Pet Plastic Recycling Industry Prominent Players, Global Size, Outlook And Forecast To 2023
Summary
Pet Plastic Recycling Industry By Recycling Process (Chemical, Mechanical), Application (Beverages, Personal Care, Pharmaceutical, Consumer Goods, And Others), And Region - Global Forecast To 2023
Pet Plastic Recycling Industry Overview
Growing awareness about the adverse impact of plastic waste on the environment is the major driver for the global Pet Plastic Recycling Industry over the forecast period. As plastics are nonbiodegradable, they have created an immense problem for the environment due to their widespread and longstanding use.
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Competitive Analysis
Leading players in the global Pet Plastic Recycling Industry include PolyQuest, PFR Nord GmbH, Schoeller Group, Clear Path Recycling, Phoenix Technologies, UltrePET LLC, Plastipak Holdings Inc., Krones AG, CarbonLITE Industries, and Indorama Ventures Public Company Limited.
Segmentation:
The global Pet Plastic Recycling Industry is segmented on the basis of recycling process, application, and region.
By recycling process, the global Pet Plastic Recycling Industry is segmented into mechanical and chemical. The mechanical recycling segment dominates the global Pet Plastic Recycling Industry and is likely to exhibit the highest CAGR over the forecast period. The segment accounted for a whopping 67.92% of the market in 2017.
By application, the global Pet Plastic Recycling Industry is segmented into beverages, personal care products, consumer goods, pharmaceuticals, and others. The beverages segment is expected to dominate the global Pet Plastic Recycling Industry over the forecast period due to the longstanding use of plastics for packaging beverages. The growing demand for packaged beverages in developing economies could also play a key role in the growth of this segment, which is expected to exhibit a CAGR of close to 6% over the forecast period.
Regional Analysis:
The increasing demand for personal care products and beverages in emerging Asia Pacific economies is likely to be a major driver for the global Pet Plastic Recycling Industry over the forecast period, as the growing disposable income of consumers in Asia Pacific has driven the demand for several household necessities such as cleaning products, as well as luxury products such as beverages and personal care products, which are often packaged in PET bottles. The Asia Pacific market for PET bottle recycling is expected to exhibit a strong 6.59% CAGR over the forecast period.
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