The Polyethylene Terephthalate (PET) Market is proliferating. Market growth attributes to increasing usages of PET materials in food & beverage packaging solutions. Besides, the rising demand for lightweight components in automotive and electrical & electronics sector drives a substantial market share. Also, the proliferation of medical devices and wearables consume a massive amount of PET materials. Moreover, the rising production of polyester yarns and fiber escalates the market demand further.
According to Market Research Future (MRFR), the Global Polyethylene Terephthalate Market is projected to expand at 5% CAGR during the forecast period (2019-2025). PET is also extensively used in the production of polyester yarns & fiber. The polyester fiber accounts for around 50% of the total fiber demand globally. The textile industry is the key consumer for PET. Spurting growth in the textile industry over the past few years has been substantiating the market growth exponentially.
In the food and beverage sector, PET is used as packaging solutions. PET resins do not react with water or food, which makes them suitable for consumable packaging. Moreover, they are shatterproof and hence are a suitable replacement for glass containers. Also, PET is a popular material of choice in automotive, and electronics industries owing to its versatile characteristics, good eco-profile, and recyclability.
On the other hand, fluctuating prices and the demand-supply gap in the raw materials required for production are major factors expected to impede the market growth. Volatility in crude oil and ethylene glycol prices is a key factor shifting the balance in raw materials. Nevertheless, the rising Polyethylene Terephthalate applications would support the growth of the Global Polyethylene Terephthalate Market throughout the forecast period.
Unique properties, such as resistance to alcohol, oils, greases, solvents, diluted acids, low gas permeability, excellent gas (oxygen, carbon dioxide), moisture barrier properties, and high strength drive uses of Polyethylene Terephthalate. Resultantly, the Global Polyethylene Terephthalate Market is projected to garner exponential accruals during the review period.
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Global Polyethylene Terephthalate (PET) Market – Segments
The report is segmented into four dynamics.
By Processing Technology:Blow Molding, Injection Molding, Extrusion, 3D Printing, and others.
By Grade: Textile Grade, Bottle Grade, Film Grade, and others.
By End-Use Industry: Textile, Packaging, Automotive, Electrical & Electronics, Medical, and others.
By Regions: Europe, Americas, Asia Pacific, and the Rest-of-the-World (RoW).
Global PET Market – Competitive Analysis
Highly Competitive, the Global Polyethylene Terephthalate Market appears fragmented due to the presence of many well-established players. To gain a larger competitive share, these players incorporate strategic initiatives such as mergers & acquisitions, collaboration, partnership, expansion, and technology launch.
Players Leading the Polyethylene Terephthalate Market include Alpek S.A.B. de CV (Mexico), Indorama Ventures Public Company Limited (Thailand), BASF SE (Germany), SABIC (Saudi Arabia), M&G Chemicals (Luxembourg), Jiangsu Sanfangxiang Group (China), NAN YA Plastics Industrial Co., Ltd (China), DuPont de Nemours, Inc (US), DAK Americas (US), Far Eastern New Century Corporation (Taiwan), and JBF Industries Ltd (India), among others.
Industry/Innovation/ Related News:
July 22, 2020 — Avantium (Netherlands), a sustainable technology solutions company, launched plant-based plastics technology – YXY plants-to-plastics that can catalytically convert plant-based fructose syrup from corn and wheat sugars into PEF (polyethylene furanoate). The PEF would serve as an alternative to polyethylene terephthalate (PET) made using fossil fuels.
Avantium develops innovative chemistry technologies across industry value chains in order to produce chemicals. The company worked hard to create safe and applicable to food-grade plastic applications. The technology is used to make PET material to make bottles, offering food & beverages a longer shelf life and the environmental sustainability benefits.
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Polyethylene Terephthalate Market – Regional Analysis
The Asia Pacific region dominates the Global Polyethylene Terephthalate Market. In 2018, the region accounted for around 40% of the overall market share. The largest market share is attributed to the expanding textile industry and the robust growth of the region’s food & beverage industry. Moreover, the growing population and rapid urbanization & industrialization drive the regional market growth.
Also, rising per-capita income and improving living standards of demographics act as key tailwinds for the growth of the market. China, India, and Southeast Asian countries are the significant growth contributing markets in the region. The APAC polyethylene terephthalate market is estimated to retain its dominance over the global market throughout the forecast period.
Europe stands second in the Global Polyethylene Terephthalate Market. The market is driven by the high production and export rate of food and beverage items in Germany and Italy. Additionally, the rising demand for lightweight components and increasing automotive production substantiate the growth of the regional market. Russia, Germany, Italy, Belgium, and the UK are the key growth contributors to the regional market. The European Polyethylene Terephthalate Market is projected to create a substantial revenue pocket during the assessment period.
North America Polyethylene Terephthalate Market is growing rapidly. Factors such as the rising adoption of PET materials as a substitute for glass and popularity of aerated drinks boost the regional market growth. The North American Polyethylene Terephthalate Market is expected to grow at an impressive CAGR during the review period.
COVID-19 Study in Detail:
Impact of COVID-19 on Iso-Propyl Alcohol Market @ https://www.marketresearchfuture.com/report/covid-19-impact-iso-propyl-alcohol-industry
Corona virus Outbreak and Plastic Films Market @ https://www.marketresearchfuture.com/report/covid-19-impact-plastic-films-market
NOTE: Our teams of researchers are studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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