Northbrook, IL 60062 -- (SBWIRE) -- 06/07/2023 -- The report "Recycled PET Market by Type (Flakes, Chips), Grade (Grade A, Grade B), Source (Bottles & Containers, Films & sheets), Application ( Bottles, fiber, Sheets, Strapping), Color (Clear, Colored), & Region (APAC, NA, Europe, MEA, SA) - Global Forecast to 2028", The global recycled PET market size is projected to reach USD 15.0 billion by 2028, at a CAGR of 6.5% from 2023 to 2028. The global recycled PET market size is expected to grow from USD 11.0 billion in 2023 to USD 15.0 billion by 2028, at a CAGR of 6.5% during the forecast period. The increasing global demand for sustainable and environmentally friendly packaging solutions is a major driving factor for the recycled PET market. Consumers are increasingly aware of the environmental impact of plastic waste and are actively seeking more eco-friendly alternatives. This heightened consumer demand, coupled with corporate sustainability initiatives, has pushed businesses to adopt recycled PET as a viable solution.

Browse in-depth TOC on "Recycled PET Market"
250 market data Tables
60 Figures
300 Pages

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Bottles are expected to be the biggest and fastest-growing application in the Recycled PET market during the forecast period.
The demand for rPET in the bottle market has experienced significant growth due to various factors. One of the primary reasons for this is the increasing consumer awareness and preference for sustainable packaging solutions. Consumers are seeking alternatives to traditional plastic bottles, and rPET offers a more environmentally friendly option. Many brands and manufacturers have responded to this consumer demand by incorporating rPET into their bottle packaging.

Additionally, government regulations and initiatives have played a crucial role in driving the adoption of rPET bottles. Many countries have implemented regulations that promote the use of recycled materials in packaging, including minimum rPET content requirements. This has further accelerated the growth of the rPET bottle market.

Bottles and Containers are supposed to be the biggest and fastest-growing application in the Recycled PET market by source during the forecast period.
The market for recycled PET (rPET) derived from bottles and containers is recognized as both the fastest-growing and largest segment in the industry. This can be attributed to several factors. Firstly, bottles and containers are widely used in various sectors, including the food and beverage industry, personal care products, household goods, and more. The demand for sustainable packaging solutions in these industries has been rapidly increasing as consumers prioritize eco-friendly options. As a result, the use of rPET in bottles and containers has gained significant traction, driving its market growth.

Furthermore, the technological advancements in recycling processes have significantly improved the quality and consistency of rPET derived from bottles and containers. These advancements ensure that rPET meets the necessary standards for food-grade packaging, boosting its acceptance and adoption by brand owners and manufacturers.

The combination of increasing consumer demand for sustainable packaging, supportive government regulations, and advancements in recycling technologies has propelled the bottles and containers segment to become the fastest-growing and largest market for rPET. This trend is expected to continue as the importance of sustainability and circular economy practices continues to grow.

Asia Pacific is estimated to hold the largest market share in the global recycled PET market during the forecast period.
The Asia Pacific (APAC) region has emerged as one of the largest and fastest-growing markets for recycled PET (rPET). The region's substantial population, rapid economic growth, and increasing awareness of sustainability have fueled the significant demand for rPET in APAC. The region's economic expansion and urbanization have resulted in a rising middle-class population and increased consumption of packaged goods, driving the demand for packaging materials like rPET bottles in various sectors such as food and beverages, personal care, and household products. Additionally, the growing focus on environmental consciousness and sustainability has further stimulated the adoption of rPET in APAC, as consumers and businesses seek more eco-friendly packaging solutions.

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Indorama Ventures Public Limited (Thailand), Biffa (UK), Far Eastern New Century Corporation (Taiwan), Plastipak Holdings Inc (US), Alpek (Mexico), among others. are the leading recycled PET manufacturers, globally.