Scienza e Tecnologia
Recycled Polyethylene Terephthalate Production to Catch Up with Pre-pandemic Status with over 1,700 KT R-PET Consumption in 2021
NEW YORK , Oct. 6, 2021 /PRNewswire/ -- As per the insights by Fact.MR, the global recycled polyethylene terephthalate (R-PET) market is projected to rise at a CAGR of 8%, totaling US$ 4.2 Bn by the end of 2031.
Consumer preference for sustainable and recyclable products is underpinning sales growth in the R-PET market. Therefore, the packaging industry has emerged as a lucrative sector within the R-PET market.
Fast-moving consumer goods (FMCG) manufacturers are adopting the bottle-to-bottle recycling approach, which, in turn, is boosting demand for PET bottles in the food and beverages industry. As per Fact.MR, the increasing application of P-PET for food and beverage packaging along with applications of recycled PET for surface protection films are projected to create incremental opportunity of US$ 532.5 Mn over the forecast period.
Among various sources, post-consumer PET is widely used for recycling purposes owing to the ease of material availability. According to the study, post-consumer PET accounts for nearly 95% of the global market share.
Regionally, East Asia and Europe are projected to offer impressive growth opportunities for R-PET suppliers owing to rising consumer inclination for sustainable products and packaging. Also, as per Fact.MR, consumption of R-PET in East Asia is estimated to total 590 KT through 2031. Meanwhile, growth prospects are likely to remain positive in China on account of the surging demand for packaged food in the country.
says a Fact.MR analyst.
R-PET manufacturers are adopting various organic and inorganic strategies to gain a strong foothold in the market.
For instance, in 2021, Evergreen Plastic Inc, a plastic recycling company announced to expand R-PET production at its plant in
Clyde, Ohio that is projected to double its food-grade P-PET processing capacity from over 40 million pounds annually to 80 million pounds annually.
In 2021, ALPLA Group, an Austria -based plastic packaging manufacturer and recycling firm announced the acquisition of Durban , a South Africa -based Verigreen Packaging.
Some of the leading players operating in the R-PET market profiled by Fact.MR are:
Fact.MR, in its new report, offers an unbiased analysis of the global R-PET market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on R-PET market with detailed segmentation:
The growth of biodegradable packaging can be linked in part to the regulatory problems that regular plastics face. The adoption of sustainable materials has resulted from the partnership of institutions and industry to combat global warming. Biodegradable packaging material makers are anticipated to benefit from the increased emphasis on "eco-friendly packaging" in the long run. The lucrative nature of the biodegradable packaging materials market has prompted a slew of domestic and local players to enter.
Bioplastic textiles are made from renewable sources including sugarcane, maize starch, woodchips, straw, and other biodegradable materials. The bioplastic industry is being driven by a rise in awareness of the negative impacts of plastics on the environment, as well as strict regulatory laws. Over the forecast period, the urgent need to reduce CO2 emissions by lowering reliance on fossil fuels is expected to boost demand. Bioplastics have also become more compatible and user-friendly as a result of technological advancements, making them a viable alternative for end-use.
- Consumer preference for online shopping has risen dramatically in recent years, boosting the e-commerce sector tremendously. Leading players in the plastic protective packaging market are focused on easy-to-use designs, as well as constant branding activities, as they recognize the importance of protective packaging in the overall end-user experience. As a result, demand for plastic protective packaging will continue to rise globally. Demand for on-the-go products has increased, resulting in increased demand for plastic protective packaging.
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