Recycling of pet bottle market Business Revenue, Future Scope, Market Trends, Key Players And Forecast To 2023
Leading players in the global Recycling of pet bottle market 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.
In June 2019, Coca Cola made a pledge to increase the share of recycled plastic in its production chains to 50% by 2023, with the figure currently hovering around 27%. Honest Tea, Chaudfontaine mineral water, and Glaceau Smartwater, all of which are emerging Coca Cola brands in Europe, are expected to incorporate 100% recycled PET by 2020, thanks to the higher awareness about the importance and benefits of plastic recycling in Europe.
The global Recycling of pet bottle is segmented on the basis of recycling process, application, and region.
By recycling process, the global Recycling of pet bottle market is segmented into mechanical and chemical. The mechanical recycling segment dominates the global Recycling of pet bottle market 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.
The Americas are the dominant force in the global Recycling of pet bottle market, followed by Europe and Asia Pacific, which are also expected to hold considerable shares in the market over the forecast period. The Americas account for more than 30% of the global Recycling of pet bottle market and are likely to remain the dominant segment in the global market over the forecast period due to the high production of beverages, personal care products, and pharmaceuticals in this region and the high use of plastics for packaging the same. The widespread popularity and distribution of leading brands like Coca Cola and PepsiCo is likely to drive the Recycling of pet bottle market in the Americas over the forecast period.
The increasing demand for personal care products and beverages in emerging Asia Pacific economies is likely to be a major driver for the global Recycling of pet bottle market 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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