As per the current market research conducted by CMI Team, the US Recycled PET Market size is expected to record a CAGR of 3.3% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 1.43 billion. By 2032, the valuation is anticipated to reach USD 1.98 billion.
US Recycled PET Market: Growth Factors and Dynamics
Environmental Awareness and Sustainability: Increasing environmental consciousness and the drive towards sustainability have increased the demand for recycled PET in US Consumers, businesses, and governments are making efforts to find eco-friendly solutions, including recycled PET products, to reduce plastic waste and promote a circular economy.
Multiple Applications of Recycled PET: Recycled PET has gained increasing popularity across a wide range of industries, including packaging, textiles, automotive, and consumer goods. The packaging industry, in particular, has witnessed a notable shift towards sustainable and recyclable materials, driving the demand for recycled PET as a viable solution.
Collaboration and Partnerships: Collaboration and partnerships among stakeholders in the PET market, including recyclers, manufacturers, and brand owners, have played a pivotal role in the growth of the recycled PET market. By working together, these entities facilitate the seamless supply of recycled PET and foster the development of closed-loop recycling systems, ensuring a sustainable and efficient recycling process.
Consumer Demand for Sustainable Products: Growing consumer preference for sustainable products has fueled the demand for recycled PET. Consumers are actively seeking out products made from recycled materials, including PET, and supporting brands that embrace sustainability, thus driving market growth.
Market Expansion and Investment: The recycled PET market has experienced significant expansion efforts and investments in recycling infrastructure. Companies are actively investing in the establishment of new recycling facilities, upgrading existing ones with advanced technologies, and exploring innovative recycling techniques to meet the ever-increasing demand for recycled PET. These endeavours contribute to the growth and development of the recycled PET market, bolstering its capacity and efficiency.
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US Recycled PET Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the US Recycled PET Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Increase in Environmental Awareness: The COVID-19 pandemic has generated increased public consciousness about environmental issues and the significance of sustainable practices. This has fostered a stronger focus on recycling and a higher demand for recycled PET as a more environmentally friendly alternative.
- Government Support: Governments and regulatory bodies have maintained their commitment to environmental sustainability throughout the pandemic. Economic recovery plans and stimulus packages often include measures to support recycling infrastructure and promote the utilization of recycled materials, including PET.
- Supply Chain Disruptions: The global supply chains for recycled PET have experienced disruptions as a result of the COVID-19 crisis. Lockdown measures, reduced workforce, and transportation limitations have led to temporary closures or decreased operations of recycling facilities, resulting in supply disruptions for recycled PET.
- Decline in Demand: Certain sectors, such as packaging, automotive, and textiles, have witnessed a decrease in demand during the pandemic due to economic downturns and shifting consumer behaviors. This decline in demand for end-use products has impacted the demand for recycled PET as well.
- Price Instability: The pandemic has introduced market uncertainty, leading to price fluctuations for both virgin PET and recycled PET. These price variations can pose challenges for recyclers and manufacturers in terms of maintaining pricing competitiveness and ensuring profitability.
In conclusion, the COVID-19 pandemic has had a mixed impact on the US Recycled PET Market with some challenges and opportunities arising from the pandemic.
Competitive Landscape – US Recycled PET Market
The US Recycled PET Market is highly competitive and is dominated by several major players, including:
- Indorama Ventures
- Plastipak Holdings Inc.
- Mohawk Industries
- CarbonLITE Industries
- Clear Path Recycling
- Phoenix Technologies International
- Verdeco Recycling Inc.
- Evergreen Plastics
- Custom Polymers PET
- Envision Plastics Industries
- Far Eastern New Century Corporation (FENC)
- Schoenberg & Co. Inc.
- National Fiber Supply
- Perpetual Recycling Solutions
- PolyQuest Inc.
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