The global recycled PET market size is estimated to grow from USD 11.0 billion in 2023 to USD 15.0 billion by 2028, at a CAGR of 6.5% during the forecast period. One of the driving factors for the recycled PET market is the increasing global demand for sustainable and environmentally friendly packaging solutions. Additionally, government regulations and initiatives promoting recycling and circular economy practices have further propelled the growth of the recycled PET market.
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Indorama Venturers Public Limited (Thailand), Biffa (UK), Far Eastern New Century Corporation (Taiwan), Plastipak Holding Inc. (US), Alpek (Mexico), PolyQuest (US), OCTAL (Oman), Loop Industries (Canada), Evergreen (US), PLACON (US) among others, are the leading recycled PET manufacturers, globally. Market players in the recycled PET industry are adopting vertical integration strategies, new product launches, expansion, agreements & contracts, and merger & acquisition, as their key growth strategies between 2018 and 2023.
Indorama Ventures is a leading global chemical company actively involved in producing recycled PET products. The company has made significant strides in the recycled PET market and has implemented various strategies to promote sustainability and circular economy practices. Indorama Ventures focuses on collecting and recycling PET bottles to produce high-quality recycled PET resins. These resins are then used in a wide range of applications, including packaging, textiles, automotive, and more. By leveraging their expertise and innovative technologies, Indorama Ventures contributes to reducing plastic waste and environmental impact while meeting the growing demand for sustainable packaging solutions. The company’s commitment to promoting recycled PET products aligns with its vision of creating a more sustainable and resource-efficient future. It is present in Europe, North America, South America, APAC, and Africa.
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Biffa is the second-largest player in the recycled PET market, globally. Biffa is a prominent waste management company in the United Kingdom that plays a significant role in the recycling and production of recycled PET products. The company operates advanced recycling facilities that focus on processing and transforming PET bottles into high-quality recycled PET materials. Biffa’s expertise lies in efficiently collecting, sorting, and reprocessing plastic waste to produce recycled PET resins. These resins are utilized in various applications, including packaging, textiles, and other industries. By emphasizing the circular economy and promoting the use of recycled PET products, Biffa contributes to reducing plastic waste and minimizing the environmental impact associated with plastic consumption. Through their commitment to sustainable waste management practices, Biffa aims to drive positive change in the recycling industry and foster a more environmentally conscious approach to plastic utilization.
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