving lifestyles of consumers, most in developing economies worldwide. The ease of collection as well as the well-organized network of gathering and sorting already used PET bottles will favor the global market.
Furthermore, a major raw material used in PET bottles is petroleum. Recycling used products is the best option for manufacturers than manufacturing new bottles. This will be a growth-enhancing factor for the PET bottle recycling industry in the years ahead.
Soaring awareness with regard to the environmental hazards of plastic disposal as well as the rise in governmental initiatives will benefit the PET bottle recycling market in the long run.
Opportunities
The landfill process associated with PET bottles is a slow decomposition process that results in the release of toxic gases. Moreover, the manufacturing of new products involves the combustion of various raw materials like fossil fuel, which leads to the production of excess carbon dioxide as well as the depletion of non-renewable resources.
Recycled plastics result in an extremely less greenhouse gas footprint compared to virgin plastics. The efficient and high-quality waste management system helps considerably reduce the chances of plastic leakage into the environment.
Various public, as well as private entities, are encouraging the process of recycling PET bottles to deal with the problem of plastic waste. PET bottle recycling allows the capturing of waste plastics by facilitating substantial waste collection as well as recycling rates. Therefore, the surging awareness levels regarding the ill effects of traditional PET bottle waste disposal processes like landfilling will be a lucrative opportunity for the renowned players in the PET bottle recycling industry.
Market Restraints:
Virgin plastics are not as costly as reused ones, a factor that can greatly impede market growth in the future.
Browse In-depth Market Research Report (111 Pages) on Pet Bottle Recycling: https://www.marketresearchfuture.com/reports/pet-bottle-recycling-market-2865
COVID 19 Analysis
The overall label industry has been significantly affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under lockdown, to control the rising cases. Owing to this, the demand and supply chain has been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The high costs of technologies used during PET bottle recycling along with the COVID-19 pandemic have restricted the growth rate of the market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
Market Segmentation
By Recycling Process
The pet bottle recycling industry, depending on recycling process, can be divided into chemical as well as mechanical.
By Application
Different applications of pet bottle recycling are Consumer Goods, Beverages, Pharmaceuticals, Personal Care, and more.
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Regional Analysis
The highest demand for the PET bottle recycling process can be noted in the Asia Pacific, as a result of which the region is touted to capture the highest share in the worldwide market. The demand for the same is remarkably high in packaging and pharmaceutical materials across emerging countries such as India, Indonesia, and China. The blossoming population has raised the demand for PET bottles in the Asia Pacific, which will ensure a sustained market position throughout the given period.
North America will be one of the key regional markets for PET bottle recycling, on account of the surging awareness level regarding environmental sustainability. Since landfills are banned across the countries like the U.S, the demand for PET bottle recycling can increase notably in the following years.
Landfill bans are also quite common in Europe, thereby raising the need for PET bottle recycling. Since landfill taxes in various European nations are quite substantial, dumping can be extremely expensive compared to plastic recycling. Such a scenario will encourage the recycling of PET bottles in the region, in turn elevating the market status in subsequent years.
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