The PET bottle recycling market will touch USD 5,933.6 million at a 5.28% CAGR between the forecast period 2017- 2023, states the recent Market Research Future (MRFR) analysis. PET (polyethylene terephthalate) is a polyester that is molded or extruded into plastic containers and plastic bottles for packaging personal care products, foods and beverages, and other consumer products. This is a recycled material that can be used for manufacturing new containers and bottles.
The recycling process of these recyclable packs is of two types mechanical and chemical. Owing to the alluring features and perks these recyclable materials have wide applications in pharmaceuticals, personal care, consumer goods, beverages, and others.
Various factors are propelling the global PET bottle recycling market share. According to the recent MRFR report, such factors include favorable support from the government for plastic recycling initiatives, use of PET bottles in the packaging industry, designing of PET bottles to facilitate recycling and reusable packaging, and ban on the import of plastic waste by emerging economies,
On the flip side, lack of awareness about recycling, coupled with the current COVID-19 impact may deter the global PET bottle recycling market growth in the region.
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Key contenders profiled in the global PET bottle recycling market report include UltrePET LLC (USA), Plastipak Holdings, Inc. (the USA), Phoenix Technologies (USA), PFR Nord GmbH (Germany), Krones AG (Germany), Indorama Ventures Public Company Limited (Thailand), Clear Path Recycling (USA), and CarbonLITE Industries (USA), among others.
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.
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.
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