With the passage of time, the world has succumbed to an increasing trend of using plastic in nearly all the products, thereby producing a humongous amount of non-biodegradable waste for the entire planet. According to Surfers Against Sewage (SAS), a UK based organization working towards reduction and recycling of plastic across the world, approximately 640 million tons of plastic has been approximated to be produced by the end of 2034. Moreover, everyday 8 million different pieces of plastic reach different water bodies, thus causing massive marine plastic pollution. Recycling of plastics has therefore, become the need of the hour and has not gone overlooked by both governments and the common population. Industries and manufacturing units around the world have shifted their focus towards completely reducing plastic production to recycling the already produced in order to not hinder the daily activities in human life. One such example is PSF from PET recycled bottles market that is experiencing considerable growth. As per the findings of SAS, approximately 150 plastic bottles are present in every covered mile of United Kingdom. PET or polyethylene terephthalate has become the primary component of plastic bottles and is being generated an extraordinary rate through this revenue. Textile, home furnishings, and automotive industries have tried to capitalize on this production by constructing industrial units solely meant for recycling PET bottles in order to produce polyester staple fiber. Key market players of the PSF from PET Recycled Bottles Market PSF products on the premise of contributing to sustainable development of the environment, thereby acquiring worldwide consumer acceptance. In 2018, the PCF from PET recycled bottles market earned a revenue of $1.8 billion and will further grow with a CAGR of 6.5% during the forecast period of 2019-2025. Furthermore, North America has emerged as the geographical leader of the PSF from PET recycled bottles market with a regional share of 35% in 2018.
Home Furnishings Industry Providing Maximum Impetus To The PSF from PET Recycled Bottles Market
Contrary to the traditional practices of homes being decorated economically and without any aesthetic décor, home furnishings industry is booming with elevated demand from consumers for do-it-yourself products, and recyclable décor items. With the general population becoming increasingly aware of plastic pollution and a growing concern for conservation of environment, consumers are leaning towards products that are either made out of biodegradable constituents or recyclable products. Consumers are striving to achieve the perfect balance between improving their home’s appearance by inventing in décor items and reducing carbon footprint by purchasing recycled items. Another factor that has contributed to the growth of the home furnishings industry is the revamp of housing sector in most countries. Additionally, there is a consistent rise in the number of commercial buildings that are being used as offices, hospitals, banks, malls, and other places where furnishing products have become necessary for elevating consumer experience. According to 2019 data collected by United States Bureau of Labor Statistics, the furniture and home furnishings store are categorized under the retail industry and employed approximately 900,000 employees in the country by the end of May 2019. This is reflective of the growth of this industry with the indirect impetus provided by growing consumer interest in home improvement. One of the most important products stemming from the home furnishings industry demand is carpets. A growing number of furnishing companies are now using polyester stable fiber instead of cotton and other natural fibers to make synthetic carpets and after the initial success, are also used to make curtains, bed sheets, upholstery, and others. The PSF used in these products is largely obtained from industrial facilities meant solely for recycling PET bottles. Due to consumer preference for a wide range of colors, enhanced performance, durability, resistance to wrinkles, and other factors, the PSF from PET recycled bottles market has experienced prolific growth and will continue to do so with the rise of the home furnishings industry.
The Decline Of Fluffy Cotton In Textile Industry Has Been Advantageous For The PSF From PET Recycled Bottles Market
One of the primary factors for the growth of the PSF from PET recycled bottles market is the steady decline of the cotton industry. Cotton has been one of the most predominantly grown and exported crops in the world for its universal usage in the textiles industry. However, the crop is hardly sustainable to the planet, in which its demand has a key role to play. For its extraordinary requirement across the world, cotton production is passed through several stages of subjection to pesticides, insecticides, fertilizers, and it also makes use of a large scale of land and water. This has made it highly unsustainable for the planet and the industries producing cotton are under enormous pressure for embracing the organic trend for growth of crops. Moreover, a consistent fall in earned profits especially amongst Indian farmers has also contributed to the decline of the industry. Textile industry has therefore shifted its focus towards mass production of polyester fiber which works in accordance with environmental conservation. There has been observed a consistent increase in industrial facilities where PET bottles can be collected and recycled to produce polyester staple fiber. In India for example, where textiles is one of the most important and oldest industries, according to the president of the All Indian Recycled Fiber and Yarns Association, 35 companies operate in the country producing around 50,000 tons of recycled PSF in a single month. The PSF from PET recycled bottles market players are further investing resources to even recycle the labels that come off from PET bottles and develop them into polyester staple fibers.
Major Players In The PSF From PET Recycled Bottles Market
Key market players of the PSF from PET recycled bottles market consist of companies that are investing their resources towards expanding industrial units that solely concentrate on the production of polyester staple fibers and somehow finding a way to increase business during the off-season. One of the challenges faced by the players is having lesser number of bottles to recycle during the winter months when the sales of water bottles is relatively slower. Companies have now shifted their focus towards obtaining permission from the government for importing PET bottles for maintaining production and demand for polyester staple fibers. These key companies include Toray Industries, Inc., Lenzing AG, Indorama Corporation, Mitsubishi Chemical Holdings Corporation, Reliance Industries Limited, Far Eastern Group, Bombay Dyeing, DiyouFibre, Zhejiang Hengyi Group Co., Ltd, W. Barnet GmbH & Co. KG, and Alpek S.A.B. de C.V.
In February 2019, Indorama Corporation, one of the global leaders in production of chemical based products, announced acquisition of M&G Fibras Brasil which has a manufacturing capacity of 75,000 tons per annum. Fibras Brasul is one of Brazil’s largest PET producers and produces immense PET waste all around the year. With the help of Indorama Corporation, the company plans on increasing its production capacity for polyester staple fibers and speeding up the production process. This acquisition will be highly beneficial not only to both the companies but to the economy of Brazil as well.
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