PET Bottle Recycling Market: An Effective Method of Recycling To Curb the Adverse Impact of Plastic on the Environment.
- PET bottle recycling is a process of plastic waste recovery and to turn the waste material into useful products.
- Off late, the manufacture and the usage of plastics has been increased significantly that has led to large amount of plastic waste that causes environmental concerns in terms of pollution. Conventional method of waste disposal is landfill. However, many countries across the globe are facing severe reduction in landfill areas.
- Furthermore, the landfill method of waste disposal has long term risks of contamination of natural resources such as soil and ground water. It can also lead to marine pollution.
- The recycling process of PET bottle aids to increase the reuse of plastic material. The pollution levels can be reduced by converting PET bottles into lower grade plastics. The carbon dioxide emissions can be reduced along with reduction waste can be achieved by PET bottle recycling process.
- PET bottle recycling is widely used in various applications such as beverages, packaging, personal care, consumer goods, and pharmaceuticals. Among these applications, packaging is a leading segment holding major share of the market. PET bottle recycling is performed by chemical recycling and mechanical recycling. Mechanical recycling holds the significant share in global PET bottle recycling market.
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Key Drivers of PET Bottle Recycling Market
- Demand for plastic bottles has been increasing due to the improvement in lifestyle of consumers, primarily in emerging economies across the globe. The ease of collection and established network of collecting and sorting of used PET bottles are driving the demand for PET bottle recycling
- Furthermore, the key raw material of PET bottle is petroleum products. The recycling of used products is viable for manufacturers than new manufacture of bottles. This is positively impacting the demand for PET bottle recycling.
- Rise in awareness about environmental hazards about plastic disposal and governmental initiatives are anticipated to boost the global PET bottle recycling market during the forecast period.
Rising Awareness about Ill-Effects of Conventional PET Bottle Waste Disposal to Offer Attractive Opportunities
- Landfill process of PET bottle is slow decomposition process and it leads to release of hazardous gas. Furthermore, the production of newer products requires combustion of raw materials such as fossil fuel. It results into release of excess of carbon dioxide in the environment along with depletion of non-renewable resources.
- The recycled plastics has a fraction of greenhouse gas footprint that of virgin plastics. The high quality and efficient waste management system is capable of significantly reducing the risk of plastic leaking into the environment.
- Various public and private associations are encouraging the PET bottle recycling in order to tackle the issue of plastics waste. The PET bottle recycling would allow waste plastics to be captured by facilitating the higher waste collection and recycling rates.
- Thus, the rising awareness about Ill-effects of conventional PET bottle waste disposal such as landfilling is estimated to pose an attractive opportunity for key players of PET bottle recycling market during the forecast period.
Trade Restrictions on Plastic Waste to Hamper Market:
- PET bottle recycling rates vary considerably across different countries. The recycling rate is generally low in developing and low-income countries. Importers of plastic waste including PET bottle are concentrated in small number of countries. China is the biggest market for plastic waste.
- In 2017, China has notified WTO and the Basel Convention on the Transboundary Movement of Hazardous Wastes and Their Disposal. The notification had listed 24 kinds of solid waste including PET that are prohibited the import from 1st January 2018. It has significantly affected the trade.
- China’s import restrictions have resulted into rising diversion of material into other export markets and domestic waste stockpiles. It has led to price reduction for waste plastics. Furthermore, it has triggered concerns regarding the health and environmental impacts that could result in countries affected by trade restriction considering their comparatively weak environmental & treatment standards and less developed plastics recycling facilities.
- Hence, trade restrictions on plastic waste is estimated to hinder the growth of PET bottle recycling over the forecast period.
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North America expected to hold Key Market Share in the Global PET bottle recycling Market
- Geographically, the demand for PET bottle recycling can be split across five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America is a key region of the PET bottle recycling market, led by the increase in awareness about environmental sustainability in the region. The ban on landfills introduced in developed countries such as the U.S is also driving the PET bottle recycling market in the region.
- Demand for PET bottle recycling is estimated to rise at significant pace in Asia Pacific during the forecast period owing to the increase in demand for pharmaceutical and packaging materials in countries such as China, India, and Indonesia. Growth in population have augmented the demand for plastic bottles in Asia Pacific.
- Implementation of stringent environmental laws imposed by the European Union are anticipated to fuel the PET bottle recycling market in Europe. The market in Latin America and Middle East & Africa is likely to expand at a sluggish pace during the forecast period.
Key Players Operating in the PET bottle recycling Market:
Demand within PET bottle recycling market is fragmented due to presence of the number of local and global players. Few of the key players operating in the PET bottle recycling market include
- CarbonLITE Industries
- Indorama Ventures Public Company Limited
- CarbonLITE Industries
- Krones Ag
- Plastipak Holdings, Inc.
- UltrePET LLC
- Phoenix Technologies
- Clear Path Recycling
- Schoeller Group
- PFR Nord GmbH
Global PET bottle recycling Market: Research Scope
Global PET bottle recycling Market, by Recycling Process
Global PET bottle recycling Market, by Application
- Food & Beverages
- Personal Care
- Consumer Goods
- Others (Textile, Construction, etc.)
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