Recycled PET (R-PET)

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Discover the factors influencing recycled PET (R-PET) markets

Demand for Recycled PET (R-PET) around the globe is on the rise. Driven by building pressure from both consumers and brand owners to deliver more sustainable ways of living and reducing environmental impact, this trend shows no signs of abating. A growing number of legislative targets in Europe and the US, together with country-specific developments in Asia, add yet another reason why keeping up-to-date with global R-PET markets is essential.

Navigating what has become an increasingly volatile market is a challenge for new and experienced market players. Access to comprehensive and reliable recycled polymer market data is key.

To meet the needs of buyers, sellers and traders of R-PET, we have expanded our coverage to encompass Europe, Asia, the Americas and beyond. We are recognised as the benchmark price for recycled polymers, including R-PET. Our European historic price data shows developments since coverage began in 2006, and the additions of the US and Asia reports adds a global view to this dynamic market and enables a holistic view on how this market continues to emerge around the world.

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Latin America stories: weekly summary

SAO PAULO (ICIS)–Here are some of the stories from ICIS Latin America for the week ended on 14 February. NEWS INSIGHT: US mulls reciprocal tariffs on Brazil ethanol, cabinet hopes steel quota is to be kept Although the new US administration has so far only imposed tariffs on China, President Donald Trump keeps using the tariff threat as a form of negotiation and in the latter part of this week it was the turn of Brazil’s ethanol. Brazil’s Unigel plans listing but location undisclosed, rules out IPO – company Unigel’s restructuring plan includes listing shares on the stock exchange but not an initial public offering (IPO) issuing new shares, a spokesperson for the Brazilian chemicals producer said to ICIS. Brazil’s inflation slows in January but monetary tightening to continue – analysts Brazil’s annual rate of inflation fell in January to 4.56%, down from 4.83% in December, the country’s statistical office, IBGE, said this week. INSIGHT: EU-Chile trade deal could benefit chemicals indirectly via higher minerals supply (part 1) An interim trade accord between Chile and the EU kicked off on 1 February and the 27-country bloc is not shy about its main objective: get preferential access to the Latin American nation’s vast resources of raw materials. Mexico’s inflation falls in January nearing target, automotive exports under pressure Mexico’s annual rate of inflation fell to 3.59% in January, down sharply from December’s 4.2%, the country’s statistics office Inegi said. Brazil’s automotive January production up 15% on healthy demand at home, abroad Brazil's petrochemicals-intensive automotive production rose more than 15%, year on year, to 175,500 units – the highest January output since 2021 – while exports jumped over 50%, the country’s trade group Anfavea said on Monday. PRICING LatAm PE international prices stable to up on higher US export offersInternational polyethylene (PE) prices were assessed as stable to up on higher US export offers. LatAm PP domestic prices up in Mexico on higher feedstock costs Domestic polypropylene (PP) prices increased in Mexico tracking higher propylene costs. In other Latin American countries, prices were unchanged.

17-Feb-2025

S Korea's S-Oil Shaheen project 55% complete; to start commercial ops in H2 ’26

SINGAPORE (ICIS)–S-Oil's Shaheen crude-to-chemical project in Ulsan, South Korea is now 55% complete and is expected to start commercial operations in the second half 2026, the producer said on Monday. Construction of the $7bn project at the Onsan Industrial Complex of Ulsan City started in March 2023, with mechanical completion targeted by the first half of 2026. South Korean refiner S-Oil is 63%-owned by Saudi Aramco, the world's largest crude exporter. The Shaheen project – named after the Arabic word for “falcon” – will have a 1.8 million tonne/year mixed-feed cracking facility; an 880,000 tonne/year linear low density polyethylene (LLDPE) unit; and a 440,000 tonne/year high density PE (HDPE) plant. The site will have a thermal crude-to-chemical (TC2C) facility, which will convert crude directly into petrochemical feedstocks such as liquefied petroleum gas (LPG) and naphtha, and the cracker is expected to recycle waste heat for power generation in the refinery. The company currently produces a range of petrochemicals and fuels including benzene, mixed xylenes, ethylene, methyl tertiary butyl ether (MTBE), paraxylene, polypropylene, propylene, propylene oxide, biodiesel, and potentially bio-based aviation and other bio-derived products at its Onsan site. S-Oil plans to supply feedstock to domestic petrochemical downstream companies mainly through pipelines. "To this end, the construction of logistics-related infrastructure, such as a new pipeline network, is being carried out at the same time," it said. Long-term agreements for stable supply of raw materials are being signed between S-Oil and petrochemical companies located at the two industrial complexes in Ulsan, which would boost competitiveness of domestic value chain, the company said.

