DUBLIN--(BUSINESS WIRE)--The "Recyclate PET Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The market for recyclate PET (rPET) is expected to grow at a CAGR of above 7.5% during the forecast period of 2019 - 2024
The major factors driving the growth of the market studied are the growing emphasis on sustainability among the consumer and packaging products, and increasing demand from the textile industry. On the flip side, lower profit margins in the industry is expected to hamper the growth of the studied market.
- Industrial yarn segment dominated the market in 2018 and is expected to grow during the forecast period with growing production of industrial yarn made from recycled PET bottles.
- The innovations in recycling technologies for automatic processing & sorting of plastics and the discovery of new material sources are likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe due to the significant growth in demand coming from countries such as China, India, and Japan.
Key Market Trends
Industrial Yarn Segment to Dominate the Market Demand
- Industrial yarn segment stands to be the largest consumer of recyclate PET, which accounts for almost 50% of market demand.
- The material of rPET is used to spin fibers of small diameters, which are woven into "polar" fleece fabric, used for sweatshirts, jackets, and scarves.
- These fabrics contain up to 100% of recycled material, along with waterproofing. Polar fleece jackets use up to 25 recycled PET bottles.
- The rPET yarn uses 94% less water, compared to oil-based PET fibers. Additionally, the production process requires 60% less energy, along with a reduction of 32% in CO2 emissions.
- The demand for rPET in textile applications has seen a period of decline. However, it is expected to show a good increase, over the forecast period, in response to EU initiatives that actively promote circular economy and green development models.
- For instance, WRAP, an initiative of the European Clothing Action Plan, is working closely with governments, businesses, and communities, in order to achieve certain targets by 2020.
- These targets include a 15% reduction in carbon footprint, a 15% reduction in water footprint, and a 15% reduction in waste to landfill.
- Hence, such initiatives are likely to drive the growth of rPET market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global rPET market in 2018, which accounted for more than 50% of the market share.
- Factors, such as robust demand for packaging materials, increasing production of industrial yarn, and robust growth in construction activities driving the demand for building materials, are driving the demand for rPET.
- Asia-Pacific is witnessing fastest growth in the global packaging industry, where countries, such as China and India has been leading the market. Factors, such as e-commerce, online food deliveries, and innovation & development in packaging industry have been driving the growth of packaging industry in the region.
- Growth in construction activities in the region has further been increasing the demand for building materials, where rPET finds numerous applications.
- China currently has numerous airport construction projects, which are either in development or planning stage. These include - Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc.
- Besides, the Chinese government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years.
- In India, the government's investment target of USD 120.5 billion for developing 27 industrial clusters is expected to boost commercial construction in the country.
- In Indonesia, the government planned to invest in construction sector about USD 450 billion by 2021, which is expected to provide boost to residential construction in the country.
- Thus, such market trends are likely to drive the demand for recyclate PET market in the region during the forecast period.
- Besides, the increased concerns related to harmful environmental impact due to no-degradability of plastic, and growing regulations in this regards, are likely to provide huge opportunities for the rPET market in the coming years.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Emphasis on Sustainability among the Consumer and Packaging Products
4.1.2 Increasing Demand from the Textile Industry
4.2.1 Lower Profit Margins in the Industry
4.2.2 Difficulty in Collecting and Sorting of Mixed Plastic, along with Hard to Remove Residues
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 PET Staple Fiber
5.1.2 PET Straps
5.1.3 PET Sheets or Films
5.2.2 Industrial Yarn
5.2.3 Mono Filaments
5.2.5 Building Materials
5.2.6 Other Applications
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Centriforce Products Ltd
6.4.2 Clean Tech UK Ltd
6.4.3 Dennison Ltd
6.4.4 DS Smith
6.4.6 Foss Manufacturing LLC
6.4.7 G.E.T Recycling Co. Ltd
6.4.8 JFC Plastics Ltd
6.4.9 Krones AG
6.4.11 Lotte Chemicals
6.4.12 M&G Chemicals
6.4.14 Phoenix Technologies
6.4.15 Placon (Ecostar)
6.4.17 Reliance Industries Limited
6.4.19 UltrePET LLC
6.4.20 Verdeco Recycling Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovations in Recycling Technologies for Automatic Processing and Sorting of Plastics
7.2 Discovery of New Material Sources
For more information about this report visit https://www.researchandmarkets.com/r/auoery