DELRAY BEACH, Fla., Oct. 30, 2024 /PRNewswire/ -- The report "Recycled Terephthalic Acid Market by Process (Hydrolysis, Pyrolysis), Application (Fiber, Films, Resins), End-Use Industry (Textiles, Automotive, Construction, Packaging) - Global Forecast to 2029", size is projected to grow from USD 2.34 billion in 2024 to USD 2.90 billion by 2029, registering a CAGR of 4.4% during the forecast period. Chemically extracted from PET waste - bottles, textiles, and other packaging materials recycled terephthalic acid is an alternative to virgin TPA that has been sourced from petrochemicals in the past. Ongoing environmental awareness, conducive recycling frameworks, and the growing trend toward sustainability in textiles, packaging, construction, and the automotive field are factors driving the recycled terephthalic acid market. National campaigns designed to reduce waste and concentrate on the objectives of the circular economy promote the use of recycled terephthalic acid on a much broader basis. Apart from that, using reclaimed content helps producers achieve environmental goals and attracts environmentally friendly consumers looking for green products.
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Pyrolysis is anticipated to be the second largest segment in recycled terephthalic acid Market segment, by process, during the forecast period.
Pyrolysis technology will also be the second highest process in the recycled terephthalic acid market due to its ability to handle a wide range of PET waste and producing valuable by-products. Hydrolysis is primarily based on the depolymerization of PET to its constituents, namely TPA and EG; on the other hand, pyrolysis essentially involves the thermal degradation of PET at high temperatures in the absence of oxygen. This depolymerizes PET into lower hydrocarbons, terephthalic acid, and produces syngas, oils, and other commodities. The main reasons why pyrolysis has gained importance are the flexibility in designing its process. It makes it the preferred option in less advanced waste segregation systems or areas where mixed plastic streams are commonly observed. Furthermore, pyrolysis yields a number of high-value byproducts that can be sold or used elsewhere for better economic viability.
Fiber is anticipated to be the second largest segment Recycled terephthalic acid Market segment, by application, during the forecast period.
The second largest application in the market of recycled terephthalic acid mainly owes to the huge demand in textiles. Recycled fibres are widely used for clothing, home furnishings, and industrial textiles due to their comparable performance as virgin polyester and support toward achieving sustainability goals. As more fashion industries aim toward green consumer preference and are working toward creating a less heavy environmental footprint, the requirement for rPET fibers is also on the rise. Recycled fibers are gaining popularity in home textiles and automotive interiors, reducing dependency on virgin material and in turn supporting circular economy initiatives.
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Textiles is anticipated to be the second largest segment Recycled terephthalic acid Market segment, by end-use industry, during the forecast period.
The textiles industry is the second-largest end-use industry in the recycled terephthalic acid market hence, recycled polyester fibers are widely applied in fabric production. Polyester is a synthetic fiber derived from recycled terephthalic acid, largely used in all sorts of apparel, home textiles, and industrial fabrics. With sustainability becoming more and more of a major focus for all industries, the demand for recycled materials such as rPET grew in textiles. Brands are increasingly finding themselves resorting to using recycled fibers for reducing their environmental footprint and catering to the need from consumers for even more sustainable products. That is to say that conversion of terephthalic acid from recycling into high-quality, long-lasting, and versatile fibers makes the textiles industry a central sector in the circular economy. As the industry strives to lower its carbon footprint and continue to promote responsible production, the use of recycled terephthalic acid in textiles will continue to grow in popularity, making it the second-largest end-use industry within the recycled terephthalic acid market.
Europe is expected to be the second largest region in the global Recycled terephthalic acid Market, by region, during the forecast period.
Europe is the second largest region in the recycled terephthalic acid market due to the growth of regulatory frameworks, sustainability, and greater consumer demand for environment-friendly products. European Union further has green policies, such as the Green Deal and the Circular Economy Action Plan, which initiate recycling and ensure plastics are reduced, hence increasing the use of recycled terephthalic acid through industries such as packaging, textiles, and the automobile. Second, there is advanced recycling infrastructure in Europe, complemented by efficient collection and segregation systems, which supports large-scale production of terephthalic acid. Environmentally conscious consumers in Europe encourage products made of recyclable materials, mainly in packaging sectors. Major brands commit increasingly to the use of recycled content, further boosting demand.
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Market Players
Some of the top players in the Recycled terephthalic acid Market. include Indorama Ventures Public Company Limited. (Thailand), Alpek S.A.B. de C.V. (Mexico), SUEZ (France), ALPLA (Austria), Unifi, Inc. (US), SK chemicals (South Korea), Krones AG (Germany), Far Eastern New Century Corporation (Taiwan), Biffa (England), Plastipak Holdings, Inc. (US) and others.
Browse Adjacent Market: Resins and Polymers Market Research Reports
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Recycled PET Market - Global Forecast to 2028
Post-Consumer Recycled Plastics Market - Global Forecast to 2028
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