PET Bottle Recycling Market Size, Share, Growth, and Industry Analysis, By Type (Chemical, Mechanical), By Application (Food & Beverages, Personal Care, Pharmaceutical, Consumer Goods, Others), Regional Forecast to 2031

PET BOTTLE RECYCLING MARKET REPORT OVERVIEW

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global pet bottle recycling market size was USD 3742.6 million in 2021 and market is projected to touch 5830.26 million by 2031, exhibiting a CAGR of 4.2% during the forecast period.

Low-grade goods like carpets can be produced from PET (or PETE) bottles composed of polyethylene terephthalate. The bottles must be hydrolyzed to monomers in order to create food-grade plastic, which is then purified and re-polymerized to create new PET. PET plastics are marked with the resin identification code number "1" inside the universal recycling symbol, which is frequently found on the bottom of the container, in many different nations. Consumers are actively looking for alternatives that are recyclable and created from recycled materials as they become more aware of the negative environmental effects of plastic trash.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

Significant potential exists in the global recycled PET (rPET) market, one of which is the rising demand for eco-friendly packaging options. There is an increasing tendency for products that are packaged in eco-friendly materials like rPET as consumers become more ecologically concerned. Second, government policies and programmes that support recycling and circular economy principles have been crucial in propelling the worldwide rPET industry. Many nations have put rules into place that promote the use of recycled materials in packaging and establish minimum recycled content goals for goods. These laws provide a supportive environment for companies to adopt rPET and use it in their manufacturing and packaging procedures.

PET BOTTLE RECYCLING MARKET SEGMENTATION

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• By Type

Based on type the Global PET Bottle Recycling Market is classified as Chemical, Mechanical.

• By Application

Based on application the Global PET Bottle Recycling Market is classified as Food & Beverages, Personal Care, Pharmaceutical, Consumer Goods, Others.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth "

The growing demand from the food and beverage industry is one of the key factors driving the global recycled PET (rPET) market. This sector largely depends on packaging materials, such as PET bottles, to package a variety of goods, including foodstuffs, beverages, sauces, condiments, and more. Consumer tastes are changing in favour of ecologically friendly and sustainable packaging, which is affecting the food and beverage industry. Consumers are actively looking for packaging solutions that utilise recycled materials like rPET as they become more aware of the negative environmental effects of plastic waste. The need for packaging that supports their values and helps to reduce plastic waste is what fuels this demand.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

In addition, a lot of manufacturers and brands in the food and beverage sector are pledging to use rPET in their packaging because they understand how important it is to use sustainable packaging. They are aware that using rPET helps them meet their own sustainability objectives in addition to satisfying consumer desires. As a result, the market's demand for rPET has increased significantly. Food and beverage, personal care, household goods, and other industries all have a high demand for environmentally friendly packaging. Brands and producers are becoming more aware of the significance of matching their packaging decisions to customer preferences and environmental objectives. They may satisfy the growing demand for sustainable solutions and build their brand's reputation as environmentally conscious businesses by using rPET into their packaging.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

The lack of the necessary infrastructure for plastic collection and segregation is one of the major obstacles to the global recycled PET (rPET) business. To successfully recycle plastic garbage and produce high-quality rPET, it is crucial to collect and sort it efficiently. The infrastructure and processes necessary for the efficient collection and segregation of plastic garbage are lacking in many regions and nations. Because there isn't a strong structure in place, it can be difficult to get post-consumer PET bottles, which are the main raw material for making rPET, in a constant and stable supply. The viability and cost-effectiveness of rPET manufacturing might be negatively impacted by insufficient collection and segregation methods that lead to contamination and lower quality of the collected plastic.

PET BOTTLE RECYCLING MARKET REGIONAL INSIGHTS

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

The market for recycling PET bottles in North America has the greatest market share and is anticipated to develop at a CAGR of 5.04%. North America, followed by Europe, is one of the world's largest markets for recycling PET bottles. The success of the region is largely due to the significant product advancements, industrialisation of PET recycling in the area, and active participation of the U.S., Mexican, and Canadian markets. Suppliers use a variety of material combinations to support customer needs. Additionally, the US PET bottle recycling market, which currently dominates the regional PET bottle recycling market, is anticipated to develop by 5.31% CAGR, while the Canada PET bottle recycling market is anticipated to grow by 4.68% CAGR in the North American area.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

LIST OF TOP PET BOTTLE RECYCLING COMPANIES

• Advanced Environmental Recycling Technologies (US)
• Avangard Innovative (US)
• Phoenix Technologies (US)
• UltrePET(US)
• Evergreen Plastics (US)
• Complete Recycling (Germany)
• ECO2 Plastics (US)
• Kuusakoski (US)
• Plastics (Europe)
• Clear Path Recycling (US)
• Clean Tech Incorporated (US)
• CarbonLite Industries (US)
• Envision Plastics Industries (US)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.