Dublin, July 16, 2024 (GLOBE NEWSWIRE) -- The "India Recycled PET Market 2024-2030: Share, Revenue, Forecast, Companies, Trends, Industry, Value, Size, Growth & Analysis: Market Forecast by Type, Grade, Application and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
India Recycled PET Market size is projected to grow at a CAGR of 9.3% during 2024-2030F
The recycled PET market in India has seen an upswing in recent years, attributed to increased utilization in the food and beverage packaging sector as approximately 63% of bottles are specifically allocated for packaging beverages like water, soft drinks, fruit drinks, dairy, and liquor. Notably, Hindustan Unilever and several other FMCG companies incorporated 90% recycled PET packaging for specific product segments, creating significant demand for rPET products in recent years.
The growth of the India recycled PET industry is driven by the rising use of recycled PET in FMCG and Textile industry as FMCG firms commit to sustainability, aiming for 50% recycled PET in packaging by 2030 and the growing textile industry which utilises around 50%-60% is anticipated to rise in upcoming years.
Moreover, government initiatives such as phasing out of single-use plastic items and mandate extended producer responsibility to PIBO(producers, importers and brand owners) to recycle plastic content in packaging with the target to reach 50% by 2025 for Category 1 and 4 plastics and 30% for category 2 and 3 plastics is driving the market ahead.
Furthermore, the upcoming investment such as Indian Oil Corporation Limited (IOCL) plans to recycle 100 million discarded mineral water, cold drinks and other PET bottles annually to make eco-friendly uniforms for its staff is expected to propel future demand for the recycled PET market.
Market Segmentation by Types
In 2023, PET flakes are dominating the recycled PET market in terms of revenue, mainly due to their processing efficiency. Flakes are generally preferred for specific processes like extrusion and spinning in the production of fibers or non-woven fabrics, PET flakes stand out with their advantages in the melting and moulding process, contributing to their dominance in revenue generation.
Market Segmentation by Grade
Clear grade PET will lead the market in upcoming years as transparent quality, free from any coloration or haze, makes it the preferred choice for products that require a crystal-clear presentation as it aligns with the needs of industries where visual aesthetics are crucial.
Market Segmentation by Applications
In 2023, fibers maintain a dominant position in the recycled PET market in terms of revenues, primarily propelled by their pivotal role in the textile industry. PET fibers are utilized extensively in the production of polyester fabrics, and command significant global demand, thereby contributing substantially to the overall consumption of PET fibers.
Key Attractiveness of the Report
- 10 Years of Market Numbers
- Historical Data Starting from 2020 to 2023
- Base Year: 2023
- Forecast Data until 2030
- Key Performance Indicators Impacting the Market
- Major Upcoming Developments and Projects
Key Highlights of the Report
- India Recycled PET Market Overview
- India Recycled PET Market Outlook
- India Recycled PET Market Forecast
- Historical Data and Forecast of India Recycled PET Market Revenues and Volume, by Product, Grade, Applications for the Period 2020-2030F
- Industry Life Cycle
- India Recycled PET Market - Porter's Five Forces
- Market Drivers and Restraints
- Market Trends
- Market Opportunity Assessment
- Company Revenue Ranking
- Market Competitive Benchmarking
Company Profiles
- Green-O-Tech India
- Srichakra Polyplast (India) Pvt Ltd
- The Shakti Plastic Industries
- Ganesha Ecosphere Ltd.
- Dalmia Polypro Industries Pvt. Ltd.
- Pashupati Group
- Revalyu Recycling (India) Limited
- Balaji Enterprises
For more information about this report visit https://www.researchandmarkets.com/r/kb2sf6
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