Polyethylene Terephthalate (PET) Market – Market Overview
Polyethylene Terephthalate also known as PETE, PET are polyester resins that are extensively used as a packaging material for a wide range of consumer goods. The various properties of Polyethylene Terephthalate such as versatility, high tensile strength, and recyclability makes them ideal for the use in automobile, food and beverage, and electrical & electronic industry among others. Moreover, polyethylene terephthalate helps in reducing transportation cost owing to its light weight and high weight bearing abilities, which in turn is anticipated to be a key factor driving the growth of the Global PET Market. In additional to this, the growing preference of PET packaging over conventional packaging coupled with the increasing demand from the food & beverage sector is substantially contributing to the growth of the market. Furthermore, the growing innovation in the packaging sector is expected to be a major opportunity in the growth of the market. However, the changing raw material price along with the stringent government regulations are some of the major down side of the market growth. The Global Polyethylene Terephthalate Market is segmented into product, application and region. On the basis of product type, the bottled water closely followed by the carbonated soft drink segment are the leading one and is expected to show the same trend during the forecast period. On the basis of application segment, food & beverage is the anticipated to be the leading one during the forecast period. The growing demand for convenience food and beverage has augmented the use of Polyethylene Terephthalate which in turn is contributing to the growth of the segment.
According to the analysis of MRFR, the major market forces and trends driving growth of the Global Polyethylene Terephthalate (PET) Market includes growing demand from various industries such as food and beverage, electrical & electronics and automobile industry. The increasing personal disposable income in the developing countries has fuelled the demand for automobile in turn propelling the growth of the Global Polyethylene Terephthalate (PET) Market during the given period.
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Polyethylene terephthalate (PET) Market- Competitive Landscape
The Global Polyethylene Terephthalate (PET) Market is a highly lucrative market driven and is anticipated to grow at an expanding CAGR during the assessed years. Alpek S.A.B de C.V (Mexico), RTP company (U.S.), BASF SE (Germany), The Dow Chemicals Company (U.S.), Jiangsu Sanfangxiang Group (China), Indorama Ventures Public Company Limited (Thailand) among others are some of the major players operating in this market. Most of these market participants are adopting the expansion, product launch, and merger and acquisition tactics to strengthen their production capacities and market position. Taking account of these trends the global Polyethylene terephthalate (PET) Market is projected to witness considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be the fastest growing region during the forecast years. The growing globalization and urbanization has propelled the various end use industries which in turn is positively contributing to the growth of the market in this region. Moreover, the growing working population especially in India and China has resulted in the surge for demand on the go food and beverages, hence, propelling the growth of the PET market.
Industry/ Innovation/ Related News:
16th April 2014- OAO Polief a Russian based company had completed the expansion of its polyethylene terephthalate plant in the Republic of Bashkortostan, with a capacity addition from 140ktpa to 210 ktpa. Moreover, with the capacity addition they have also updated its production lines. This expansion is expected to reduce the dependency on imports and also the new production line will substantially reduce the carbon emissions.
1st March 2016- The Coca-Cola Company has made an investment of US$ 1 billion dollars in the expansion of plastic bottles operations in Argentina for the next 4 years. This move is expected to positively contribute to the overall polyethylene terephthalate market.
21st December 2016- Amcor limited an Australian based multi-national packaging company has launched a new range of polyethylene terephthalate preforms and stock bottles. The new product line is specially designed for aseptic, diary and high pressure processed liquid beverages. This new innovation is expected to add to the product efficiency owing to the lightweight and high tolerance among others. This product is manufacturing in four sizes mainly targeting dairy and juice manufacturers.
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