March 10, 2023 08:39 ET | Source: Polaris Market Research & Consulting LLP Polaris Market Research & Consulting LLP
New York, NY, March 10, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Recycled PET Flakes Market Share, Size, Trends, Industry Analysis Report, By Product (Clear, Colored), By End-use (Fiber, Sheet & Film, Strapping, Food, and beverage bottles & containers); By Region; Segment Forecast, 2023 - 2032” in its research database. Cosmetic Treatment Pump
“According to the latest research study, the global recycled PET flakes market size/share is anticipated to be valued at approximately USD 9.28 Billion in 2022 and is projected to hit a revenue of around USD 25.47 Billion By 2032, at a CAGR of around 10.7% between 2023 and 2032.”
What are Recycled PET Flakes? How Big is Recycled PET Flakes Market Size & Share?
Manufacturers can use PET bottle recycling as a raw material, packaging food and beverages, personal care products, and many other consumer products. PET stands for polyethylene terephthalate, which is a form of polyester. The rapidly rising demand for recycled PET flakes market can be attributed to its growing utilization of plastics for industrial and consumer usage. Manufacturers use PET bottle flakes as a raw material for a range of products that would otherwise have been made of polyester.
The growth of this industry can be attributed to the consolidated development of the food and beverages, household appliances, and personal care products sub-segment. Recycled PET flakes are used in fibers to produce various types of clothing, such as t-shirts and jackets. They are additionally used in the manufacture of automobile seat covers, sofa and chair covers, carpets, and so on.
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Key data covered in the market report
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Key factors driving market growth
The rapid shift in consumer behavior towards sustainability with the implementation of stringent regulation by governments and increasing demand for rPET, especially from the food and beverage industry, are some of the ley factors driving the market. The recycled PET flakes market size is expanding as it has many features such as durability, adaptability, eco-friendly and infinite recyclability in F&B and textile sectors.
Recycled PET materials are lightweight, and transportation costs and lower energy consumption during the production of products are beneficial. Recycled PET flakes market sales are soaring as the material provides effective break-proof protection to products within rPET packaging. As per COCA-COLA HBC Switzerland, the reduction of weight of 450-milliliter bottles from 22.7 to 19.5 grams was made attainable to reduce the amount of material used for packaging.
Recent trends influencing the market
Rising demand for electric vehicles in the US to drive the market
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Based on the product, the clear segment is expected to witness the fastest growth. The recycled PET flakes market demand is on the rise due to factors such as ease of bottle-to-bottle recycling, reduced carbon footprint, and low energy usage during remanufacturing. Recycled products are more demanded in FMCG, personal care, pharmaceuticals, and cosmetics.
Based on end use, the non-food bottles and containers segment accounted for the largest market share. Recycled PET flakes market trends include lower manufacturing and material costs, user-friendly features such as precise content dosing by pressure on flexible containers, and high recycling capabilities along with a beautiful look in the finished product. Similar to the beverage industry, the transition to PET packaging for domestic items, cosmetics, personal care products, cleaning products, and chemicals.
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Recycled PET Flakes Market: Report Scope
Asia Pacific held the largest recycled PET flakes market share due to the presence of major food and beverage industries in the Asia Pacific region also increased recycled investments in these regions. China is the largest producer of rPET flakes, and Japan is one of the Asia Pacific countries which have more regulations towards the use of food-grade recycled PET flakes.
Europe is expected to steady revenue growth during the study period. The Europe market is boosted due to the rapid adoption of food contact recycled PET flake material. Innovative packaging is one of the key factors for the market growth of food-grade material. Sometimes the cost of dumping in Europe exceeds that of recycling PET to make flakes.
Browse the Detail Report “Recycled PET Flakes Market Share, Size, Trends, Industry Analysis Report, By Product (Clear, Colored), By End-use (Fiber, Sheet & Film, Strapping, Food, And beverage bottles & containers); By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/recycled-pet-flakes-market
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Polaris Market Research has segmented the recycled PET flakes market report based on product, end-use, and region:
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