SEATTLE (Recycling Monster): The latest study report published by DataHorizzon Research foresees significant growth to recycled polyethylene terephthalate (rPET) market over the next decade.

According to the report, the worldwide rPET market is projected to grow at a CAGR of 7.3% during the ten-year period from 2023 to 2032. The market size is expected to reach $20.4 billion by 2032. This is nearly double the market size of $10.8 billion in 2023. The projected growth will be mainly driven by the notable global demand growth for sustainable packaging solutions as well as technological advancements in recycling methods. It must be noted that chemical recycling and advanced sorting systems have boosted production of high-quality rPET.

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The report identifies clear rPET segment as the market leader. Clear rPET is most commonly used to produce food grade packaging.

Based on the market segmentation by type, rPET flakes has been identified as the fastest growing segment owing to its widespread adoption in the packaging industry.

As per report, Asia Pacific accounted for the largest rPET market share in 2023, partly attributed to the presence of major rPET producing countries such as China, India and Thailand. The region had accounted for around 45% of the global rPET production in 2021, the report said.