The engineering plastics recycling market is expected to record a CAGR of more than 6% during the forecast period.
The major factor driving the growth of the market studied is the growing emphasis on sustainability among consumers and packaging products.
On the flipside, difficulty in collecting and sorting mixed plastic, along with the difficulty in removing residues, is expected to hinder the growth of the market studied. Additionally, the recent outbreak of the COVID-19 is expected to have a negative impact on the growth of the engineering plastic industry in the short term; and have an adverse effect on the market studied.
Key Market Trends Packaging Industry to Dominate the Market
- PET is one of the most widely used plastics for packaging applications. Apart from being food safe, PET is also strong, lightweight, transparent, and shatter-resistant. Moreover, as an effective barrier to carbon dioxide, the characteristics of PET make it an unrivaled choice for beverage and rigid food packaging. - At present, nearly 70% of soft drinks (carbonated drinks, still and dilatable drinks, fruit juices, and bottled water) are packaged in PET plastic bottles. Almost 500 billion PET bottles are produced globally per annum. Around 27 million metric ton of PET a year is used in these applications, globally, with the majority around 23 million ton used in bottles. Recyclate PET can replace all or a proportion of virgin PET polymer in new packaging products. - Many major brands worldwide are committed to using recyclate PET to reduce their drink products’ carbon footprint. Some of these include Coca-Cola, Nestle Waters, PepsiCo, Danone, and many more. Corporations that sell soft drinks and bottled water have committed to stop using single-use plastics by 2030. - Although PET is the most widely recycled type of plastic, less than 60% of the PET used for bottles is collected for recycling, and only 6% of the total makes it back into new bottles. - Furthermore, Coca-Cola unveiled its first-ever sample bottle using recovered and recycled (25%) marine PET Bottles in October 2019. This technology demonstrates that even ocean debris could be used in recycled packaging for food or drinks one day. - These technologies can become game-changers for the recycled PET packaging market and are instrumental in expanding the market size of the overall recyclate PET market.
Asia-Pacific is is One of the Major Contributors to the Engineering Plastic Recycling Market
- The Asia-Pacific region dominated the engineering plastic recycling market, which accounted for more than 50% of the market share. - In Asia-Pacific, the majority of the demand for recycling comes from China, Japan, and India. - China is one of the largest global consumers of polyethylene terephthalate (PET). The abundant availability of raw materials and the low cost of production have supported the production growth of engineering plastics, such as PET, in the country for the past few years. The consumption of PET increased drastically in the recent past due to the growing population, increasing urbanization, and substitution of many metals in various industries. This is expected to positively influence the recyclate PET market’s growth during the forecast timeframe. - In India, with the increase in the application of plastics, the recyclate PET production is also increasing, as nearly 80% of PET bottles are recycled in the country. Many brands of footwear and garments are beginning to use polyester yarns made from recycled PET bottles. - The market for recyclate PET is anticipated to witness growth on account of the growing textile industry. For instance, the Indian textile market’s size is expected to reach USD 223 billion markets by 2021. The new textile policy aims to achieve USD 300 billion worth of textile exports by 2024-25. - Also, the food processing industry in India is rapidly growing with upcoming investments and governmental support. With increasing investments in the food processing industry, the demand for and the growth of food and beverage packaging in the country are likely to increase. - Under these circumstances, the demand for plastic packaging products has increased tremendously in the last decade. It has been a major driver for the engineering plastic recycling market in the region.
Competitive Landscape The engineering plastic recycling market is highly fragmented as the dominance of regional market players is extremely high. Some of the major players in the market include Indorama Ventures Public Company Limited, Clean Tech UK Ltd, Far Eastern New Century Corporation (Phoenix Technologies), Alpek Polyester, and Petco.co.za.
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Gross Domestic Product
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