17-Feb-2025

BLOG: China LLDPE net imports in 2025-2035: Three scenarios that could reshape global trade

SINGAPORE (ICIS)–Click here to see the latest blog post on Asian Chemical Connections by John Richardson: Let me start with a confession: I have no idea which of the three scenarios in today's blog post will come true. That’s the only honest answer in today’s much more complex markets. What I do know is that China’s role as the world’s biggest net importer of linear low density polyethylene (LLDPE) is shifting, and the outcome will transform global trade, supply chains, and pricing power. Here are the scenarios: ICIS Base Case: 72% average operating rate → Net imports at 4.5 million tonnes per year (down from 5.9 million tonnes per year in 2020-2024). Higher Operating Rates (81%) → Net imports fall to 2.3 million tonnes. Back to 2024 Operating Rate (90%) → Net imports shrink to just 0.3 million tonnes, with China being a net exporter in some years. What factors could push China towards higher or lower LLDPE imports? Geopolitics & Supply Security: Beijing may prioritize self-sufficiency, directing plants to run at high rates – even at a loss – to reduce reliance on imports. After last year's strong export growth, trade tensions don’t block further export growth in manufactured goods. LLDPE demand is boosted, with more of it met locally. China’s Cost-Competitive Production: New world-scale, highly integrated plants in China are far to the right of global cost curves. Shifting to Higher-Value Grades: China triples the number of polymer grades it produces, shifting toward C6 and C8 grades, further reducing reliance on imports. Another Variable: Capacity Growth & Carbon Constraints 2025-2028 will see the biggest wave of LLDPE capacity additions. Most of these plants are already built, under construction, or approved. China’s 2028 refinery cap (due to EV [electric vehicle] growth) may limit domestic feedstock supply. Will China import feedstocks or scale back chemicals capacity growth? China needs a minimum 28% greenhouse gas (GHG) reduction by 2035 to stay on track for net zero by 2060 (Carbon Brief). Could climate policies slow chemicals expansion? Some of China’s steam crackers are now 20+ years old. Will they be revamped, or will we see a wave of shutdowns? As Complexity Grows, AI is Transforming Forecasting Manual calculations that took hours now take minutes. Data crunching is faster, cheaper, and more accurate. Large language models (LLMs) can generate reports instantly, without errors. Even the creative thinking or wisdom-of-crowds approach that produced today's post could soon be done by AI. But will the machines be trusted? I again don't know. What is clear is that AI offers the potential to model today's muddled and very challenging markets. We are lucky that the technology has come along at the right time. Editor’s note: This blog post is an opinion piece. The views expressed are those of the author, and do not necessarily represent those of ICIS.

