Recycled PET Market To Record Exponential Growth During Forecast Period 2030
Recycled PET Market To Record Exponential Growth During Forecast Period 2030
Recycled PET Market

The coronavirus pandemic has sent a shockwave through the plastic recycling industry. Even after a year of the pandemic, frequent curfews, lockdowns, industry closures, and sudden shifts in product demand are influencing the growth of the recycled PET market. Moreover, the price fall of virgin plastic or VPET (Polyethylene Terephthalate) is predicted to lower the demand for RPET (recycled PET). This has altered production activities catering to sheet or thermoform for manufacturers in the U.S., South America, and Europe switching to VPET instead of RPET.

The temporary shutdown of apparel stores and automotive companies has compelled manufacturers in the recycled PET market to acquire a bright spot in the personal protective equipment (PPE) with increase in the demand for facemasks and visors. As such, the production of fibers and RPET is expected to decline, since plastic collection activities are taking place in a staggered manner.

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Shedding of Tiny Microplastics from RPET-induced Synthetic Garments Create Environmental Issues

The recycled PET market is projected to expand at a favorable CAGR of ~7% during the forecast period. Although RPET is gaining popularity as a sustainable alternative to VPET, the former poses a risk of containing synthetic materials that can shed tiny microplastics, which are potentially harmful to the environment, oceans, and humans. This issue is evident in many synthetic garments. Hence, manufacturers are introducing washing bags such as the brand GuppyFriend, which prevents shedding of tiny microplastics from synthetic garments made of RPET.

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Innovative PET Monomer Recycling Process Helps Manufacture Fibers, Food-grade Resins

Companies in the recycled PET market are setting their collaboration wheels in motion to innovate in recycling processes. Axens, IFPEN, and JEPLAN have signed a joint development and commercialization agreement in order to develop, demonstrate, and commercialize an innovative PET monomer recycling process for all types of waste PET materials. Used bottles, films, trays, and textile are being used in new recycling processes.

Manufacturers in the recycled PET market are increasing their R&D in new recycling processes involving glycolysis-based PET depolymerization combined with specific purification steps aiming at removal of organic and inorganic compounds present in waste PET. This transformation leads to the production of purified BHET (Bis [2-HydroxyEthyl] Terephthalate) monomer that can be used to manufacture fibers and food-grade resins.

Beverage Brands Aim for 100% RPET Bottles for Circular Plastic Packaging Solutions

Reusable PET bottles are creating stable revenue streams for companies in the recycled PET market. The innovative ALPHA reusable PET bottle is gaining popularity for its lightweight attributes, which result in decline in transportation cost, carbon dioxide (CO2) emissions, and material consumption.

Danone’s bottled water brand evian and PepsiCo smoothie brand Naked are being highly publicized for utilizing 100% RPET bottles. In order to boost credibility credentials, beverage companies in the recycled PET market are aiming to make all their bottle units 100% RPET by 2025 to march toward a completely circular approach to plastic packaging. The growing consciousness about recycled PET among consumers is one of the driving factors of the market.

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100% RPET Popes Mimic Properties of Conventional Ropes to Support Heavy Loads

The recycled PET market is slated to cross the revenue of US$ 11.9 Bn by 2031. Manufacturers are diversifying their production in recycled PET ropes to expand their business streams. Vivens is gaining recognition for developing first-of-its-kind 100% recycled PET ropes that are being crafted in Dubai and Addis Ababa. Stakeholders are anticipated to take cues from such companies to develop 100% RPET ropes that support heavy load, enhanced pressure, and extended UV (ultraviolet) exposure.

Manufacturers in the recycled PET market are gaining a strong research base to develop premium recycled ropes that prevent loose braiding. These ropes are durable with elongation attributes and capable of complimenting the properties of conventional polyester ropes.

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