PET Bottle Recycling Market| COVID-19 Impact, Outlook And Future Scope Analysis till 2023

PET Bottle Recycling Market Overview

Growing awareness about the adverse impact of plastic waste on the environment is the major driver for the global PET Bottle Recycling Market over the forecast period. As plastics are nonbiodegradable, they have created an immense problem for the environment due to their widespread and longstanding use. 

Competitive Analysis

Leading players in the global PET Bottle Recycling Market include PolyQuest, PFR Nord GmbH, Schoeller Group, Clear Path Recycling, Phoenix Technologies, UltrePET LLC, Plastipak Holdings Inc., Krones AG

Segmentation:

The global PET Bottle Recycling Market is segmented on the basis of recycling process, application, and region.

By recycling process, the global PET Bottle Recycling Market is segmented into mechanical and chemical. The mechanical recycling segment dominates the global PET Bottle Recycling Market and is likely to exhibit the highest CAGR over the forecast period. The segment accounted for a whopping 67.92% of the market in 2017.

By application, the global PET Bottle Recycling Market is segmented into beverages, personal care products, consumer goods, pharmaceuticals, and others. The beverages segment is expected to dominate the global PET Bottle Recycling Market over the forecast period due to the longstanding use of plastics for packaging beverages. The growing demand for packaged beverages in developing economies could also play a key role in the growth of this segment, which is expected to exhibit a CAGR of close to 6% over the forecast period.

Regional Analysis:

The Americas are the dominant force in the global PET Bottle Recycling Market, followed by Europe and Asia Pacific, which are also expected to hold considerable shares in the market over the forecast period. COVID-19 Impact

The increasing demand for personal care products and beverages in emerging Asia Pacific economies is likely to be a major driver for the global PET Bottle Recycling Market over the forecast period, as the growing disposable income of consumers in Asia Pacific has driven the demand for several household necessities such as cleaning products, as well as luxury products such as beverages and personal care products, which are often packaged in PET bottles. The Asia Pacific market for PET bottle recycling is expected to exhibit a strong 6.59% CAGR over the forecast period.

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