ID: MRFR/PNT/2119-CR | December 2018 | Region: Global | 111 pages
PET bottle recycling refers to the process of plastic waste recovery and further processing to turn them into useful products. PET bottle recycling generally encompasses the procedures of waste collection, sorting, shredding, and molding. Market Research Future (MRFR) indicates a CAGR of 5.28% in the global PET bottle recycling market over the forecast period of 2018-2023. The global PET bottle recycling market was valued at USD 4,381.3 Mn in 2017 and is due to reach USD 5,933.6 Mn by the end of 2023.
The basic raw material for plastics being petroleum and natural gas, depleting supplies of petroleum makes it economically viable to recycle plastics than produce them from scratch. This coupled with the rising level of awareness about the impact of plastic disposal on the environment foster the growth of the global PET bottle recycling market. Most plastics find their way into landfills where they are incinerated and contribute largely to air as well as land pollution. Realization of the adverse effects of plastics on the environment has evoked a high level of participation of the governments in multiple countries to address the issue which is a key growth influencer of the global PET bottle recycling market. PET bottle find large-scale application in industries such as packaging, consumer products, and beverages. The high strength-to-weight ratio, super flexibility, and high resistance to chemical and physical degradation make them desirable across these industries which augur the growth of the global PET bottle recycling market.
On the downside, lack of awareness regarding waste management and recycling, especially in developing countries of Asia Pacific such as India, Cambodia, and Indonesia restrict the growth of the global PET recycling market. However, raising awareness, economic development, and progressive regulations to support environmental protection and waste management is likely to aid Asia Pacific emerge as the fastest growing market for PET bottle recycling. The Americas is the largest market for PET bottle recycling and accounts for almost 30% of the global market. Meanwhile, the ban on import of plastic waste by emerging economies is likely to uncover lucrative growth prospects for the global PET bottle recycling market.
This MRFR report provides a complete analysis of the global PET bottle recycling market which promotes a better understanding of the market. A detailed analysis of the market framework along with forecasts of revenue of market segments has been included in the report. A detailed analysis of the key players, their geographical presence, and market share of each player is also discussed thoroughly. For the study, the global PET bottle recycling market has been segmented based on recycling process and application. Critical areas where PET bottle recycling find application such as beverages, personal care, pharmaceuticals, consumer goods, and others are studied in the report. The study finds that the Global PET bottle recycling market finds presence across the key regions of the Americas, Europe, Asia Pacific, and the Middle East & Africa.
MRFR's research process adheres to industry-specific standards which meet the diverse needs of the clients. MRFR adopts a robust research approach which ensures a deeper level of understanding of the market. A skilled team of analysts compiles reports using both primary and secondary research methods. Primary research method includes information collected from experts, consumers, and other key level participants across the value chain through which valuable information is collected which otherwise would be difficult to obtain through secondary research. Secondary research process gathers data from information available on public domain such as annual reports, SEC filings, paid databases, whitepaper, and others. Analysts visualize gathered data to provide in-depth attributions regarding the market. Evaluation of the market size is done through the top-down and bottom-up approach.
Indorama Ventures Public Company Limited, CarbonLITE Industries, Krones Ag, Plastipak Holdings, Inc., UltrePET, LLC, Phoenix Technologies, Clear Path Recycling, Schoeller Group, PFR Nord GmbH, and PolyQuest are the notable players in the global PET bottle recycling market.
By Recycling Process:
Frequently Asked Questions (FAQ) :
The global PET bottle recycling market was valued at USD 4,381.3 Mn in 2017.
The rising level of awareness about the impact of plastic disposal on the environment is noted to be the key growth influencer of the global PET bottle recycling market.
Asia Pacific region to emerge as the fastest growing market for PET bottle recycling.
Realization of the adverse effects of plastics on the environment evoked a high level of participation of key players in multiple countries.
The Americas recorded 30% for the PET bottle recycling market.
