Recycled Polyethylene Terephthalate Global Market Report 2024

Polyethylene terephthalate (PET) is a recyclable plastic resin that belongs to the polyester family, formed through the combination of two monomers: modified ethylene glycol and purified terephthalic acid. PET is commonly recycled into various products, including new PET containers, carpet, clothing, protective packaging, industrial strapping, automotive parts, construction materials, tennis balls, and tennis ball canisters.

Recycled polyethylene terephthalate comes in clear and colored variants. 'Clear recycled polyethylene terephthalate' denotes transparent PET plastic, which is the most widely recycled plastic globally. Recycled PET finds applications in diverse industries, including fiber, sheet and film production, strapping, the manufacturing of food and beverage containers and bottles, as well as non-food containers and bottles. These applications are prevalent in industries such as packaging, electrical and electronics, automotive, and construction.

The recycled polyethylene terephthalate market research report is one of a series of new reports that provides recycled polyethylene terephthalate market statistics, including recycled polyethylene terephthalate industry global market size, regional shares, competitors with a recycled polyethylene terephthalate market share, detailed recycled polyethylene terephthalate market segments, market trends and opportunities, and any further data you may need to thrive in the recycled polyethylene terephthalate industry. This recycled polyethylene terephthalate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The recycled polyethylene terephthalate market size has grown strongly in recent years. It will grow from $9.89 billion in 2023 to $10.84 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth observed in the historical period can be attributed to the increasing demand for sustainable and recycled plastics, the growth in beverage and food packaging industries, the expansion of PET recycling infrastructure, advancements in rPET (recycled polyethylene terephthalate) manufacturing processes, and the implementation of regulatory standards for plastic recycling.

The recycled polyethylene terephthalate market size is expected to see strong growth in the next few years. It will grow to $15.6 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period can be attributed to the development of customized rPET (recycled polyethylene terephthalate) solutions tailored for specific product applications, the integration of rPET in 3D printing and additive manufacturing, the adoption of sustainable and circular economy practices in rPET production, the expansion of rPET components in the automotive sector, and the increasing use of rPET in cosmetics and personal care packaging. Key trends expected in the forecast period encompass a focus on regulatory compliance in rPET safety and recycling standards, the emergence of smart and traceable rPET products, the provision of personalized rPET solutions for brands and consumers, an emphasis on transparency in rPET material sourcing and supply chain, and the integration of artificial intelligence for quality control in rPET production processes.

The growth of the recycled polyethylene terephthalate market is being propelled by the increasing demand for sustainable packaging solutions. Placon, a prominent designer and manufacturer of plastic thermoforming and injection-molded packaging, predicts that the next decade will witness the collection of post-consumer beverage bottles reaching nearly 100%. Recycling is deemed crucial for a sustainable future, contributing to reduced greenhouse gas emissions and minimized waste. Global brands such as Coca-Cola, PepsiCo, Unilever, Danone, and Nestle are responding to consumer demands by incorporating higher percentages of recycled content in their packaging. Recognizing the economic and holistic sustainability value of PET (polyethylene terephthalate), these major FMCG brands are setting ambitious targets, challenging suppliers to achieve 100% compostable, reusable, and recyclable packaging by 2025.

The anticipated growth of the recycled polyethylene terephthalate market is further driven by the increasing prominence of the e-commerce industry. As more consumers engage in online shopping, environmental concerns are driving both e-commerce companies and consumers to prioritize sustainable packaging solutions. Statistics from US e-commerce reveal that 65% of consumers expect to use online purchasing platforms more frequently in 2022, with projected e-commerce revenues reaching $6.3 trillion by 2024. In Spain, the current 29.6 million e-commerce users are expected to grow to 36.9 million by 2025, representing 74% of the total population, with an average user spending $804 online. Consequently, the rising popularity of the growing e-commerce industry is a significant factor contributing to the growth of the recycled polyethylene terephthalate market.

A key trend gaining traction in the recycled polyethylene terephthalate market is technological advancement, including innovations such as PET, the XTREME Renew process, and LiquiGlide technology. These advanced recycling and recovery techniques hold substantial economic value by transforming post-use and challenging-to-recycle plastics into original building blocks. These building blocks can be continually reintegrated into supply chains for manufacturing new plastics, chemicals, and lower-environmental-footprint transportation fuels. Advanced recycling techniques can effectively handle impurities, contamination, mixed polymers, and low-quality, low-density plastics. For instance, LiquiGlide technology, adopted in 2021, reduces friction, enabling the smoother flow of thick, slow-moving liquids and was utilized in Colgate's new clear PET toothpaste container.

Major companies in the recycled polyethylene terephthalate market are actively expanding their business operations to meet the growing demand. For example, Evergreen, a US-based recycled PET manufacturer, completed the expansion of its production plant in Clyde, Ohio, in July 2022, responding to increased customer demand for recycled PET plastic. The expansion, initially a $22 million project with three lines, was adjusted to accommodate four extrusion lines, with potential for further expansion to six, producing 11.8 billion bottles annually.

In June 2021, Indorama Ventures Sustainable Recycling (IVSR) announced the acquisition of Carbonlite Holdings LLC, a Texas-based PET recycling facility. This acquisition expanded IVSR's recycling capacity to ten billion beverage bottles annually, aligning with its global target of recycling 50 billion bottles. Carbonlite Holdings LLC is renowned as the world's largest recycler of plastic beverage bottles, processing over 7 billion bottles each year at its facilities in Dallas and headquartered in Los Angeles, California.

Major companies operating in the recycled polyethylene terephthalate market include Placon Corporation, Antares Chem Private Limited, BariQ Ltd., Clear Path Recycling LLC, Evergreen Plastic Container Inc., Indorama Ventures Public Company Limited, Lealea Enterprise Co. Ltd., M&G Chemicals S.A, Montello Spa, Phoenix Technologies Ltd., PolyQuest Inc., Verdeco Recycling Midwest Inc., Zhejiang Anshun Pettechs Fibre Co. Ltd.,, Alpek SAB de CV, Cooperativa Central Aurora Alimentos Ltd., CarbonLite Industries LLC, Denton Plastics Inc., Extrupet Pty Ltd., Loop Industries Inc., LyondellBasell Industries NV, MFX do Brasil Equipamentos de Petróleo Ltd., Mohawk Industries Inc., PetStar Holding Company SA, Plastipak Holdings Inc., Polindo Utama, rPlanet Earth, Starlinger & Co. GmbH, The Coca-Cola Company, UltrePET LLC, Unifi Inc., Vanden Global Ltd., Verallia UK Ltd., Wellman Plastics Recycling LLC

Asia-Pacific as the largest region in the recycled polyethylene terephthalate market in 2023. Asia-Pacific is expected to be the fastest-growing region in the recycled polyethylene terephthalate market share the during the forecast period. The regions covered in the recycled polyethylene terephthalate market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the recycled polyethylene terephthalate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The recycled polyethylene terephthalate market consists of sales of recycled polyethylene terephthalate flakes and chips. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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