Market Overview:
Market Research Future (MRFR)’s latest study reveals that the global
recycled polyethylene terephthalate (RPET)market is poised to register a CAGR
of 8.5% during the forecast period 2018 to 2023. In terms of revenue, the
market is projected to grow from USD 6,572.9 Mn in 2017 to USD 10,666.2 Mn by
2023-end. The growth of the market is highly dependent on the polyethylene
terephthalate (PET) market. The recycling rate of PET is expected to improve
over the next couple of years, thus, augmenting the recycled polyethylene
terephthalate market. In terms of volume, the global recycled polyethylene
terephthalate market is prognosticated to reach over 11 KT by the end of 2023
up from 7,684.3 KT in 2017. However, 20-22% loss is incurred during the
manufacturing process which remains an impediment to the market expansion.
The demand for RPET fiber in the textile industry is anticipated to
witness an upsurge as it shows no qualitative degradation after several
recycling sessions. The growth of the textile industry is poised to boost the
expansion of recycled polyethylene terephthalate market through the review
period. Additionally, the extensive use of RPET in the food & beverage
sector for packaging has intensified the market proliferation. Increase in
working population, and disposable income has led to a shift towards
ready-to-eat and packaged food products which is driving the demand for RPET.
The inclination towards plastic roads has paved the way for revenue
acceleration for market participants. Plastic roads offer durability and take
lesser time to build. This, in turn, is expected to fuel demand for RPET in the
foreseeable future. Furthermore, the scarcity of drinking water has created an
intense need for water treatment. It is likely to catalyze demand for
nanofibers, which is expected to fuel demand for RPET.
Segmental Analysis:
MRFR’s 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:
v Placon
v Clear Path Recycling
v Verdeco Recycling Inc.
v Indorama Ventures Public Company Limited
v Zhejiang Anshun Pettechs Fiber Co., Ltd
v PolyQuest
v Evergreen Plastics
v Montello S.p.A.
v Phoenix Technologies
v M&G Chemicals
v LIBOLON
Regional Outlook:
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.
Coronavirus Outbreak and Plastic Films Market @ https://www.marketresearchfuture.com/report/covid-19-impact-plastic-films-market
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