The global market for recycled PET is set to grow by two-thirds over the next seven years, according to a study.
Analytics firm 360iResearch forecast the industry to increase in value from US$13bn in 2023 to US$21.6bn in 2030.
This would represent a compound annual growth rate of 7.5 per cent as supply of waste PET grows alongside demand for the recovered material.
PET is recognised for its strength, lack of weight and recyclability, according to 360iResearch.
Growing focus on the circular economy has encouraged its collection and reprocessing as well as the use of the recovered material in end products.
“Technological advancements in the recycling process and expanding applications of recycled PET in the textile and automotive sectors are expected to encourage the growth of the recycled PET market worldwide,” said the research.
“The integration of breakthrough technologies, including artificial intelligence in the recycling process, can enhance the quality of recycled PET products.
Europe represents a mature market for recycled PET due to its “focus on sustainability practices” according to 360iResearch.
