The global Polyethylene Terephthalate (PET) Market is estimated to be valued at US$ 43.54 Bn in 2022 and is expected to exhibit a CAGR of 6.7% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Polyethylene Terephthalate (PET) is a widely used thermoplastic polymer known for its excellent properties such as high strength, durability, transparency, and recyclability. The PET market encompasses various industries such as packaging, textiles, electronics, automotive, and others. The demand for PET in the packaging industry, particularly in the production of plastic bottles for beverages, is one of the primary factors driving market growth. The increasing consumption of bottled water, carbonated soft drinks, and other beverages across the globe is boosting the demand for PET. Additionally, the growing awareness regarding environmental sustainability and the recyclability of PET materials is further propelling market growth.
B) Market Key Trends:
One key trend in the PET market is the rising adoption of recycled PET (rPET) materials. With increasing environmental concerns and regulations regarding single-use plastics, there is a growing emphasis on the use of recycled materials in packaging. rPET, produced from recycled PET bottles, offers similar properties to virgin PET while reducing the carbon footprint and promoting circular economy practices. The demand for rPET is expected to witness significant growth as companies strive to meet sustainability goals and consumers become more conscious of their purchasing choices. Moreover, the development of advanced recycling technologies and collaborations among key players in the PET industry to increase the availability of rPET materials are further driving this trend.
Segment Analysis:
The polyethylene terephthalate (PET) market can be segmented based on application into packaging, textile, bottling, electrical & electronics, automotive, and others. Among these segments, the packaging segment dominates the market and is expected to continue its dominance over the forecast period. The packaging segment is further segmented into bottles, films, and others. The bottles sub-segment holds the largest share in the packaging segment, primarily driven by the increasing demand for PET bottles in various industries such as food and beverage, pharmaceuticals, and personal care.
PET bottles offer several advantages over traditional packaging materials, including durability, lightweight, and recyclability. As a result, many companies across different sectors are shifting towards PET bottles, thereby driving the growth of the bottles sub-segment. Additionally, the rising consumption of packaged beverages and the growing trend of on-the-go consumption further contribute to the dominance of the bottles sub-segment in the packaging segment.
Key Takeaways:
The global Polyethylene Terephthalate (PET) Market Insights is expected to witness high growth, exhibiting a CAGR of 6.7% over the forecast period (2023-2030). The market is driven by various factors, including the increasing demand for sustainable packaging solutions, the growing textile industry, and the rising adoption of PET in electrical and electronics applications.
From a regional analysis perspective, Asia Pacific is the fastest-growing and dominating region in the PET market. The region's growth can be attributed to the expanding packaging industry, rapid urbanization, and increasing disposable income. Furthermore, the presence of major players in countries like China and India drives market growth in the region.
Key players operating in the PET 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. These companies focus on strategic initiatives such as mergers and acquisitions, partnerships, and product innovations to strengthen their market position and cater to the growing demand for PET globally.
PET or polyethylene terephthalate is a tough thermoplastic resin which is used in production of many products such as canes, pouches, bottles, films & sheets and others.
They are colorless and are very lightweight in nature.
These plastics are considered as re- usable in nature because they don’t percolate any chemicals and are safe for the human as well.
These plastics are widely used in industries such as food and beverage, electronics, healthcare, consumer goods and others.polyethylene terephthalate (PET) market is set to witness substantial CAGR of 7.18% in the forecast period of 2019- 2026.
The report contains data of the base year 2018 and historic year 2017.
Rising demand for lightweight & packed food and increasing investments in R activities to produce less hazardous PET materials are the factor for the growth of this market.Get Sample PDF (including COVID19 Impact Analysis) of Market Report @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-polyethylene-terephthalate-pet-marketMarket Drivers and Restraints:Rising disposable income will accelerate the market growthGrowing food and beverage industry drives the market growthIncreasing demand for sustainable and recyclable material will also enhance the growth of this marketGrowing demand for frozen and processed food among population will also contribute as a factor for the growth of this marketStrict government norms and regulation associated with the usage of PET material will restrain the marketAvailability of substitute product in the market will also hinder the growth of the marketLess PET recycling rates due to high contamination will also hamper the market growth The major players covered in the Polyethylene Terephthalate (PET) MarketFew of the major competitors currently working in the global polyethylene terephthalate (PET) market are Alpek S.A.B.
Global PET Packaging Market: by Form (Amorphous PET, Crystalline PET), Pack type (Bottles & jars, Bags & pouches, Trays, Lids/Caps & closures, others), Packaging Type (Rigid, Flexible), End-use industry, and Region - Global Forecast to 2023Market ScenarioPET (polyethylene terephthalate) is a type of polyester, which can be shaped into plastic boxes and plastic jugs for packaging of refreshments and food, personal care items, and several other consumer products.
Flexible packaging offers extraordinary features when compared to rigid packagings, such as a smaller amount of packaging materials required, negligible solid waste, less shipping cost, and requires less storage space.
The use of flexible packaging is beneficial to value chain comprising manufacturers, retails, and consumers.
For manufacturers, this is useful in moderating energy intake, augmenting features, including shapes and graphics, and altered shelf life that acts as significant drivers for the market evolution.
The competition among manufacturers has recently intensified due to availability and introduction of innovative products in the market.
Furthermore, the competition among manufacturers has increased in terms of portfolio and pricing.