The PET bottle recycling process involves several steps and is a growing activity primarily due to growing environmental concern and rising petroleum prices. The report on the global PET bottle recycling market includes vital information such as market value, growth rates, and various factors influencing the market. With 2017 as the base year, the market value was recorded at USD 4,381.3 Mn. Estimations and calculations of market growth suggest a CAGE of 5.28%, which projects an upward trend likely to result in a market value of USD 5,933.6 Mn by the end of 2023.
Plastic use has grown significantly, and PET bottles are used significantly and in high volumes in packaging applications. High volumes of plastic which are highly resistant to physical and chemical degradation have to be recycled to refrain from harming the environment. PET bottles are commonly used in beverages and other consumables packaging such as for mineral water, peanut butter, cooking oils, etc. The large scale of plastic consumption in the packaging sector is highly encouraging of PET bottle recycling so as to increase production efficiency and reduce the environmental impact of the plastics industry. Moreover, in an increasingly environmentally conscious global scenario, governments across the globe are providing support and initiatives in an effort to encourage PET bottle recycling. Non-recycled plastic has terrible effects on the soil and water, causing pollution. As a result, government bodies are targeting increasing plastic recycling. For example, the European Commission has announced a strategy to reduce plastic pollution and ensure the recyclability of all plastic in Europe by 2030. Similar initiatives by other governments are expected to encourage the growth of the global PET bottle recycling market during the review period.
The various challenges that the global PET bottle recycling market faces include a lack of cost-efficient infrastructure, lack of appropriate processing units, and a general lack of public awareness regarding recycling. At present, more plastic is disposed of than recycled which indicates a strong lack of awareness. Examples have been included in the report. Meanwhile, the market is rife with opportunity as several developments are being carried out to design recycle-friendly PET bottles to encourage PET bottle recycling. Initiatives toward increasing awareness and the active participation on the part of manufacturers to encourage recycling via redesigned PET bottles is expected to present the PET bottle recycling market with new directions for growth in the foreseeable future.
The global PET bottle recycling market's various key components have been segmented in the report on the basis of the recycling process, application, and region. Recycling processes used for PET bottle recycling are primarily segmented into chemical and mechanical. Chemicals recycling process of PET bottle is further segmented to include hydrolysis, glycolysis, methanolysis, and other processes. Between the two key segments, the mechanical segment has captured 67.92% share of the global market and is also projected to grow at the highest CAGR during the forecast period. The mechanical process uses a simple process to collect, sort, clean and then reclaim the plastic in a new form which is then used for the manufacturing of new products.
Applications have been segmented to include personal care, pharmaceuticals, consumer goods, beverages, and others. Beverages, having the highest consumption pattern for PET bottles captured the largest share in the market and is expected to retain its dominance while growing at the highest CAGR of 5.99% during the review period due to consistent demand for PET bottles for this application.
The Americas PET bottle recycling market acquired a majority share of the market and is closely followed by Europe and the Asia Pacific. These regions are nearly neck and neck in terms of market value. The Americas accounted for a market share of over 30% and will likely reach a market value of USD 1757.3 Mn by the end of the review period. The regions high consumption of PET plastics combined with the presence of advanced recycling technology, and increasing awareness regarding recycling is expected to drive the market. The region's governments are also imposing various regulation related to waste management which is driving the growth of the Americas PET bottle recycling market.
Europe, which displays a similar growth pattern to that of the Americas market holds the second most significant position in terms of market size. The increasing volume of recyclable plastic waste and the increasingly stringent imposition of regulations with regards to waste management are expected to encourage market growth. Moreover, various European government bodies in this region are actively increasing awareness regarding recycling amongst consumers. Implementation of advanced recycling technology is expected to open up opportunities for growth.
