Recycled Polyethylene Terephthalate Market Worth $14.40 Billion By 2028
The global recycled polyethylene terephthalate market size is expected to reach USD 14.40 billion by 2028, according to a new study by Grand View Research, Inc., growing at a CAGR of 6.7% over the forecast period. The growing beverage industry in countries, such as China, India, Japan, South Korea, Vietnam, and the Philippines, as well as increasing demand for rPET in non-food sectors, is expected to drive the global market over the forecast period.
Recycled PET is a synthetic compound prepared from used PET products, which finds application in a wide range of 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. Clear recycled PET is widely used in multiple applications, such as in the production of resins and fibers.
Rising concerns about the sustainability of natural resources in the developing economies of North America and Europe are expected to have a positive influence on the product demand 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, is also expected to propel the product demand. The non-food containers and bottles end-use segment is expected to grow at a steady rate over the forecast period.
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