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Polyethylene terephthalate (PET) bottle recycling is defined as the process of plastic waste recovery and further processing to turn them into useful products. Market Research Future (MRFR) has published a research report about the global PET Bottle Recycling Business Plan that infers advancement for this market at 5.28% CAGR (Compound Annual Growth Rate) during the forecast period between 2018 and 2023. By value, the market has been figured to be worth the US $ 5933.6 mn by the end of the forecast period.
The major factors driving the growth for the PET Bottle Recycling Business Plan include awareness about the impact of plastic disposal on the environment, government support for plastic recycling initiatives, and use of PET bottles in the packaging industry. Other factors contributing to the market growth include the ban on import of plastic waste by developing countries, and designing of PET bottle to facilitate recycling. However, the lack of awareness about the recycling phenomenon can impede market growth.
The global PET Bottle Recycling Business Plan has been segmented on the basis of the recycling process, application, and region. The application-based segmentation has segmented this market into consumer goods, beverages, pharmaceuticals, personal care, and others. Based on the recycling process, the market can be segmented into chemical and mechanical.
The MEA region is the second largest regional COVID-19 Impact that is expected to grow at 5.19% CAGR during the forecast period because used bottles comprise of 10% of the gross urban waste generation. The use of bottles has grown in this region over the past two decades because of the slowly growing urban lifestyle.
During the forecast period, Europe is expected to emerge as the third largest regional market due to the presence of powerful economies such as Germany, France, and the UK. Another important country-specific market in this region is Italy, followed by the remaining countries of Europe. Other reasons for market growth in Europe include technological advancement second only to North America, and the government initiatives to encourage recycling. Europe is expected to register the market growth at 4.89% CAGR during the forecast period. Germany is the biggest country-specific market in Europe. During the forecast period, Germany is likely to grow at 5.91% CAGR, and its worth has been calculated to be approximately around the US $ 468.3 mn. The countries covered in the segment titled "remaining countries of Europe" include Poland, Netherlands, and Spain.
Key Players
The key players in the global PET Bottle Recycling Business Plan include Clear Path Recycling (USA), CarbonLITE Industries (USA), Krones AG (Germany), Indorama Ventures Public Company Limited (Thailand), Phoenix Technologies (USA), PFR Nord GmbH (Germany), Plastipak Holdings, Inc. (the USA), and UltrePET LLC (USA).
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