The Asia Pacific is the most rapidly growing market with the highest CAGR of 6.59% during the assessment period. Swift economic development and the presence of a huge and growing population combined with increasing generation of plastic waste has resulted in various policies and regulations in the interest of environmental protection and effective waste management. China is a global giant in terms of plastic waste generation and has been established as a leader in scrap consumption. Gradually increasing awareness and demand for effective waste management solutions is expected to bolster and propel the APAC PET bottle recycling market.
The Middle East and Africa is a nascent regional PET bottle recycling market with immense potential for growth. The rapid growth of emerging economies in the Middle East is expected to result in increasing demand for PET bottle recycling as plastic consumption grows in the region. Promising growth is expected from, the region during the assessment period.
Prominent competitors in the global PET bottle recycling market that have been included in MRFR's report include PFR Nord GmbH, Indorama Ventures Public Company Limited, Krones Ag, Schoeller Group, UltrePET, LLC, Clear Path Recycling, PolyQuest, Phoenix Technologies, CarbonLITE Industries, and Plastipak Holdings, Inc.
Global PET Bottle Recycling Market- Competitive Landscape
Market Research Future includes following key players for global PET Bottle Recycling market research study: Phoenix Technologies, Clear Path Recycling, Schoeller Group, PFR Nord GmbH, PolyQuest.
The market share analysis is derived by considering various factors such as financial position, segmental R&D investment, product innovations, corporate strength, product portfolio, strategy analysis, and, key innovations in the market among other factors. The major players holding prominent position in the Market Indorama Ventures Public Company Limited, CarbonLITE Industries, Krones Ag, Plastipak Holdings, Inc., UltrePET, LLC, among others.
According to MRFR analysis, Indorama Ventures Public Company Limited is currently leading the global PET Bottle recycling market with 38% market share. It is one of the leading PET manufacturers across the globe. It operates through three business segments which include feedstock, PET, and fibers. It offers feedstock, PET, packaging, fibers, and recycled products. It is one of the largest polyesters fiber producers in Thailand. It focuses on the expansion of its presence into various potential markets such as the US and Europe through acquisitions with a focus to become a global PET manufacturer.
CarbonLITE Industries holds the Second largest market share of the market with 28.0%. It is a wholly owned subsidiary of HPC Industries, LLC. It is a major producer of food-grade post-consumer recycled PET bottles in the US. The company specializes in the recycling of used plastic bottles into bottle-grade PET resin flakes and pellets and largely caters to the food & beverage industry. It focused on increasing revenue through collaborations and partnerships with plastic producing industries and government authorities.
Krones Ag holds the third largest market with the market share of 13% of the total market in PET Bottle recycling market. It is a wholly owned subsidiary of Krones Group. Krones AG is engaged in the development and manufacturing of machines, complete lines for recycled bottles, cans and related packaging, process technology, and intralogistics. The company operates primarily from the US and has its reach in various other countries such as Germany, China, India, South Africa, UAE, and the UK. It has a major production facility in Debrecen, Hungary.
Plastipak Holdings holds the market share of 10 % of the global market. It is one of the leaders in the rigid plastic packaging and recycling industries with 50 years of market experience. It caters to various markets including aerosol, consumer cleaning, automotive, industrial & agricultural products, personal care, and alcoholic beverages among others. It has a global presence in North America, South America, Europe, Africa, and Asia. It operates through more than 60 production sites around the world and has four recycling centers in the UK, Luxembourg, Dundee, and France. mainly focuses on developing advanced innovative technology and superior products. It also focuses on improving its relationship with valuable customers, suppliers, and its business partners.
UltrePET, LLC (UltrePET) holds 7 % of the global market share. It is one of the leading providers of high-quality PET in pellet and flake form. It is the first ISO-certified PET recycler in the US. The company serves customers in the US and Canada. It recycles PET and other plastic resins and is one of the largest FDA-approved PET resin suppliers to the bottle and sheet markets in North America. It focuses on offering cost-effective solutions which lead to positive and long-term impact on the environment. It aims to produce a superior post-consumer recycled resin for FDA approved application at a cost-effective price.