Fort Collins, Colorado, April 10, 2024 (GLOBE NEWSWIRE) --
Need for Sustainable Packaging Solutions to Drive the Recycled Polyethylene Terephthalate Market
The rise in global demand for sustainable packaging solutions is a significant driving force behind the growth of recycled polyethylene terephthalate (rPET) in the market. Consumers are becoming increasingly aware of the environmental repercussions of single-use plastics, prompting a shift towards eco-friendly alternatives. According to a 2021 report by the United Nations Environment Programme (UNEP), the global plastic recycling rate is projected to climb from 9% in 2015 to 17% by 2025. This trend is reinforced by government initiatives and regulations to advance circular economy principles. For instance, the European Union's Plastics Strategy aims to achieve a 50% recycling rate for plastic packaging by 2025, further bolstering the demand for recycled materials like rPET.
Market expansion is further fueled by technological advancements in recycling methods and the exploration of innovative applications for Recycled Polyethylene Terephthalate (rPET). Cutting-edge technologies like chemical recycling and advanced sorting systems facilitate the production of high-quality rPET suitable for diverse applications, including food-grade packaging. Notably, in March 2024, the Eastman Chemical Company secured an investment of approximately USD 375 million from the U.S. Department of Energy for its second molecular recycling project in the United States. This investment aims to enhance the production of low-carbon intensity rPET. Moreover, the growing integration of rPET across various sectors, such as textiles and automotive, opens up new avenues for market expansion.
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Segmentation Overview:
The recycled polyethylene terephthalate market has been segmented into color, source, type, application, and region.
Clear rPET is the leading color segment in 2023.
- Based on the market segmentation by color, the clear segment held the largest market share in 2023. Clear rPET is widely used in producing food-grade packaging, such as bottles and containers, due to its transparency and ability to maintain the appearance and quality of the packaged products.
rPET Flakes is the fast-growing segment owing to the broader adoption in the packaging industry.
- Flakes will be the largest sub-segment in 2023 based on the market segmentation by type. rPET flakes are widely used as a raw material for various products, such as bottles, containers, and polyester fibers. Furthermore, their ease of transportation, storage, and processing, as well as their lower cost compared to other rPET types, are some benefits propelling the segment's growth.
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Recycled Polyethylene Terephthalate Market Report Highlights:
- The recycled polyethylene terephthalate market growth is anticipated at a CAGR of 7.3% by 2032.
- The demand for eco-friendly and sustainable packaging products will pivot in the forecast period.
- Asia-Pacific held the largest market share for rPET in 2023. This can be attributed to the increasing demand for sustainable packaging solutions and the presence of major RPET producers in countries like China, India, and Thailand. According to a report by the International Energy Agency, the Asia-Pacific region accounted for approximately 45% of the global rPET production in 2021.
- Some prominent players in the recycled polyethylene terephthalate market report include Indorama Ventures Public Company Limited, ALPLA Group, Suez, CarbonLITE Industries LLC, Evergreen Plastics Inc., Phoenix Technologies International LLC, Biffa, Verdeco Recycling Inc., Zhejiang Anshun Pettechs Fibre Co., Ltd, PolyQuest, Reliance Industries Ltd., and Veolia.
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