ID: MRFR/CnM/4356-CR | August 2019 | Region: Global | 130 pages
Market Research Future (MRFR) assessed the Global Recycled Polyethylene Terephthalate (RPET) Market 2020 through the review period from 2018 to 2023. As per MRFR findings, the Global Recycled Polyethylene Terephthalate can rise at 8.5% CAGR between 2018 and 2023. By 2023, the recycled polyethylene terephthalate (RPET) market can earn revenue of about USD 10,666.2 Mn from USD 6,572.9 Mn in 2017. The recycling rate of PET is likely to improve significantly in the years ahead.
The outbreak of COVID-19 impacted the operations of the recycled polymer industry and its supply chain. The pandemic also exhibited a major impact on the petrochemical industry. Issues with supply chain, downstream demand, and slashing of long-term investments are detailed under the COVID 19 pandemic analysis. Further, problems with the supply of crude oil price and supply plunge that can severely influence the virgin plastic prices amidst the pandemic are also explained in detail.
Rise in Application of RPET to Support Market Expansion
The upscaling demand of RPET fibers can increase support the market expansion. The gradual expansion of the packaging sector and high demand for RPET in packaging can add to the market upsurge. The introduction of several government initiatives to promote RPET can bolster the market growth in the study period.
Development of Transportation Infrastructure to Create Expansion Opportunities
The increase in utility of RPET in construction of road and formation of concrete, along with the upscaling demand for RPET nanofibers for filtration of water can favor the market rise. The presence of well-establishment recycling channels and organized solutions for energy recovery from plastic waste can benefit the market in the years to come.
Challenges in Recycling Counter Market Growth
The lack of effective technologies and norm challenging recycling of PET can restrain the market expansion.
The clear segment can rise at 8.5% CAGR across the forecast tenure due to the low processing cost-benefit of clear recycled polyethylene terephthalate.
The fibers segment can acquire nearly 70% share of the global market. The expansion of the fibers segment can be attributed to increase in demand for clothing across different countries with dense populations. The rise in awareness about affordability of recycled polyester fiber and their growing preference over conventional fiber can add to the rise of the segment. RPET fiber is highly used in the production of furniture, and automobile seats and mats among others that can explain the dominance of the RPET fiber segment.
By Distribution Channel
The store-based segment can acquire 70.6% share of the global market by 2023. The Stores segment can garner valuation of about USD 1,075.9 Mn by 2023. The non-store-based segment can hold 29.4% share of the global market share by 2023. The segment can value at USD 451.5 Mn by 2023. The rise in preference of customers for stores as they allow enhanced shopping experience can benefit the segment.
Asia Pacific Recycled Polyethylene Terephthalate Market to Earn High Revenue
Asia Pacific recycled polyethylene terephthalate market to earn about 55% of the worldwide market. China, Indonesia, India, and Japan are some key contributors of the regional market. Rapid industrialization, population growth, and economic reforms are some top-notch forces that can influence the market. The launch of dynamic government initiatives for the recycling of waste is another factor that can impact the market. In addition, advancements in technologies used for recycling, and hike in foreign direct investment (FDI) can boost the market rise in the analysis period.
Europe Market Rise at Decent Pace
Russia, Italy, the UK, Germany, and Belgium are some countries in the EU region that are likely to gain high business for the regional market in the study tenure. Germany can lead the growth curve of the regional market. As per MRFR study, the Germany market can value at USD 370.49 Mn by 2025. The rapid increase in the production and export business of textiles across Germany, following Italy, can play important role in the regional RPET market.
MRFR enlisted different recycled polyethylene terephthalate marketers. The competitive landscape of the market reveals details on market share analysis, financial analysis, and product benchmarking. In addition, brief on critical developments and strategies deployed by these players are explained in detail in the market report. Contributions by these players and growth scopes offered by them are elaborated in this report.
List of Key Companies Covered in this Report
The full-cooked report of the recycled polyethylene terephthalate market designed by MRFR reveals details on market dynamics that discusses trends and opportunities of the market. Supply chain, market drivers, Porter’s five forces, restraints, and value chain analysis are studied by proficient MRFR analysts and insights on technology trends, regulatory landscape, and patent analysis outlook are elaborated in this report. MRFR also conducted several industrial visits and multiple meeting with industry experts to assemble indispensable information to gain knowledge on the market.
Frequently Asked Questions (FAQ) :
The Recycled Polyethylene Terephthalate Market is predicted to grow at an 8.5% CAGR between 2016-2025.
Key players profiled in the Recycled Polyethylene Terephthalate Market include LIBOLON (Taiwan), M&G Chemicals (Luxembourg), Phoenix Technologies (US), Montello S.p.A. (Italy), Evergreen Plastics (US), Polyquest (US), Zhejiang Anshun Pettechs Fiber Co., Ltd (China), Indorama Ventures Public Company Limited (Thailand), Verdeco Recycling Inc. (US), Clear Path Recycling (US), and Placon (US).
The APAC region is predicted to lead the Recycled Polyethylene Terephthalate Market.
Fibers have the maximum share in the Recycled Polyethylene Terephthalate Market.
Challenges during the manufacturing process may limit the Recycled Polyethylene Terephthalate Market growth.