Recyclate PET Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Recyclate PET Market Analysis
The Recyclate PET Market size is estimated at 4.78 Million tons in 2024, and is expected to reach 6.80 Million tons by 2029, growing at a CAGR of greater than 7% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market in 2020. This was because of the shutdown of the manufacturing facilities and plants due to the lockdown and restrictions. Supply chain and transportation disruptions further created hindrances for the market. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
- Over the medium term, factors such as the growing emphasis on sustainability among consumers and packaging products and the increasing demand from the textile industry are driving the market growth.
- On the flip side, lower profit margins in the industry are expected to hamper the market's growth.
- Nevertheless, the innovations in recycling technologies for automatic processing and sorting of plastics and the discovery of new material sources are likely to provide opportunities for the market studied during the forecast period.
- Asia-Pacific dominated the global market due to the significant growth in demand coming from countries such as China, India, and Japan.
Recyclate PET Market Trends
The Industrial Yarn Segment to Dominate the Market Demand
- Recycled PET industrial yarn is an environmentally friendly synthetic material manufactured from recycled PET bottles. After collecting and sorting PET plastic bottles, they can be turned into flakes, melted down, and spun into yarn. Polyester, lycra, and nylon fibers spun from PET plastic can create clothing and shoes.
- Various government initiatives, industrial investments to reach zero waste and circularity targets, environmental factors, and the rising demand for polyester yarns worldwide are driving the market demand.
- In this regard, the European Union has set several goals for the textile industry. As per reports, by 2030, all textile products must be durable, repairable, and recyclable, primarily made from recycled fibers and free from hazardous substances, indicating an increase in the recyclate PET market in the forecast period.
- Additionally, retailer fashion brands like H&M and Inditex have set targets to use 100% recycled fibers by 2025-2030 in the ready-made garments (RMG) sector. In Germany, as per the Federal Statistical Office of Germany, the textile industry's revenue in 2022 was nearly USD 14 billion, an increase from roughly USD 12.9 billion in 2021. Similarly, the revenue from the clothing industry was nearly USD 7.5 billion, an increase from USD 6.23 billion in the previous year.
- Furthermore, in August 2022, Reliance Industries Ltd. announced its plan to maintain its leadership position in PET recycling by doubling its bottle recycling capacity to 5 billion bottles per year. The company invests in boosting its yarn and fiber production for its fashion business segment. It is expected to enhance growth in the recyclate PET market in the near future.
- Therefore, these trends are likely to influence the industry's demand for recycled PET during the forecast period.
Asia-Pacific Region to Dominate the Market
- In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 3% growth in its GDP in 2022, even after the trade disturbance caused due to its trade war with the United States.
- China's real GDP grew by 2.2% in 2020 and by 8.4% in 2021, largely driven by the consumer spending rebound post-pandemic. Furthermore, in 2023, as per IMF forecasts, the country's GDP grew by 5.2% and is expected to decline to 4.5% in 2024.
- China is the largest consumer of recyclate PET (rPET) in the region, owing to its growing packaging, textile, and automotive industries. The production in these industries is expected to drive the demand for polyethylene terephthalate resin in the country during the forecast period.
- Some of the manufacturers of rPET in the country include Veolia Huafei and Mars. Veolia Huafei is one of the largest manufacturers of recycled PET in the country. In 2021, the company scaled up its rPET bottle flakes capacity from 30,000 metric tons to 100,000 metric tons. There is an increase in greenfield investment for recycled PET pallets by Chinese investors in neighboring countries, such as Vietnam and Malaysia.
- In February 2023, the Chinese branch of the global confectionery company Mars Wrigley launched its first package made entirely from post-consumer recycled PET (rPET). The company adopted this recycled PET packaging for its local chocolate brand, Cui Xiang Mi (CXM).
- Furthermore, India is one of the emerging economies globally, and almost all the end-user industries have been growing, owing to the rising population, living standards, and per capita income.
- There are many companies that have been involved in the production of rPET in the country. For instance, Ganesha Ecopet Private Limited, a subsidiary of Indian PET recycling pioneer Ganesha Ecosphere Ltd, opened its new Warangal facility under the brand name Go Rewise, where it produces rPET for filament yarns and fibers, as well as for food-grade packaging. The company has installed two Starlinger PET recycling lines in its facility in Warangal, Telangana.
- Besides, the increased concerns related to harmful environmental impact due to the no-degradability of plastic and the growing regulations are expected to provide enormous opportunities for the recyclate PET market in Asia-Pacific in the coming years.
Recyclate PET Industry Overview
The recyclate PET market is fragmented in nature. Some of the noticeable players in the market include (in no particular order) Phoenix Technologies, Placon (EcoStar), PolyQuest, Lotte Chemical Corporation, and Avery Dennison Corporation.