17-Feb-2025

Asia top stories – weekly summary

SINGAPORE (ICIS)–Here are the top stories from ICIS News Asia and the Middle East for the week ended 14 February. SE Asia PE plant shutdowns deemed necessary for rebalancing By Izham Ahmad 10-Feb-25 10:57 SINGAPORE (ICIS)–A recent wave of plant shutdowns among polyethylene (PE) producers across southeast Asia has been seen by some as a reflection of how dire the situation in the market is. Malaysia's Lotte Chemical Titan incurs record Q4 loss; '25 outlook downbeat By Nurluqman Suratman 10-Feb-25 14:44 SINGAPORE (ICIS)–Lotte Chemical Titan (LCT) incurred its largest-ever quarterly loss, with analysts expecting the Malaysian producer to remain in the red in 2025 amid weak economic conditions and an oversupply of petrochemical products. INSIGHT: Strong hydrogen push in China to reshape global industry amid US pullback By Patricia Tao 10-Feb-25 18:23 SINGAPORE (ICIS)–The US has suspended financial support for its own hydrogen sector, while China is ramping up efforts to expand its hydrogen industry. The sharp policy divergence between the two countries could accelerate the global hydrogen market’s shift and reshape the industry landscape over the next three to five years. Asia polyester tracks rising costs despite weak post-holiday demand By Judith Wang 11-Feb-25 12:57 SINGAPORE (ICIS)–Asia’s polyester export discussions edged up in line with the higher cost pressure after the Lunar New Year holiday, while buying activities were limited as end-user demand remained weak. SE Asia VAM market rallies on crimped supply, demand surge By Hwee Hwee Tan 12-Feb-25 12:43 SINGAPORE (ICIS)–The southeast Asia vinyl acetate monomer (VAM) import market is being buoyed by resurgent restocking demand and supply disruptions into February. INSIGHT: US policy shift raises concerns on future of CCS, blue ammonia value chain By Bee Lin Chow 12-Feb-25 13:04 SINGAPORE (ICIS)–The unfolding political battle in the US over national economic interest and energy security has raised concerns about potential implications for its emerging carbon capture and storage (CCS) and blue ammonia sectors, and the potential spillover impact on Asia. PODCAST: US hydrogen subsidy halt vs China’s expansion – what’s next for the global market? By Anita Yang 12-Feb-25 15:45 SINGAPORE (ICIS)–The Trump administration swiftly withdrew financial support for its hydrogen sector, while China is accelerating hydrogen expansion with strong policy backing. INSIGHT: India may offer tariff concessions to US as PM Modi meets Trump By Priya Jestin 13-Feb-25 14:18 MUMBAI (ICIS)–India may offer the US tariff cuts on various products, including electronics and automobiles – major downstream sectors of petrochemicals – to avoid US President Donald Trump’s “reciprocal duties”, which may deal a big blow to the south Asian nation’s exports. Vietnam to raise 2025 GDP growth target to 8% to fuel socioeconomic growth By Jonathan Yee 13-Feb-25 16:08 SINGAPORE (ICIS)–Vietnam announced on 12 February it would raise its GDP growth target for 2025 to 8.0% from 6.5-7.0%, with industrial manufacturing and foreign investment expected to drive growth. Singapore 2024 petrochemical exports grow 4.6%; trade risks stay high By Nurluqman Suratman 14-Feb-25 14:00 SINGAPORE (ICIS)–Singapore’s petrochemical exports in 2024 rose by 4.6%, supporting the overall growth in non-oil shipments abroad which is being threatened by ongoing trade frictions among major economies.

17-Feb-2025

VIDEO: Europe R-PET market sees more bullishness in NWE bales, UK flake

LONDON (ICIS)–Senior Editor for Recycling Matt Tudball discusses the latest developments in the European recycled polyethylene terephthalate (R-PET) market, including: Higher prices heard for colourless, 80/20 bales in Germany Some UK flake sellers raising offers due to better orders Market looking ahead to March already

14-Feb-2025

PODCAST: Exploring Europe PET and R-PET competitiveness ahead of ICIS PET Value Chain Conference

LONDON (ICIS)–Senior editor for Recycling Matt Tudball asks Carolina Perujo Holland, senior analyst for Plastics Recycling, and Travis Klein, senior analyst for PET how the markets in Europe compare with other regions in terms of competitiveness, impact of regulations and feedstock costs. Carolina and Travis also give a brief description about their presentations at the ICIS PET Value Chain Conference, which takes place 6-7 March in Amsterdam. Click here to register and see the full agenda.

