Vast Unknown Demand for PPE to Combat COVID-19 adds New Dimension to the Growth of Recycled PET Market, Growth projected at notable ~7% CAGR from 2021 - 2031: TMR

ALBANY, N.Y., April 27, 2021 /PRNewswire/ -- Recycled polyethylene terephthalate, which in industry parlance is known as RPET, is the most widely recycled plastic in the world. According to the PET Resin Association, in 2012, the European Union registered 52% recycling rate higher than about 31% registered in the U.S. In fact, in 2015, nearly 1.8 billion pounds of polyethylene terephthalate (PET) worldwide were recycled to make a variety of end products. These include polyester carpet fiber, athletic shoes, and fabric for T-shirts among others. Importantly, the use of recycled PET in place of virgin PET results in reduced energy consumption, reduced environmental impact, and lower cost.

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Meanwhile, According to the U.S. EPA, 1% of municipal solid waste in the country is related to PET containers. To curb this, post use, PET material is collected via curbside recycling process that involves both single-stream and dual-stream approaches. The PET collected is sorted at material recovery centers, and baled for shipment to a PET recycling facility.

Coming back to the advantages of recycling of PET, most plastic products end up in landfills or run into water bodies. The land and air pollution associated with overflow of landfills poses health hazards for populations, and loss of aquatic life with plastic-associated water pollution in water bodies. Such serious consequences have led to conceptualization and implementation of robust recycling programs in place undertaken and enforced by public welfare agencies. The overwhelming support for recycling programs from different types of organizations, predominantly recycle of PET, has led to the existence of a billion-dollar recycled PET market. With continued support and anticipation of even robust process frameworks, the recycled PET market is projected to exceed a valuation of US$ 11.9 bn by 2031.

Recycled PET Market – Key Findings of the Report

Vast Unknown Demand for Personal Protective Equipment to Combat Ongoing COVID-19 creates Handsome Growth Opportunities

The vast demand for PPE such as facemasks and visors for health caregivers and frontline workers in the ongoing COVID-19 pandemic has provided undisclosed opportunities for the recycled PET market. In fact, the coronavirus pandemic has unfortunately sent a shockwave through the entire plastic recycling industry. The slowdown of plastic collection, drop in the prices of virgin PET has impacted the demand for recycled PET. Howbeit, in this crisis, the urgent need for PPE in very large numbers compelled plastic product manufacturers to use recycled PET, thus translating into handsome opportunities for the recycled PET market. In addition, this has enabled manufacturers of plastic products to withstand losses due to reduced demand related to temporary shutdown of apparel stores and automotive facilities.

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R&D for Innovations in PET Monomer Recycling to help Develop Process to Eliminate Fiber, Food-grade Resin Impurities

Savvy players in the recycled PET market are engaging in collaborations and business partnerships for innovations in recycling processes. AXENS, JEPLAN, and IFPEN have entered into an agreement for jointly developing and commercializing a novel PET monomer recycling process for all types of waste PET materials.

Therefore, to accomplish this, large companies in the recycled PET market are expanding their R&D capabilities. Integration of new recycling processes involving glycolysis-based PET depolymerization, along with specific purification steps for the removal of organic and inorganic compounds indicates evolution of recycled PET processes. This spawns a new growth dimension in the recycled PET market.

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Recycled PET Market – Growth Drivers

• Earnest efforts of beverage brands for 100% recycled PET bottles for circular plastic packaging goals widens expanse of recycled PET market.
• Intense programs to prevent plastic waste to run into landfills, water bodies indirectly fuels growth.

 Recycled PET Market – Key Players

• Phoenix Technologies International LLC
• UltraPET LLC
• CarbonLITE Industries LLC
• PETCO
• Evergreen Plastics Inc.
• Seiu Japan Co. Ltd.
• Marglen Industries
• Indorama Ventures Public Company Limited
• ALPLA
• JP Recycling Ltd
• Extrupet Group Ltd
• Verdeco Recycling Inc.
• Custom Polymers Inc.
• PolyQuest

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