Recycled PET (r-PET) Bottles Market: Key Highlights
- The global recycled PET (r-PET) bottles market was valued at ~ US$ 2 Bn in 2018, and is anticipated to expand at a CAGR of ~ 8% from 2019 to 2027.
- The worldwide r-PET bottles market is driven by the rise in the interest for recycled PET bottles in the bundling industry.
- In terms of significant worth, the market in Asia Pacific is relied upon to extend at a CAGR of ~ 9% during the forecast period. China is a major producer of r-PET bottles in Asia Pacific.
Major Drivers of the Recycled PET (r-PET) Bottles Market
- The interest for recycled PET bottles has been increasing because of the execution of stringent regulations on the utilization of plastic products.
- The recycled PET bottles market is likewise driven by the rise in the utilization of bundled drinking water across the globe. The interest for bundled drinking water has been increasing, inferable from the rise in the tendency of individuals toward perfect and safe drinking water.
High Demand for r-PET Bottles for Food Grade
- In terms of grade, the nourishment fragment is required to represent a prominent share of the worldwide recycled PET bottles market during the forecast period. Recycled PET bottles are primarily utilized in the bundling of nourishment and beverages. These comprise bottles for water, juice, and dairy products.
- The non-nourishment section holds a low share of the worldwide r-PET bottles market. Non-nourishment grade recycled PET bottles incorporate bottles that are utilized for the bundling of family unit cleaning fluids, dishwashing fluids, and beautifiers.
High Production Cost to Hamper Recycled PET (r-PET) Bottles Market
- The innovation utilized for the production of recycled PET bottles isn’t yet very much created, as the price related with the manufacturing of r-PET bottles is high. Furthermore, the separation of clear, colored, and blended bottles is a monotonous assignment. The tainting of the post-consumer waste bottles is likewise high.
- Specialized issues, for example, trouble in separation of clear and colored bottles is hampering the recycled PET bottles market. The separation process is tedious and requires a large labor force. The sorting and recycling of PET bottles doesn’t provide a similar quality as virgin PET bottles. These factors are relied upon to hamper the worldwide recycled PET bottles market in the near future.
Asia Pacific a Prominent Recycled PET (r-PET) Bottles Market
- In view of region, the worldwide recycled PET bottles market has been partitioned into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In terms of production, Asia Pacific holds a considerable share of the worldwide r-PET bottles market, because of the presence of key expending countries, for example, China, India, and Japan, in the region.
- China leads in terms of production and utilization of recycled PET bottles in Asia Pacific. In view of grade, the nourishment section held a prominent share of the recycled PET bottles market in Asia Pacific in 2018.
- The presence of rapidly extending economies, for example, India and China is evaluated to create lucrative opportunities for the r-PET bottles market in Asia Pacific in the near future.
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Significant Share of Top Three Players in 2018
- Major players operating in the worldwide recycled PET bottles market take part in product improvement and friends acquisitions. These include ALPLA Werke Alwin Lehner GmbH and Co KG, Indorama Ventures Public Company Limited, and Phoenix Technologies International, LLC. These players accounted for ~ 35% share of the worldwide r-PET bottles market in 2018.
- ALPLA Werke Alwin Lehner GmbH and Co KG drove the recycled PET bottles market in 2018. However, Indorama Ventures Public Company Limited is relied upon to overwhelm the worldwide recycled PET bottles market in the near future, with the procurement of Sorepla Industrie S.A., a plastic recycler situated in France.