New York, US, June 02, 2022 (GLOBE NEWSWIRE) -- Polyethylene Terephthalate Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Polyethylene Terephthalate Market Information by Technology, Component, End Market, and Region - Forecast till 2030”, the market is estimated to grow at a 3.73% CAGR to reach USD 39.5 Billion by 2030.
Market Synopsis
PET's unique combination of properties, including low gas permeability, high strength, resistance to oil, various solvents, and moisture barrier properties, make it a popular choice for various industries, including textiles, automotive, packaging, electronics, fueling the PET market's growth. Polyethylene terephthalate (PET) is a polyester-based transparent amorphous thermoplastic. Terephthalic acid and glycol are used as raw materials to make them. The polymer is recyclable and lightweight, making it a perfect material for the packaging sector. Product consumption will be fueled by the strong growth for high-quality containers in food, pharmaceuticals, and beverages. Additionally, rising R&D activities and breakthroughs in polymers will propel the polyethylene terephthalate market forward throughout the projection period.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 39.5 Billion |
| CAGR | 3.73% (2021–2030) |
| Base Year | 2020 |
| Forecast Period | 2021–2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Component, End Market, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The demand from the packaging industry |
| The food and beverages market holds the highest shares |
Market Competitive Landscape:
The renowned contenders in the polyethylene terephthalate market are:
- Indorama Ventures Public Company Limited (Thailand)
- Alpek S.A.B. de C.V. (Mexico)
- SABIC (Saudi Arabia)
- NAN YA Plastics Industrial Co., Ltd (China)
- M&G Chemicals (Luxembourg)
- Far Eastern New Century Corporation (Taiwan)
- Jiangsu Sanfangxiang Group (China)
- JBF Industries Ltd (India)
- DuPont de Nemours, Inc (US)
- DAK Americas (US)
- BASF SE (Germany)
Market USP Covered:
Market Drivers:
Polyethene terephthalate is in high demand in the packaging industry. This product has unique characteristics that make it suited for various packaging applications. The food sector uses this packaging product all over the world. Brands can personalize their packaging by using this plastic. As a result, these generic containers can be used for a specific brand. It's simple to raise awareness using these kits. These plastics can be customized to meet the needs of food and beverage marketers. Spillage and leakage are quite rare with this packing. Polyethylene terephthalate (PET) consumption from textiles and fabrics is increasing, as is PET recycling worldwide. Due to these advantages, many textile companies opt for PET as a packaging material, saving money on packaging.
The product is molded and stretched into plastic containers and bottles for beverage, personal care, consumer, and food packaging. Additionally, polyethylene terephthalate is cost-effective and has great strength and lightweight qualities, allowing more modern packaging to be delivered while consuming less fuel during transportation. Compared to alternatives such as paper, glass, and aluminum, PET is the greatest packaging material. During the review period, continued advancements in light-weighting technology and increased packaging development in the e-commerce and healthcare sectors will drive more product demand.
Market Restraints:
Polyethene terephthalate (PET) is a low-density plastic banned in many parts of the world. The manufacture of this material is subject to strict environmental regulations. Demand is dwindling due to environmental concerns. It is not an environmentally friendly product. Product consumption will be limited by the availability of replacement products such as polyethylene and polystyrene. Other packaging materials in significant demand among end-users are jute packets.
The market for polyethylene terephthalate may be hampered by increased demand for environmentally friendly plastics. These variables may impact the market's growth rate throughout the forecast period. The vast choice of options might also have an impact on profitability. These alternatives are less expensive and have qualities similar to polyethylene terephthalate. Furthermore, several government laws governing the consumption of plastics have been enforced. It is because the production of plastic produces much pollution and harms the environment. Environmental constraints are market constraining issues.
Browse In-depth Market Research Report (137 Pages) on Polyethylene Terephthalate: https://www.marketresearchfuture.com/reports/polyethylene-terephthalate-market-5521
COVID 19 Analysis
The COVID 19 epidemic is causing unanticipated market movements around the world. In this epidemic, many major countries are experiencing lockdowns and limitations. In this age, supply chain difficulties are key challenges. Other difficulties include a labor shortage and a drop in productivity. End-user businesses such as electrical and electronic products, consumer goods, and food and beverage are all experiencing significant losses. These factors have an impact on the need for polyethylene terephthalate. Due to the COVID 19 epidemic, market patterns are expected to decline in 2020. Other factors influence the market's demand. In the first three quarters of 2020, the vehicle sector is down 23%. The polyethylene terephthalate industry's growth is hampered by lower demand in other areas.
Market Segmentation
By Processing Technology
Injection Molding is appraised to lead the general market development in the estimated period.
By Grade
The bottle Grade segment is assessed to lead the overall market progress in the forecast period.
By End-Use Industry
The food & beverages segment reported the largest market share. Lightweight, high strength, enhanced flexibility, and 100 percent recyclable, Polyethylene Terephthalate is a preferred material for usage in the food & beverage packaging industry.
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Regional Insights
There are three primary regions in polyethylene terephthalate. Asia Pacific, Europe, and North America are significant areas in this industry. During the predicted period, Asia-Pacific has a larger market share. The packaging sector is seeing rapid growth. It has a beneficial impact on the polyethylene terephthalate market as a whole. India, China, and Japan are among the markets with significant investments. Market developments are advantageous when the population and per capita income growth. Furthermore, North America has a significant market share. This market has a high manufacturing rate. In addition, North American investments are significant. The United States and Canada are big shareholders in the market. Europe is a unique market with a rapid growth rate.
In the Asia-Pacific, Middle East, and African areas, the food business has experienced strong expansion. The key reasons influencing the adoption of the food business in these regions are improving income levels and rising population levels. With such a large potential for expansion in these areas, new investments in the food and beverage sector are being seen to establish individual confectionery, meat processing, and beverage production facilities.
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