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If you're looking to purchase or buy PET Flakes in India at market-leading prices, you've come to the right place! This article will explain exactly how much PET Flakes cost in India today and how much they might cost in the future so that you can save money on your next purchase and still get great value for money.
You will also get an idea of where you can buy/sell them and what you can use them for! With this information at your fingertips, you should make a better purchasing decision and understand what factors affect pricing at each stage of the supply chain. We've got all the information you need right here!
PET Flakes Prices in India Today
PET Flakes are in high demand right now, and the PET Flakes prices have risen drastically! So how much do PET Flakes in India cost today?
PET Flakes (Hot Washed) – Gujarat: Rs.61/KG
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Market Graph Of PET Flakes Prices in India (Gujarat)
Current PET Flakes Prices in India
Every year, people around the world produce nearly 300 million tonnes of plastic, according to the United Nations Environment Programme (UNEP). And we can proudly say that India has the highest recycling rate for PET scrap and conversion into PET Flakes, a type of plastic used to produce drinking water bottles and food containers.
As the world's largest PET Flakes producer, India's prices for PET Flakes have recently risen above those of PET Scrap due to increased demand and use in manufacturing industries. PET Flakes prices in the Asian region, particularly in India, have been near-record highs ever since. The primary reason for the unexpected increase in PET Flakes prices in the Indian market is that the government has restricted the use of "single-use plastics" in the domestic market.
The demand and consumption of PET Flakes have steadily increased in recent years, owing to regulations, industry projects, and consumer awareness that has resulted in a focus on Plastic Scrap and a higher recycling rate. Meanwhile, demand is expected to rise due to policy initiatives that discourage single-use plastics.
Why Are PET Flakes Prices Skyrocketing?
The only reason for the skyrocketing PET Flakes prices is that consumers are aware of recycling PET Scrap rather than dumping it in landfills. Furthermore, governments in many countries, including India, Europe, China, the United States, and others, are making steady progress in their sustainability plans and limiting the use of single-use plastics.
PET is highly versatile and resistant, acts as a bacterial barrier, and is fully recyclable. This is precisely why it is so important to increase recycling rates.
Companies have already implemented measures to make their bottles 100% recyclable. This ensures increased demand for PET Flakes and, as a result, an increase in the number of tonnes collected for Plastic Scrap recycling.
Will the PET Flakes Prices in India Increase in 2023?
Several market analysts predict PET Flakes prices or recycled PET will rise as its use in industries expands in the coming years.
The Global Recycled PET (rPET) market size was valued at USD 12320.34 million in 2021 and is expected to expand at a CAGR of 6.87% during the forecast period, reaching USD 18356.47 million by 2027. (Source - GLOBE NEWSWIRE)
According to 'India Recycled Plastics Market", the recycled plastics market size in India reached US$ 3,553 Million in 2021. And expects the market to reach US$ 5,020 Million by 2027, exhibiting a growth rate (CAGR) of 5.8% during 2022-2027.
Growing awareness levels and consciousness about the harmful effects of Plastic Scrap are major drivers of recycled plastic market growth in India. Plastic is widely used in various end-use industries as a result of industrial growth, rising population, and continuous product innovation, contributing to the country's market growth.
Meanwhile, several major beverage and fast-moving consumer goods companies have committed to using at least 50% recycled content (PET Flakes) in their plastic packaging globally. Coca-Cola, Danone, and PepsiCo have all proposed using RPET or PET Flakes in 50% of their bottles by 2030. As a result, long-term demand for PET Flakes is expected to rise.
On the other hand, the demand for PET Flakes in the food-grade industry will increase by 10 to 15% in India by 2030. The global Recycled PET market is expected to be worth USD 8.9 billion in 2021, rising to USD 11.7 billion by 2026, at a CAGR of 5.7 per cent between 2021 and 2026.
Similarly, persistent issues with covid-19 and supply chain concerns drive PET Flakes prices in India to new highs of Rs.67/KG in the second quarter of 2021. PET Flakes prices have remained at historic highs since then. PET Flakes prices are expected to rise in the long run as demand for the product continues to rise.
Do You Have Large Tons Of PET Flakes With You? What to Do Next?
RecyleInMe is an online scrap marketplace dealing with 100 plus scrap and recyclables. At RecyleInMe, you can find PET Flakes, PET Flakes prices, PET Flakes suppliers, PET Flakes Scrap buyers, PET Flakes to buy and sell, and other various categories of scrap. Register now and start receiving business leads.
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