According to data analysis of Grand View Research, the global rPET market is worth 8.56 billion U.S. dollars in 2020, and it is expected to grow at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028. Market growth is mainly driven by the shift from consumer behavior to sustainability. The growth of rPET demand is mainly due to the increase in demand for downstream fast-moving consumer goods, clothing, textiles, and automobiles.
Relevant regulations on single-use plastics issued by the European Union-from July 3 this year, EU member states must ensure that certain single-use plastic products are no longer placed on the EU market, which to a certain extent promotes the demand for rPET. Recyclers continue to increase investment and purchase related recycling equipment.
IVL: Recycle 10 billion US PET bottles
On June 14, Indorama Ventures (IVL), a global chemical producer, announced that it had acquired the recycling plant of CarbonLite Holdings in Texas, USA.
IVL food grade rPET recycled pellets.
The plant, named Indorama Ventures Sustainable Recycling (IVSR), is currently one of the largest producers of food-grade rPET recycled pellets in the United States, with an annual comprehensive production capacity of 92,000 tons. Before the completion of the acquisition, the plant recycled more than 3 billion PET plastic beverage bottles each year, providing more than 130 jobs. Through this acquisition, IVL will expand its U.S. recycling capacity to 10 billion beverage bottles per year and achieve the global goal of recycling 50 billion bottles (750,000 metric tons) per year by 2025.
It is understood that IVL is one of the largest manufacturers of rPET beverage bottles in the world. CarbonLite Holdings is one of the largest producers of food-grade rPET recycled particles in the United States.
D KAgarwal, CEO of IVL’s PET, IOD and fiber business, said: “This acquisition of IVL can complement our existing PET and fiber business in the United States, better achieve sustainable recycling, and create a circular economy platform for PET beverage bottles. . By expanding the global recycling business, we will meet the growing needs of our customers."
As early as 2003, IVL headquartered in Thailand entered the US PET market. In 2019, the company acquired recycling facilities in Alabama and California, bringing a circular business model to its U.S. business. At the end of 2020, IVL has sensed the opportunity of the European rPET market and established and expanded recycling facilities in France and Poland. It plans to recycle and process 10 billion post-consumer PET bottles by 2023. In recent years, IVL has invested in and acquired recycling plants in Europe and the United States to further expand its recycling capacity.
Evergreen: Accelerating rPET processing capacity in North America
Greenbridge, a recycling plant located in North America, announced on June 10 that it would divest its recycling unit Evergreen, aiming to further increase North America’s capacity to collect and process PET bottles.
As a newly established PET recycling platform, Evergreen can process 1 billion post-consumer PET bottles each year in factories in Ohio and California, clean, sort and grind the post-consumer PET bottles into rPET flakes and pellets, and then process them. Extrusion is used by bottle suppliers and other customers.
Evergreen expects to double its food-grade rPET manufacturing capacity next year, and plans to carry out a major expansion project in the future to increase production capacity and recycling capacity again.
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