PET bottle is a bottle made up of a plastic resin chemically recognized as polyethylene terephthalate. PET bottle recycling refers to a process of plastic waste recovery and turns them into useful products. The recycling generally includes the procedures of waste collection, shredding, sorting, and molding. The key benefits are to increase the reuse of plastic material and reduce carbon dioxide emissions & pollution levels etc.
According to the study, “Pet Bottle Recycling Market By Recycling Process (Chemical, Mechanical), Application (Beverages, Personal Care, Pharmaceutical, Consumer Goods, And Others), And Region – Global Forecast To 2023” the key companies operating in the PET bottle recycling market are UltrePET, LLC, Indorama Ventures Public Company Limited, Phoenix Technologies Ltd., Libolon, Zhejiang Anshun Pettechs Fiber Co. Ltd., Ecostar Plastics (Placon), CarbonLITE Industries, Schoeller Group, Clear Path Recycling, PFR Nord GmbH, Haiyan Haili green Fiber Co. Ltd., Fromm India, Arora Fibres, Foss Manufacturing Company, Equipolymers, Krones Ag, PolyQuest, Plastipak Holdings, Inc.
Based on the recycling process, the PET bottle recycling market is segmented into glycolysis, chemical, methanolysis and mechanical. Methanolysis includes hydrolysis and other processes. Based on capacity, the market is segmented into up to 500 ml, 500-1000 ml, 1000 ml-2000 ml, and more than 2000 ml capacity. 500 ml to 1000 ml PET bottles are extremely used as a commercial packaging solution for energy drinks, edible oils, carbonated drinks, juices, and water bottles. In addition, based on application, the market is segmented into consumer goods, food &beverages, pharmaceuticals, packaging, personal care and others (construction and textile, etc.). The packaging segment is expected to witness a higher growth rate due to the rise in the use of packaging in the food & beverage and pharmaceutical industries during the forecast period.
The PET bottle recycling market is driven by the rise in the use of PET bottles in the packaging industry, followed by growth in the impact of plastic disposal on the environment, increase in demand for pharmaceutical and packaging materials, improvements in the production quality and rise in government support for recycling plastic. However, lack of awareness regarding recycling may impact the market. Moreover, ban on import of plastic waste by emerging economies and growth in designing of pet bottle to facilitate recycling is a key opportunity for the market.
Based on geography, the North-American the region holds a major share in the PET bottle recycling market owing to the rise in awareness about environmental hazards about plastic disposal, improvement in the lifestyle of consumers, rise in distribution channels and increase in diversification of the market players in the region. The Asian-Pacific and European regions are estimated to witness higher growth rate due to rapid economic progress, rise in development of modern practices in the production & selling of the goods and growth in population over the forecast period. It is projected that the future of the market will be bright on account of rising in government policies & regulations in the pursuit of environmental protection and increase in awareness regarding good waste management practices during the forecast period. The global market is likely to reach the value of US $5,933.6 million by the end of the year 2023 by growing at a CAGR of 5.28%.
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Ankur Gupta, Head Marketing & Communications