SEATTLE (Recycling Monster): According to a latest comprehensive market research report by Market Research Future (MRFR), the Polyethylene Terephthalate (PET) recycling market is estimated to grow at a CAGR of 5.28% to reach $7,358.6 million by the end of the current decade.

The market is extremely competitive, with the presence of several small and big vendors. The key players compete hard to boost their market reach by announcing new product launches or product rebranding.

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The rising awareness on environmental impacts due to irresponsible disposal of plastic waste including PET bottles coupled with government initiatives to restrict consumption and production of single-use plastic products are likely to benefit PET recycling, as using recycled products result in lesser environmental pollution than manufacturing new bottles, the report says.

According to the report, the market growth could be badly impacted by the diminishing prices of virgin plastics.

The report features Indorama Ventures Public Company Limited, CarbonLITE Industries, Krones Ag, Plastipak Holdings Inc., UltrePET LLC, Phoenix Technologies, Clear Path Recycling, Schoeller Group, PFR Nord GmbH and PolyQuest as the key players in the PET Bottle Recycling Market.