The global engineering plastics recycling market is predicted to document more than 6% CAGR from 2020 to 2025. High priority in product packaging and sustainability among consumer are the influencers in the growth of the market.
In packaging applications PET is an extensively used plastic. Currently PET plastic bottles are used in the packaging of almost 70% of soft drinks. Yearly around 500 billion PET bottles are manufactured worldwide. Roughly, in a year 27 million metric ton of PET are required in these applications, universally, with a major chunk of about 23 million ton used in bottles virgin PET polymer can take over partly or fully by the recyclate PET.
Globally a lot of major brands of soft drinks and bottled water have pledged to use recyclate PET to dwindle the carbon footprint of their products.
The rate of collected and recycled PET is far less than that of its production, due to which many technologies are brought forth to recover and recycle PET Bottles. These technologies have a revolutionary ability to the recycled PET packaging market also have the potential in the growth of the market size of the recyclate PET market. In the Engineering Plastic Recycling Market the major contributors are the Asia-Pacific with more than 50% of the market share.
India is among the major the countries in Asia-Pacific, generating a demand for recycling.
With the rise in the utilisation of plastic in India, there is an increase in the production of recyclate PET, with a recycling rate of 80% of PET bottles. Polyester yarns produced from recycled PET bottles are gaining trend in many garments and footwear brands. Due to the growth in textile industry the recyclate PET's market is expected to see a rise.
Under these state of affairs, the last decade has noticed a tremendous increase in demand for plastic packaging products, which proved to be a major reason for the engineering plastic recycling market in the region.