Global plastic production reached 460 million tons (Mt) in 2019, which has doubled from 234 Mt in 2000, showcasing a rapid increase in demand owing to population growth and higher incomes. In addition, during the same period, plastic waste generation has increased by 197 Mt surpassing the growth of plastic production. As a result, increasing the concern among the environmental bodies to control the production and use of primary plastic, hence promoting the use of recycled plastic. PET is one of the most widely used plastics today used in a range of industries including packaging foods and beverages especially convenience-sized soft drinks, juices, and water. Furthermore, it is completely recyclable and is the most recycled plastic worldwide. Moreover, companies across the globe are making efforts to promote sustainability thereby opting for a circular economy model, thus promoting the global plastic recycling business including recycled PET. For instance, in December 2020, PepsiCo Inc. announced that the company has set the target to eliminate all virgin plastic from its Pepsi brand beverage bottles sold in nine European Union markets by 2022. The company will package the entire range of beverages under that brand with plastics recycled from post-consumer packaging (recycled PET).

Download Free Sample of this Report - https://univdatos.com/reports/recycled-pet-market?popup=report-enquiry

According to UnivDatos’ research report “Global Recycled PET Market”, the market is expected to showcase a growth of around 7% during the forecast period. Increasing focus on plastic recycling, high PET recycling rates, and companies focusing on the circular economy model are some of the key attributable factors to the growth of the market.

Based on the source, the market is categorized into bottles & containers, films & sheets, and others. Among these, bottles & containers captured a dominating position in the market owing to the wide usage of PET-based packaging materials in the food & beverage and non-food industries. This can be attributed to the fact that it is food safe, strong, lightweight, transparent, shatter-resistant, and provides additional properties like desired barrier properties.

Based on application, the market is categorized into fibers, sheets & film, strapping, bottles & containers, and others. Among these, fibers accounted for a significant market share and is expected to maintain its position during the forecast period. This can be ascribed to the wide adoption of recycled fibers as a filling material for cushions and pillows and converted to fabrics for use in clothing, upholstery, etc. Moreover, in several countries recycled PET is not allowed to use for food & beverage packaging thus limiting the application area.

Asia-Pacific accounted for a considerable share of the Recycled PET market

Asia-Pacific accounted for a significant share in the Recycled PET market and is likely to maintain its strong position during the forecast period. The region is among the largest PET plastic producer and consumers in the world. This has resulted in the generation of a large amount of plastic waste. Thereby, providing enough sources for PET recycling. Moreover, regional countries like China, India, and Japan have the highest PET recycling rates, thus the region accounted for a significant share of the market. Further, the growing food & beverage packaging industry in the regional economies owing to the growing demand for packaged food is likely to increase the market for PET-based bottles & containers. As government and food & beverage companies are taking several steps to promote the use of secondary plastic, therefore with an increase in PET packaging materials demand, the market for recycled PET would likely to increase during the foreseeable future.

For More Informative Information, Please Visit Us – https://univdatos.com/reports/recycled-pet-market

According to UnivDatos, the key players with a considerable market share in the global Recycled PET market include Indorama Ventures Public Company Limited, Biffa plc, Far Eastern New Century Corporation, Plastipak Packaging Inc., Alpek S.A.B. de C.V., PolyQuest Inc., Loop Industries Inc., Evergreen Placon Corporation, and Reliance Industries Ltd. These companies are taking several strategic decisions to meet the growing demand and increase their market share.

“Global Recycled PET Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.

Contact Us:

UnivDatos

Contact Number - +1 978 733 0253

Email - contact@univdatos.com 

Website - www.univdatos.com

Linkedin- https://www.linkedin.com/company/univ-datos-market-insight/mycompany/