Summary

Recycling of Pet Bottle Market By Recycling Process (Chemical, Mechanical), Application (Beverages, Personal Care, Pharmaceutical, Consumer Goods, And Others), And Region - Global Forecast To 2023

Recycling of Pet Bottle Market Overview

The PET bottle recycling process comprises numerous key steps. It is an increasingly popular and in-demand activity due to the growing concerns related to environment and the surging rate of petroleum prices.

Market Research Future states in its report that the global Recycling of Pet Bottle Market is expected to grow at a decent paced during the forthcoming forecast period. The market is aggregated to garner a CAGR of 5.28% and is projected to gain a market valuation of close to USD 5,933.6 million by the end of 2023 jumping from its previous valuation of USD 4,381.3 million.

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Competitive Landscape

The global Recycling of Pet Bottle Market includes a number of key players, including CarbonLITE Industries, Indorama Ventures Public Company Limited, PFR Nord GmbH, Phoenix Technologies, UltrePET, LLC, Clear Path Recycling, Krones Ag, Schoeller Group, PolyQuest, and Plastipak Holdings, Inc.

Market Segmentation

The global Recycling of Pet Bottle Market segmentation is based upon two key dynamics, namely application and recycling process.

By recycling process, the market segments into chemical and mechanical recycling processes. Herein, the chemicals recycling process of PET bottles is further narrowed down into methanolysis, glycolysis, hydrolysis, and other key processes.

Between the two mentioned segments in the recycling process market category, the mechanical process holds a lion’s share of the global market and stands far ahead of the chemical process segment. The segment covers more than 67% of the global market share and is expected to grow in a proliferating pace during the forecast period. The mechanical process involves the use of a simple approach in order to collect, sort, clean, and reclaim the plastic in an all new form. This is then further used for manufacturing new products.

By application, the market comprises pharmaceuticals, personal care, consumer goods, beverages, and others. The market category is spearheaded by the beverages segment. It boasts the highest consumption and captures a major share of the global market. Furthermore, the beverages segment is expected to hold onto its dominance in the forthcoming years by growing at a decent pace of 5.99% during the forecast period. The growth of the segment can be attributed to the consistent demand for the same in the PET bottles market landscape.

Regional Analysis

The global Recycling of Pet Bottle Market covers various key regions, namely Europe, Asia Pacific, the Americas, and the Middle East & Africa.

The Americas region hold a majority of the global market and is followed closely by both Europe and Asia Pacific. The Americas have a hand of over 30% of the market share and is expected to reach a valuation of USD 1757.3 million by the end of the forecast period. Herein, the high consumption rate of PET plastics, increasing awareness concerning recycling, and the presence of advancing recycling technologies make the region stand out in the global market. The supportive efforts of the government by imposing various regulations like waste management is another key factor behind the forecasted growth of the region.

The European region showcases similar patterns of growth as that of the Americas and stand out as the second-largest region in terms of market share. The piling up volume of recyclable plastic waste, constant support by the European government bodies in spreading awareness concerning recycling, and more and more stringent policies and regulations in regards to waste management are expected to drive the market in this region. Also, the ongoing plans of implementing new and advanced recycling technologies is also expected to create more opportunities of growth for the regional market.

The Asia Pacific region is identified to hold the potential to grow with the highest CAGR of 6.59% during the forecast period. The region is experiencing considerable growth due to the booming economic development and increasing regulations in relation to the protection of the environment and for effective management of waste are expected to cause a positive shift in the overall market of Asia Pacific region.

The Middle East and Africa region is a promising market for PET bottle recycling and holds immense potential for growth in the near future. The biggest reason behind this being the proliferating growth of in the emerging Middle Eastern countries. This would cause increasing consumption of plastics and heightened need for PET bottle recycling herein.

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