Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Recyclate PET Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
In a significant development highlighting the progress of the global recyclate PET market, a comprehensive analysis has been published, forecasting a remarkable expansion from 2023 through 2028. The study presents an in-depth assessment of market dynamics, revealing a projected growth from 4,490.83 kilotons in 2023 to 6,344.41 kilotons in 2028, at a CAGR of 7.16%.
The recyclate PET market is experiencing a solid upward trajectory, underpinned by the escalating demand for sustainability in packaging products and burgeoning applications within the textile domain. However, the sector is navigating through challenges such as constricted profit margins which could potentially impede its ascent.
Key Market Highlights Pointing Towards a Sustainable Future
- The growing consumer focus on environmental sustainability and an increasing appetite for sustainable packaging solutions are pivotal forces propelling market growth.
- Advancements in recycling processes for plastics, coupled with the unearthing of new material sources, are forthcoming opportunities fortifying the market's potential.
- Asia-Pacific is steering the market with formidable consumption, sustained by promising growth indicators from economic powerhouses such as China, India, and Japan.
The industrial yarn segment takes the lead in demand for recycled PET, powered by an uptick in eco-conscious synthetic material production for textiles and apparel. Committed to encouraging sustainable practices, the European Union has set ambitious benchmarks for the textile industry, with the objective that by 2030, textile products should be long-lasting, repairable, and crafted mostly from recycled fibers.
Retail giants like H&M and Inditex are setting the pace with their commitment to shift towards 100% recycled materials in the coming years. This trend is not restricted to the fashion industry, as corporate behemoths from the PET recycling sector, such as Reliance Industries Ltd., are intensifying their operations, emphatically signaling the market's potential for robust growth.
In the Asia-Pacific region, China showcases significant market heft, backed by its resilient GDP growth and industry-leading consumption of recyclate PET materials. Not to be outdone, India is surging forth with new installations and production enhancements in the rPET landscape, positioning the region at the pinnacle of market dominance.
Competitive Landscape and Market Innovations
The recyclate PET market stands as a fragmented domain with key players like Phoenix Technologies, Placon (EcoStar), and Lotte Chemical Corporation driving competitive strategies and product innovations. Such entities are pivotal to the market's vigor, continually advancing technologies that reinforce the sustainability and utility of recyclate PET materials.
As the global community becomes increasingly sensitized to the environmental impacts of non-degradable plastics, the Asia-Pacific region is anticipated to unveil substantial opportunities for the recyclate PET market, fostering a cleaner, greener, and more sustainable world.
This extensive market analysis with detailed segment forecasts provides invaluable insights, and the conclusion is evident: the recyclate PET market is poised for significant growth and transformation in the upcoming years, energized by innovation, consumer demand, and a collective commitment to environmental stewardship.
A selection of companies mentioned in this report includes
- Centriforce Products Ltd
- Clean Tech UK Ltd
- Dennison Ltd
- DS Smith
- DutchPetRecycling
- Foss Manufacturing LLC
- G.E.T Recycling Co. Ltd
- JFC Plastics Ltd
- Krones AG
- Libolon
- Lotte Chemicals
- M&G Chemicals
- Petco.co.za
- Phoenix Technologies
- Placon (Ecostar)
- PolyQuest
- Reliance Industries Limited
- Repro-PET
- UltrePET LLC
- Verdeco Recycling Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ke0zr5
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Attachments
- Recyclate Pet Market Recyclate P E T Market Textile And Clothing Indu
- Recyclate Pet Market Recyclate P E T Market Growth Rate By Region 20
