Market Size of Recyclate PET Industry
Study Period | 2019 - 2029 |
Market Volume (2024) | 4.78 Million tons |
Market Volume (2029) | 6.80 Million tons |
CAGR (2024 - 2029) | > 7.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Recyclate PET Market Analysis
The Recyclate PET Market size is estimated at 4.78 Million tons in 2024, and is expected to reach 6.80 Million tons by 2029, growing at a CAGR of greater than 7% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market in 2020. This was because of the shutdown of the manufacturing facilities and plants due to the lockdown and restrictions. Supply chain and transportation disruptions further created hindrances for the market. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
- Over the medium term, factors such as the growing emphasis on sustainability among consumers and packaging products and the increasing demand from the textile industry are driving the market growth.
- On the flip side, lower profit margins in the industry are expected to hamper the market's growth.
- Nevertheless, the innovations in recycling technologies for automatic processing and sorting of plastics and the discovery of new material sources are likely to provide opportunities for the market studied during the forecast period.
- Asia-Pacific dominated the global market due to the significant growth in demand coming from countries such as China, India, and Japan.