March 17, 2022 18:00 ET | Source: Precedence Research Precedence Research
Tokyo, March 17, 2022 (GLOBE NEWSWIRE) -- The global recycled polyethylene terephthalate market size was valued at US$ 8.56 billion by 2021. The growth of the market is primarily driven by changing consumer behavior regarding sustainability. In addition, a ban on landfills introduced in several advanced countries in North America and Europe is likely to drive the product demand during the forecast period. The major factor boosting the demand for Recycled Polyethylene Terephthalate (rPET) in these region is its broad application scope in various crucial industries, similar as FMCG, apparel & cloth, consumer goods, and automotive.
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In addition, despite significant investments, utmost post-consumer PET bottles are highly exported to Southeast Asian countries for recycling and further re-imported to different countries in North America in the form of new bottles manufactured from recycled PET. According to the World Economic Forum, as the demand for single- use Particular Defensive Outfit (PPE) has surged the outburst of COVID-19 has made plastic waste recovering and application more complex in nature.
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Future of Recycled polyethylene terephthalate Market
Rising enterprises about environmental pollution have increased the demand for eco-friendly and sustainable packaging results including recycled plastic. Packaging manufacturers are fastening on developing sustainable and green packaging products which can be reclaimed and reused. These manufacturers are investing in R&D conditioning and technologies to develop sustainable packaging results which are eco-friendly, cost-effective, and don't compromise on the protection position offered to the packed product. Leading brands similar as Coca-Cola, Danone, and PepsiCo have called for the 50% use of RPET in their bottles by 2030. Beverage producers are looking forwards for machines that are easy to acclimate and are flexible in nature, enabling them to accommodate oscillations in the quality of RPET. Similar enterprise for the development of sustainable packaging accoutrements is projected to give openings for growth for manufacturers in the RPET market.
Key Developments in the Marketplace:
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