Covin, Oct. 25, 2023 (GLOBE NEWSWIRE) -- What is Polyethylene Terephthalate (PET) Market?
Polyethylene Terephthalate (PET) Market accounted for US$ 48.43 billion in 2022 and is estimated to be US$ 131.7 billion by 2032 and is anticipated to register a CAGR of 9.9%.
Polyethylene Terephthalate, commonly known as PET, is a versatile thermoplastic polymer that is widely used in various applications. It is a type of polyester, and its most common form is a clear, strong, and lightweight plastic that is easy to process.
Sustainability is a significant driver in the Polyethylene Terephthalate (PET) Market. The focus on reducing plastic waste and promoting recycling is leading to an increased demand for PET recycling and the development of rPET (recycled PET) products. Companies are investing in recycling infrastructure, and governments are imposing regulations to promote the use of recycled plastics.
Key Highlights –
- In March 2023, Fujian Billion to launched new polyethylene terephthalate (pet) plant in Vietnam. The project will be located in southeast Vietnam's Tai Ninh Province, with an initial capacity of 300,000 tons per year. The plant does, however, already have a production here with a 250,000-tonne yearly capacity.
Analyst View –
PET is widely used in the packaging industry for products like water and beverage bottles, food containers, and pharmaceutical packaging. The demand for single-use plastics, including PET bottles, is expected to grow due to increasing consumer convenience and the packaging industry's expansion.
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Segmentation:
- Based on Product Type, Polyethylene Terephthalate (PET) Market is segmented into Carbonated Soft Drink, Bottled Water, Other Drinks, Sheets and Films, Food, and Non-Food.
- Based on Application, Polyethylene Terephthalate (PET) Market is segmented into Food and Beverages, Automotive, Electronics, and Others.
- By Region, the Polyethylene Terephthalate (PET) Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- FORMAT :( PDF)
- NO OF PAGES: 156
- BASE YEAR: 2023
COVID-19 pandemic an impact:
- Reduced Demand: During the early stages of the pandemic, the demand for PET products, particularly in sectors like packaging, textiles, and automotive, saw a considerable drop. Lockdowns and restrictions on movement led to decreased consumer spending and manufacturing activities, causing a decline in the use of PET materials.
- Supply Chain Disruptions: COVID-19 disrupted global supply chains, leading to raw material shortages, production delays, and transportation challenges. This affected the availability of PET resin and contributed to price fluctuations.
- Shift in Packaging Needs: The pandemic triggered a shift in consumer preferences towards single-use and disposable packaging, such as PET bottles for hand sanitizers and takeout containers. This shift was driven by hygiene concerns and a reduced preference for reusable items.
- Rising Demand in Healthcare: On the flip side, PET materials found increased use in the healthcare sector due to their properties that make them suitable for face shields, protective equipment, and packaging for pharmaceutical products.
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Competitive Landscape & their strategies of Polyethylene Terephthalate (PET) Market:
The prominent players operating in the Polyethylene Terephthalate (PET) Market includes,
- TORAY INDUSTRIES, INC.
- BASF SE
- M&G Group
- Indorama Ventures
- Jiangsu Sanfangxiang Group
- Lanxess Corporation
- Nan Ya Plastics
- Egyptian Indian Polyester Co.
- Reliance Industries Ltd.
- Dhunseri Petrochem Ltd.
Market Growth Factors:
- Increased Demand: A fundamental driver of market growth is rising demand for products or services. This can be due to population growth, changing consumer preferences, or the introduction of innovative products.
- Technological Advancements: Technological innovation often leads to the development of new products and services, which can stimulate market growth. Emerging technologies can create new markets and transform existing ones.
- Government Policies and Regulations: Government policies and regulations can either facilitate or hinder market growth. Favorable policies, incentives, or deregulation can encourage investment and expansion in certain industries.
- Globalization: Expanding into international markets can drive growth. Increased access to global markets and the growth of international trade can create new opportunities for businesses.
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Related report link:
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