Overview
PeT bottle recycling market was estimated to be USD 4381.3 million in 2017, which is projected to reach USD 5933.6 million by the end of 2023. International Pet bottle market is expected to be fuelled due to growing level of consumption in modern times. With creative strategies being employed, the market prospect looks the most significant. It is one of the most crucial ways of recovering plastic wastes is given superior prominence contributing to the overall market in the world.
Growing emphasis on waste plastic recycling and converting to fresh products makes the prospects of international Pet bottle recycling market thoroughly enriched. The process primarily involves various steps, including collection of waste, sorting, shredding, and moulding. With advancing technology, these methods are being executed in a much-streamlined fashion, improves the production process, thus contributing towards the global Pet bottle recycling market. Primary material for this product being oil and natural gas, emphasis is being given higher towards PeT bottle production.
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Level of investment for PeT bottle production has been encouraging from governmental side. Level of awareness among modern-day people towards the usage of recycled products has also grown significantly, contributing to the growth of the market. To be specific, the level of awareness has been encouraging in developing nations like India, China, and United States. Established economic states at these nations make the scope of Pet bottle market more significant. Global PeT bottle recycling market is estimated to grow at a CAGR of 5.28 % by the end of forecast period 2023.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global PET bottle recycling market based on application and recycling process.
By application, the global PET bottle recycling market is segmented into pharmaceuticals, personal care, consumer goods, beverages, and others. Of these, the beverages segment will lead the market over the forecast period.
By recycling process, the global PET bottle recycling market is segmented into mechanical and chemical.
Regional Analysis
By region, the PET bottle recycling market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the APAC region will dominate the market during the forecast period. It will develop at a 6.59% CAGR. Rapid urbanization, increasing awareness about recycling, initiatives by the government to encourage recycling, and constant technological advances are adding to the global PET bottle recycling market growth in the region. Japan, India, and China have the utmost share in the market.
In the Middle East and Africa, the PET bottle recycling market is predicted to have the second-largest share during the forecast period. It will grow at a 5.19% CAGR. The gradually growing urban lifestyle is adding to the global PET bottle recycling market growth in the region.
In Europe, the PET bottle recycling market is predicted to have healthy growth over the forecast period. It is predicted to touch USD 468.3 million at a 4.89% CAGR. The presence of strong economies the UK, Germany, and France, favorable initiatives by the government to encourage recycling, and technological innovations, are adding to the global PET bottle recycling market growth in the region. Germany holds the utmost share in the market.
In North America, the PET bottle recycling market is predicted to have sound growth over the forecast period. It is predicted to touch USD 1,757.3 million at a 4.59% CAGR. The presence of several key players coupled with technological advances is adding to the global PET bottle recycling market growth in the region. The United States of America holds the utmost market share.
Competitive Analysis
The balance in demand and supply in the market will prove as an encouraging growth factor in the forecast period. The market is expected to record a stable growth rate in the coming years. The market competitors are expected to play a critical role in the development of the global market. The development of adequate sources of raw material is predicted to transform the market in the upcoming period further. The availability of strong government support and the presence of encouraging policies is expected to enliven the growth prospects in the approaching period. The incidence of options that can be favorably capitalized on is aiding the market players in improving their overall position in the market. The competition in the market is manageable, which is inducing the entry of new players in the global market. The upgrades in production methods are estimated to transform the potential of the market in the forecast period.
CarbonLITE Industries, Phoenix Technologies, Plastipak Holdings, Inc., UltrePET, LLC, Krones Ag, Clear Path Recycling, Schoeller Group, PFR Nord GmbH, Indorama Ventures Public Company Limited, and PolyQuest are the remarkable contributors to the global PET bottle recycling market.
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Industry news
Reportedly, Global PeT bottle recycling market shows incredible prospects due to various factors. The most prominent of all these factors is said to be due to growing awareness among developed nations towards the usage of recycled products and plastic recycling. The market is projected to grow steadily till forecast period of 2027.
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