12-Feb-2025

SHIPPING: ILA committee approves deal with US ports; full membership to vote on 25 Feb

HOUSTON (ICIS)–The International Longshoremen’s Association (ILA) wage scale committee voted unanimously to approve the tentative agreement between the union and US Gulf and East Coast ports, setting up a vote by the full membership later this month. An ILA strike was averted in January when a tentative deal was reached between the two parties with both sides agreeing to work under the existing pact while awaiting the ILA’s full wage scale committee and the scheduling of a ratification vote from the full membership. The wage scale committee consists of more than 200 ILA union locals from Maine to Texas. The new agreement and all its benefits are retroactive to 1 October 2024, and, if ratified by ILA members, will be in effect until 30 September 2030. ILA rank-and-file members will receive details of the agreement approved by the wage scale committee at local meetings over the next two weeks and then participate in the ratification vote on 25 February. The specific details of the agreement will not be made public. The two sides agreed on the financial part of the deal in early October, ending a three-day strike, with commitments to continue negotiating on other issues, specifically automation and semi-automation at ports, which the union opposed because of the threat of losing jobs previously done by humans. The labor issue would have had no impact on liquid chemical tanker traffic in and out of ports as they typically serve private terminals and do not require the same labor as container ships. Container ships and costs for shipping containers are relevant to the chemical industry because while most chemicals are liquids and are shipped in tankers, container ships transport polymers, such as polyethylene (PE) and polypropylene (PP), are shipped in pellets. They also transport liquid chemicals in isotanks.

11-Feb-2025

INSIGHT: EU-Chile trade deal could benefit chemicals indirectly via higher minerals supply (part 1)

