SEATTLE, Oct. 06, 2021 (GLOBE NEWSWIRE) -- The global polyethylene terephthalate market was valued at US$ 38.48 Billion in 2020 and is expected to exhibit a CAGR of 6.7% during the forecast period (2021-2027).
Key Trends and Analysis of the Global Polyethylene Terephthalate Market:
Rise in the food and beverage industry is the vital factor escalating the market growth, also rise in the demand for sustainable and recyclable material, rise in the demand for frozen and processed food among population, rise in the demand for polyethylene terephthalate materials for efficient and environment-friendly packaging alternatives all over the globe and rise in the leaning of consumers toward efficient & easily recyclable beverage containers are the major factors among others driving the polyethylene terephthalate (PET) market. Moreover, rise in the research and development activities in the market and increase in the technological advancements and modernization in the production techniques will further create new opportunities for the polyethylene terephthalate (PET) market in the forecast period of 2021- 2027.
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Polyethylene terephthalate can be recycled and reused for manufacturing door panels, rain coats, industrial sheets and carpets. The closed loop recycling of used polyethylene terephthalate bottles into new grade PET is expected to subsequently decrease the environmental pollution by a decreasing the demand for raw material, consequently increasing the profit margin of the PET bottle manufacturer.
Key Market Takeaways:
The global polyethylene terephthalate market is expected to exhibit a CAGR of 6.7% over the forecast period (2021-2027). The packaging segment offers maximum market potential in the PET market, owing to increase in demand for PET materials for efficient and environment-friendly packaging alternatives globally and rise in demand for packaged & processed food. Moreover, increase in inclination of consumers toward efficient & easily recyclable beverage containers and growth in usage as an eco-friendly substitute further boost the growth of this segment. The use of PET in electrical & electronics has witnessed major developments, owing to constant growth in per capita disposable income and rise in demand for lightweight materials.
The Asia Pacific polyethylene terephthalate market was valued at US$ 18.47 Bn in 2020 and is expected to grow at a significant rate of 6.5% during the forecast period, due to the factors, such as population growth, the rise in disposable income, urbanization in developing economies, and growing demand for fast-moving consumer goods. Asia-Pacific dominates the polyethylene terephthalate (PET) market due to rise in the changes in lifestyle coupled with the rise in the demand for PET bottles in this region. Middle East and Africa is the expected region in terms of growth in polyethylene terephthalate (PET) market due to rise in the demand for sustainable and recyclable materials.
Competitive Landscape:
Major players operating in the global polyethylene terephthalate market include Alpek S.A.B de C.V., RTP Company, BASF SE, The Dow Chemicals Company, Jiangsu Sanfangxiang Group, Indorama Ventures, M&G Chemicals, Nan Ya Plastics Corporation, Far Eastern New Century, and Quadrant AG.
Key manufacturers in the market are focusing on strategies such as product portfolio expansion and geographical expansion, which are expected to shape the industry in the forecast period. Major companies are increasingly manufacturing bio-based PET using partially recyclable materials. Bio-based PET is light weight, recyclable, biodegradable, and reusable bioplastic material derived from biomass. For instance, in 2018, according to 'Bioplastics News', PepsiCo joined Danone and Nestle Waters in producing bio-based polyethylene terephthalate bottles (PET). The acquisition of Perpetual and rPET capacity confirms Alpek Polyester’s ongoing dedication to sustainable product offerings to meet consumer demand for rPET content.
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Market Segmentation:
- Global Polyethylene Terephthalate Market, By Product Type:
-
- Carbonated Soft Drink
- Bottled Water
- Other Drinks
- Sheets & Films
- Food
- Non-Food
- Global Polyethylene Terephthalate Market, By Application:
-
- Food & Beverages
- Automotive
- Electronics
- Others
- Global Polyethylene Terephthalate Market, By Region:
-
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Italy
- France
- Germany
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Middle East & Africa
- By Sub-Region:
- Middle East
- Africa
- By Sub-Region:
- North America
-
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