Recyclate PET Market Leaders
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Phoenix Technologies
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Placon (EcoStar)
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PolyQuest
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Avery Dennison Corporation
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Lotte Chemical Corporation
*Disclaimer: Major Players sorted in no particular order
Recyclate PET Market News
- In October 2022, in collaboration with Coca-Cola, Indorama Ventures built a polyethylene terephthalate (PET) recycling facility in the Philippines as part of the Coca-Cola Company's 'World Without Waste Campaign,' aiming to collect and recycle the equivalent of every bottle sold by 2030.
- In July 2022, a connecting road was constructed using 3,000 kg of recycled plastic waste in Bengaluru. These roads are eco-friendly, durable, and crafted from 100% recycled PET waste. There has been a growing interest in using recycled plastic waste in road construction as a more sustainable and eco-friendly alternative to traditional materials.
Recyclate PET Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Emphasis on Sustainability among the Consumer and Packaging Products
- 4.1.2 Increasing Demand from the Textile Industry
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4.2 Restraints
- 4.2.1 Absence of the Required Framework for Plastic Collection and Segregation
- 4.2.1.1 Environmental Concerns and Health Hazards
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION
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5.1 By Product Type
- 5.1.1 PET Staple Fiber
- 5.1.2 PET Straps
- 5.1.3 PET Sheets or Films
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5.2 By Application
- 5.2.1 Packaging
- 5.2.2 Industrial Yarn
- 5.2.3 Mono Filaments
- 5.2.4 Strapping
- 5.2.5 Building Materials
- 5.2.6 Other Applications
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5.3 By Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 France
- 5.3.3.4 Italy
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle East & Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Alpla Group
- 6.4.2 Avery Dennison Corporation
- 6.4.3 Ds Smith
- 6.4.4 Far Eastern New Century Corporation
- 6.4.5 Indorama Ventures Public Company Limited
- 6.4.6 Jiangsu Zhongyuan Industrial Group Co. Ltd
- 6.4.7 Kaptan Group Holdings AS
- 6.4.8 Krones AG
- 6.4.9 Libolon
- 6.4.10 Lotte Chemical Corporation
- 6.4.11 Placon
- 6.4.12 Phoenix Technologies
- 6.4.13 Polyquest Inc.
- 6.4.14 Reliance Industries Ltd
- 6.4.15 Repro-PET
- 6.4.16 Veolia
- 6.4.17 Verdeco Recycling Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Innovations in Recycling Technologies for Automatic Processing and Sorting of Plastics
- 7.2 Increasing Circular Economy Initiatives
Recyclate PET Industry Segmentation
Recyclate PET, or rPET, refers to PET (polyethylene terephthalate) plastic that has been recovered and processed for reuse. It involves collecting used PET bottles and cleaning, shredding, and transforming them into pellets or flakes. These recycled materials can then be used to manufacture new PET products, reducing waste and environmental impact.
The recyclate PET market is segmented by product type, application, and geography. By product type, the market is segmented into PET staple fiber, PET straps, and PET sheets or films. By application, the market is segmented into packaging, industrial yarns, monofilaments, strapping building materials, and other applications. The report also covers the market size and forecasts for the recyclate PET market across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (tons).
| By Product Type | PET Staple Fiber | |
| PET Straps | ||
| PET Sheets or Films | ||
| By Application | Packaging | |
| Industrial Yarn | ||
| Mono Filaments | ||
| Strapping | ||
| Building Materials | ||
| Other Applications | ||
| By Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| By Geography | Middle East & Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle East & Africa |
Recyclate PET Market Research FAQs
How big is the Recyclate PET Market?
The Recyclate PET Market size is expected to reach 4.78 million tons in 2024 and grow at a CAGR of greater than 7% to reach 6.80 million tons by 2029.
What is the current Recyclate PET Market size?
In 2024, the Recyclate PET Market size is expected to reach 4.78 million tons.
Who are the key players in Recyclate PET Market?
Phoenix Technologies, Placon (EcoStar), PolyQuest, Avery Dennison Corporation and Lotte Chemical Corporation are the major companies operating in the Recyclate PET Market.
Which is the fastest growing region in Recyclate PET Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Recyclate PET Market?
In 2024, the Asia Pacific accounts for the largest market share in Recyclate PET Market.
What years does this Recyclate PET Market cover, and what was the market size in 2023?
In 2023, the Recyclate PET Market size was estimated at 4.45 million tons. The report covers the Recyclate PET Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Recyclate PET Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Recyclate PET Industry Report
Statistics for the 2024 Recyclate PET market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Recyclate PET analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