SAO PAULO (ICIS)–An interim trade accord between Chile and the EU kicked off on 1 February and the 27-country bloc is not shy about its main objective: get preferential access to the Latin American nation’s vast resources of raw materials. Chemicals players on both sides have welcomed the trade deal, although trade in chemicals is likely to remain limited as Chile’s natural trading partners in the sector have always been the US and Asia. Under the terms of the free trade agreement (FTA), 99.9% of EU exports will enter Chile duty-free, whilst EU firms gain equal treatment with domestic companies across Chilean service sectors, including finance, telecommunications, maritime transport, and delivery services. European businesses bidding for government contracts in Chile, Latin America's fifth-largest economy, will receive enhanced market access through streamlined procurement procedures. CHEMICALS: COLATERAL WINNERS?While chemicals companies in Chile and the EU may not feel much of an impact from the trade deal, chemicals players in the 20-million population Latin American economy showed relief that closer ties are being developed with the EU, rather than China. In 2023, the EU enjoyed a trade surplus in chemicals with Chile of €120 million, the result of EU exporting €770 million worth of chemicals to Chile, while the latter's exports to the EU stood at €649 million, according to figures from Europe-wide chemicals trade group Cefic. In a written response to ICIS, a spokesperson for Cefic said three quarters of the EU exports to Chile were consumer chemicals and specialties. In the case of Chile’s exports to the EU, 80% of them were of inorganic chemicals. Cefic said that while chemicals are not at the center of the trade deal, lithium and other minerals as well as metals are, and that could ultimately benefit the chemicals industry if the EU was to achieve a (green) industrial revival. In fact, the interim deal which came into effect on 1 February, which replaced a previous association agreement, included changes and updates to energy and raw materials: the association agreement came into force in 2002: hydrogen and lithium existed already then, but were little spoken about. On the one hand, EU chemicals firms cannot wait to see their energy bills fall, and more so following the 2022 energy and natural gas shock after Russia invaded Ukraine. Chile’s prime position to produce green hydrogen – strong sunlight and winds for the renewable energy, and abundant water – could turn the country into an exporter of the gas upon which most hopes to decarbonize the industrial sectors have been placed. Green energies such as hydrogen have the potential to lower the EU’s high energy bill. Several European companies have announced plans to build green hydrogen plants in Latin America – where costs are lower than at home – aiming to export to Europe most of the hydrogen produced. On the other hand, EU manufacturers are anxious to secure stable supply of the minerals they require to make the green transition the EU itself is pushing them to implement. By having access to those minerals, manufacturing in the EU could see a revival and indirectly push up demand for chemicals. “While EU-Chile chemicals trade is not major in comparison with other trade relationships, trade with Chile is important, especially due to Chile's leading position in the supply of certain raw materials,” said the Cefic spokesperson. “Chile is a key supplier of lithium and copper for the EU, two metals that are key for the EU chemicals industry in applications like cathode active materials for EVs [electric vehicles] or catalysts. In the future, Chile's hydrogen exports can also become even more relevant due to the EU's green transition.” In terms of polymers, Chile’s annual consumption stands at around 1.3 million tonnes, and the country’s output is far from covering even half of that, according to figures by the country’s plastics trade group Asipla. Local production of polymers, said Asipla, stands at 260,000 tonnes, comprising 200,000 tonnes from recycling and approximately 60,000 tonnes of virgin material. Some company names include Petroquim, Chile’s sole producer of polypropylene (PP), or Styropec producing polystyrene (PS) and expandable polystyrene (EPS). Magdalena Balcells is Asipla’s CEO, and one of the most no-nonsense lobbyists this correspondent has met in almost two years in Latin America. In June last year, her straight talk at an industry event captivated the audience – although that audience was, of course, friendly terrain. “Despite China's transition from petrochemical importer to exporter in the past few years, producers like Petroquim have been able to maintain their market position through established client relationships built on trust, certification, and rigor: advantages which are less predictable with Chinese suppliers,” said Balcells. In this interview, like in a previous one in 2024, Balcells insisted Chile’s policymakers tended to think the country is a developed economy where recycling policies could be easy to implement. This push, however, has prompted many plastic companies to get a grip with sustainability, she said, and that can only be a good thing. On trade relations, Asipla’s CEO is crystal clear on her feelings about China. Asked whether a deal with the EU, any deal, will always be preferable to one with China, she said: “Always preferable. The EU and Chile share a common language, a common way of doing business and trade. Chile's OECD membership facilitates European trade relations. With China, everything becomes… very difficult,” said Balcells. “Chinese exports of industrial goods imports continue to present a significant challenge in terms of price competition, across many industrial sectors, in Chile and the wider Latin America. But for Chile, the EU is a very important commercial partner and one with which it is still relatively easy to operate. This FTA should be a positive.” In a written response to ICIS, the head of logistics at Petroquim, Jorge Gaete, confirmed the company does not expect a great impact from the EU-Chile trade deal, but welcomed it nevertheless as it should benefit the Chilean economy as whole and partly protect it from the new protectionist wave. “This FTA is not of great importance for the chemical industry, and we don’t expect it to represent major benefits for Petroquim. This trade deal, however, is important for the issue of minerals such as lithium and copper, which are the great reserves Chile has,” said Gaete. “Moreover, now with the [US President Donald] Trump government and all the reforms he is implementing or planning to implement, including the increases in import tariffs, I believe that we as a country will benefit from the agreement with the EU.” Last week, Trump mentioned tariffs on metals, including copper, which would hit the Chilean economy hard: the country is the second largest producer of copper globally, and its exports are a key employment- and foreign reserves-generator. Chile’s chemicals trade group Asiquim did not immediately respond to a request for comment. This article is the first part of this Insight. The second part, to be published on Wednesday (12 February), will focus on Chile’s vast natural resources, paramount to kick start green mobility and green industry, and the EU’s desire to get hold of as much of them as it can  Insight by Jonathan Lopez Front thumbnail: Shipping containers with flags of Chile and European Union (Shutterstock)

