Covid Impact Analysis
The global supply chain has been disrupted by the COVID-19 outbreak, which has had a detrimental effect on the development of recycled PET. Due to the outbreak of COVID-19, the majority of raw materials suppliers in this sector had to shut down their operations. Owing to trade sanctions and the closure of numerous productions around the world, obtaining raw materials was becoming difficult. It has also had an effect on manufacturers' ability to maintain price margins in tough times. Furthermore, due to the second wave of lockdown in North America and Europe, demand is expected to be sluggish in the coming quarter, which will have a huge impact on demand for recycled polyethylene terephthalate in the years ahead.
On the other hand, the pandemic is expected to have a major short-term effect on all markets. The long-term effect, however, is projected to be mild, with operations in this sector returning to normal around the second half of 2021.
Market Research Future (MRFR) will be publishing a cooked research report on "Global Recycled Polyethylene Terephthalate Market" that contains the information from 2018 to 2028.
MRFR recognizes the following companies as the key players in the global Recycled Polyethylene Terephthalate Market—Placon, Clear Path Recycling, Verdeco Recycling Inc., Indorama Ventures Public Company Limited, Zhejiang Anshun Pettechs Fiber Co., Ltd, Polyquest, Evergreen Plastics, Montello S.p.A, Phoenix Technologies, M&G Chemicals, and LIBOLON
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Key Findings of the Study:
The global Recycled Polyethylene Terephthalate Market is projected to reach USD 13,941.16 millionby 2028,ata CAGR of around 7.6%during the forecast period of 2021–2028.
Asia-Pacific accounted for the largest market share in 2020. Population growth, rapid industrialization, economic reforms, and government initiatives for waste recycling are the key factors driving the growth of the market.
Asia-Pacific is expected to be the fastest-growing regional market due to the increasing production capability in emerging countries such as China and India in the region.
Europe is the second-fastest-growing marketdue to the increaseddemand for recycled polyethylene terephthalate from the packaging industry.
The global Recycled Polyethylene Terephthalate Market is projected to be valued at USD 13,941.16 million by the end of 2028, registering a CAGR of 7.6% during the forecast period.
The use of these fibers in outlay textile manufacturing applications is largely responsible for the market's growth. One of the major drivers of market growth is the implementation of a closed-loop cycle for manufactured goods using recycled PET fibers. The US FDA's acceptance of the use of RPET in packaging solutions is expected to drive up product demand. For example, plastic roads are ground-breaking technology for manufacturers and can help solve all plastic-related issues. In the coming years, this is also likely to fuel demand for RPET.
During the forecast period, the demand for recycled polyethylene terephthalate is expected to rise significantly. Consumers will be able to choose from a variety of colored containers made from recycled PET. Color containers are available to provide power and longevity. Colored recycled PET is expected to keep the products fresher for longer. Despite the increasing demand for colored PET, clear recycled PET is still in demand. Flexibility, lightness, and longevity are all advantages of such containers. These factors are expected to propel the global Recycled Polyethylene Terephthalate Market further.
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The Recycled Polyethylene Terephthalate Market is expected to rise in response to rising consumer impact on the environment and the development of sustainable alternatives. The government's recent ban will amplify the development. Market growth will be fueled by increased demand for bottle production in the food and beverage industry. Recycled PET food storage containers are likely to have thermal insulation and have a low environmental effect. End-user cost-effectiveness is another factor that will contribute to market growth. Another factor driving growth is the demand for food and non-food containers around the world. Furthermore, a thriving FMCG industry would propel the market into new territory. The global minimize, reuse campaign is sweeping the market for recycled PET bottles and containers. Another factor that contributes to significant market growth is this.
The global Recycled Polyethylene Terephthalate Market has been segmentedon the basis oftype, application, and region.
The Recycled Polyethylene Terephthalate Market has been segmented, by type, into clear and colored. Clear RPET is relatively economical and largely preferred over colored RPET. Considering the extensive demand for colored RPET in textiles and apparel, the segment is likely to account for a larger market share in the years to come. Colored RPET products are available in a range of colors.
The Recycled Polyethylene Terephthalate Market has been segmented, by application, into fibers, sheets and films, strapping, food-grade bottles and containers, non-food-grade bottles and containers, and others. RPET fibers accounted for a large share in the global market in 2020. RPET fiber offers properties such as high strength, functional versatility, and lower environmental impact, leading to its preference over traditional polyester fiber. Shifting dynamics in the packaging industry over the past few years has led to the use of innovative packaging solutions in the food & beverage industry.