Recycled PET: Strong Demand
According to the newest market report offered by Research And Markets, the global recycled polyethylene terephthalate (rPET) market size is expected to reach 14.40 billion US-Dollar by 2028, growing at a CAGR (compound annual growth rate) of 6.7 percent.
Recycled PET is a synthetic compound prepared from used PET products, which finds application in different end-use industries. The resins are produced from post-consumer PET bottle flakes and are one of the most stable forms of recycled PET. “Clear was the largest type of rPET in 2020, and the product is expected to continue dominating the global market owing to the high demand in the production of bottles and sheets,” Research And Markets stated. Clear recycled PET would be widely used in multiple applications, such as in producing resins and fibers.
According to the report, particularly the growing beverage industry in many countries (such as China, India, Japan, South Korea, Vietnam, and the Philippines) and the increasing demand for rPET in non-food sectors were projected to drive the global market over the forecast period. The shift in preference toward establishing manufacturing units in the Asia Pacific region – especially in China, India, Vietnam, Indonesia, and Thailand – would also propel the product demand.
In terms of revenue, Asia Pacific dominated the global market and is projected to expand further at a steady CAGR over the forecast period.
(Published in GLOBAL RECYCLING Magazine 3/2021, Page 3, Photo: Tomra)