11-Feb-2025

PODCAST: Europe PE/PP eyes seeds of Jan rebound, braces for Feb battle

LONDON (ICIS)–What with tough financial results from some producers, the threat of tariffs and upstream price wobbles, 2025 already has a lot to discuss for Europe polyethylene (PE) and polypropylene (PP) senior editors. Vicky Ellis and Ben Lake look back on January trends and what is being tussled over for February in contract talks. They touch on LyondellBasell's Q4 results,  Dow CEO Jim Fitterling's downbeat view on demand, early February market trends and ICIS' article about the southeast Asia PE plant shutdowns deemed necessary for rebalancing. Podcast edited by Will Beacham ICIS senior analysts, editors and managers will be at the Hyatt Regency Hotel in Cologne, Germany on the 8-9 April for the 11th ICIS World Polyolefins Conference. You’ll also get to hear from industry leaders like Borealis, LyondellBasell and Covestro, as they share their insights. Discover more: .

10-Feb-2025

Latin America stories: weekly summary

SAO PAULO (ICIS)–Here are some of the stories from ICIS Latin America for the week ended on 7 February. NEWS US tariffs could jeopardize $800 million of Mexican plastics exportsPotential US tariffs of 25% on all goods coming from Mexico could hit the country’s plastics sector hard, with exports to the US worth $800million, plastics sector trade group Anipac said this week. US suspends tariffs on Mexico for one month as high-level talks on key issues startThe US has agreed to pause for one month its 25% import tariffs on Mexican goods as the two countries agreed setting up working groups on three key issues, the presidents of both countries said on Monday. Brazil's Braskem Q4 resin sales fall 7% quarterly on lower PE, PP demandResin sales in Braskem's domestic market dropped by 7% in Q4 2024 compared with Q3 2024, mainly due to the decreased demand for polyethylene (PE) and polypropylene (PP) explained by the seasonality of the period, the Brazilian petrochemicals major said on Wednesday in its quarterly production and sales report. Brazil’s Unigel appoints Dario Gaeta as CEO after debt restructuring greenlitBrazilian chemicals producer Unigel has concluded its debt restructuring process worth Brazilian reais (R) 5.1 billion ($885 million) after a Sao Paulo business court greenlit the plans drawn up by creditors. Brazil's industry broadly declines in December – trade groupBrazil's industrial activity key metrics slowed down in December, with revenue and production hours both falling 1.3% from November, trade group the National Confederation of Industry (CNI) said on Friday. Brazil chemicals output falls slightly in December; up 3.3% annuallyBrazil’s chemicals output fell by 0.8% in December, month on month, but it rose by 3.3% in 2024, compared with 2023, the country’s statistical agency IBGE said on Wednesday. Brazil’s manufacturing expansion keeps slowing on currency, fiscal woesBrazilian manufacturing continued expanding in January albeit at lower rates than for most of 2024 as currency weakness drove up import costs and dampened demand, though firms remained optimistic enough to hire temporary workers, analysts at S&P Global said on Monday. Mexico’s manufacturing slump deepens as new orders keep fallingMexico's manufacturing sector contracted for a seventh straight month in January as new orders fell at their fastest pace since October, analysts at S&P Global said. Colombia’s manufacturing jumps in January on sharply higher new ordersColombian manufacturing growth accelerated sharply in January as new orders rose at their fastest pace in a year, driving increased hiring and purchasing activity, analysts at S&P Global said on Monday. Brazil chemicals deficit hits $49 billion in 2024 despite higher tariffs by year-endBrazil's chemical industry posted a $48.7 billion trade deficit in 2024 as imports surged to $63.9 billion, driven by “predatory pricing” from US and Asian suppliers, the country’s chemicals trade group Abiquim said. Brazil chemicals producer prices up 12% in 2024Chemical producer prices in Brazil rose 12.2% in 2024 year on year, and above the average for industrial producer prices, the country’s statistical agency IBGE said on Tuesday. PRICINGLatAm PP international prices stable to up on ´higher feedstock costs, squeezed marginsInternational polypropylene (PP) prices were assessed as steady to higher across the region on the back of higher feedstock costs and squeezed margins. LatAm PE domestic, international prices increase on higher US export offersDomestic and international polyethylene (PE) prices increased across the region on the back of higher US export offers.

10-Feb-2025

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