Jersey City, New Jersey, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Polyethylene Terephthalate Market” By Application(Food & Beverages, Sheets & Films, Consumer Goods), By End Use Industry(Packaging, Electrical & Electronics, Automotive, Construction), and By Geography. According to Verified Market Research, the Global Polyethylene Terephthalate Market size was valued at USD 27,111.19 Million in 2020 and is projected to reach USD 40,037.04 Million by 2028, growing at a CAGR of 3.69% from 2021 to 2028.
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Browse in-depth TOC on “Polyethylene Terephthalate Market”
202 - Pages
126 – Tables
37 – Figures
Global Polyethylene Terephthalate Market Overview
Polyethylene terephthalate is also commonly utilized in flexible packaging applications due to its unique physical characteristics, such as being shatterproof and non-reactive to food and water. The market is predicted to increase as a result of increasing technological breakthroughs and innovations in packaging applications, primarily through weight reduction. Increased use of textiles and fabrics, increased PET recycling and collection rates around the globe, and rising demand for sustainable and recyclable products are all driving market growth for Polyethylene Terephthalate (PET). Meanwhile, strict environmental restrictions limiting the use of PET and rising demand for environmentally acceptable alternatives like High-Density Polyethylene (HDPE) are likely to stifle market growth.
The growing demand for lightweight packaging solutions for electronics and food is expected to open up new opportunities for PET. Furthermore, over the forecast period, the level of rivalry is predicted to increase. As a result, players are focusing on developing unique technologies in order to increase their market position. To achieve a competitive advantage in the market, companies are working on PET manufacturing processes that are both cost-effective and high-quality.
Key Developments in Polyethylene Terephthalate Market
• Alpek Polyester business division acquired Lotte Chemical UK Ltd.
• The new business division will operate as the legal entity of Alpek Polyester UK Ltd.
• The acquisition enables the company to expand its presence in United Kingdom.
The major players in the market are M&G Chemicals, Nan Ya Plastics Corporation, Far Eastern New Century, Alpek S.A.B de C.V., Jiangsu Sanfangxiang Group., Indorama Ventures, Lanxess, Tray-Pak Corporation, Verdeco Recycling Inc., and Voridian (Eastman Chemicals) Inc. (U.S.).
Verified Market Research has segmented the Global Polyethylene Terephthalate Market On the basis of Application, End-Use Industry, and Geography.
- Polyethylene Terephthalate Market, By Application
- Beverages
- Sheets & Films
- Consumer Goods
- Food Packaging
- Others
- Polyethylene Terephthalate Market, By End-Use Industry
- Electrical & Electronics
- Packaging
- Automotive
- Construction
- Others
- Polyethylene Terephthalate Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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