Frequently Asked Questions
In 2023, the global market for recycled PET (r-PET) was valued at approximately USD 2.3 billion. This valuation underscores the significant role r-PET plays in the recycling and sustainable materials sector, reflecting its growing importance in global environmental and sustainability efforts.
The market value of r-PET is projected to reach USD 4.9 billion by 2032. This anticipated growth, at a compound annual growth rate (CAGR) of 7.99% between 2023 and 2032, indicates a robust and increasing demand for recycled PET. This growth is driven by heightened environmental concerns, advancements in recycling technologies, and a global shift towards more sustainable materials and practices.
The demand for r-PET is on the rise due to several factors: heightened environmental awareness among consumers, regulatory pressures for higher recycling rates, and a corporate pivot towards sustainable packaging solutions. Additionally, r-PET’s role in reducing landfill waste, cutting carbon emissions, and conserving natural resources by repurposing PET plastic contributes to its increasing popularity.
The United States has experienced a significant surge in demand for r-PET. This trend is attributed to growing consumer awareness about the environmental benefits of recycled materials, regulatory efforts to enhance recycling rates, and the shift by businesses towards sustainable packaging options. These factors collectively contribute to the growing market for r-PET in the region, aligning with broader goals of waste reduction and sustainability.