Dublin, Feb. 24, 2020 (GLOBE NEWSWIRE) -- The "Polyethylene Terephthalate Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider polyethylene terephthalate market, and compares it with other markets.
The global polyethylene terephthalate market was worth $43.81 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 11% and reach $68.33 billion by 2023.
Rising demand of polyethylene terephthalate in food and beverages packaging such as carbonated soft drinks packaging contributed to the growth of the polyethylene terephthalate market. The increasing demand for bottled drinks and glass and metal container replacements finds no better alternatives to polyethylene terephthalate, due to its versatility in shape and size. For instance, in 2017, according to 'Plastics Insight', China dominated the global polyethylene terephthalate production and accounted for 30.8% of the total production, which was 30.3 million tons and included bottled drinks sector and films and sheets. China is not only the largest producer of polyethylene terephthalate but also the largest consumer of the world. The rising demand in food and beverages packaging industry increased the demand for polyethylene terephthalate during the historic period, driving the market.
Strict regulations on use of plastic is a major challenge in the polyethylene terephthalate market. Governments across the world are imposing restrictions on plastic products such as bottles, and single-use plastics and are bringing awareness on recycling plastic materials. For instance, in 2019, according to an article published by the 'The Economic Times', nine out of ten bottles of polyethylene terephthalate are recycled in India, affecting the manufacturing of polyethylene terephthalate. Additionally, in June 2018, Indian government announced that the country would end single-use plastics by 2022, as it can take 1000 years to decompose. In 2017, according to an article published by the 'Hindustan Times', India recycled 90% of its polyethylene terephthalate waste.
According to another study by scientists from the Council of Scientific and Industrial Research (CSIR) and National Chemical Laboratory (NCL) states in 2017, of the 900 kilo tonnes of polyethylene terephthalate produced annually in India are recycled. In registered facilities, 65% of polyethylene terephthalate are recycled, in the unorganized sector, 15% of polyethylene terephthalate are recycled and in households 10% are reused. Imposing strict regulations on manufacturing and recycling plastic products has a negative impact on polyethylene terephthalate market.
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. It consists of 30% of plant derived ethanol glycol and 70% of terephthalic acid derived from fossils. This is also used for packaging of soft drinks, alcoholic beverages, food products, cosmetics, pharmaceutical products, and edible oils.
The desire to use environmental friendly products and stringent regulations have encouraged the use of bio-friendly products in industries and has resulted in the increased demand of bio-based PET. For instance, in 2018, according to 'Bioplastics News', PepsiCo joined Danone and Nestle Waters in producing bio-based polyethylene terephthalate bottles (PET). A demonstration plant with an expected capacity of 18,000 tons of biomass will be built in Ontario (Canada), and will start by 2020 to produce 100% bio-based PET bottles.
In March 2018, Plastiche, a Belgium-based specialty chemical products company, controlled by Roussis family holdings acquired Bamberger Polymers Corp. for an undisclosed amount. The acquisition helped Plastiche in expanding Roussis family holdings in the plastics manufacturing industry, in which they are already involved. Bamberger Polymers Corp. is a USA-based plastics manufacturing company and specializes in products such as polyethylene terephthalate.
Major players in the market are Far Eastern New Century Corporation, Hengli Group Co. Ltd., Indorama Ventures Public Company Limited, JBF Industries Ltd., Jiangsu Sanfangxiang Group, Lotte Chemical Corporation, Octal, Reliance Industries Ltd., Saudi Basic Industries Corporation (SABIC), Sinopec Group.
Key Topics Covered
1. Executive Summary
2. Polyethylene Terephthalate Market Characteristics
3. Polyethylene Terephthalate Market Size And Growth
3.1. Global Polyethylene Terephthalate Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Polyethylene Terephthalate Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Polyethylene Terephthalate Market Segmentation
4.1. Global Polyethylene Terephthalate Market, Segmentation By Product Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Virgin
- Recycle
4.2. Global Polyethylene Terephthalate Market, Segmentation By End-Use Industry, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Packaging
- Electrical & Electronics
- Automotive
- Construction
- Others (Material Handling and Strapping)
4.3. Global Polyethylene Terephthalate Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Beverages
- Sheets & Films
- Consumer Goods
- Food Packaging
- Others (Cosmetic Bottles and Household Products)
5. Polyethylene Terephthalate Market Regional And Country Analysis
5.1. Global Polyethylene Terephthalate Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Polyethylene Terephthalate Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Companies Mentioned
- BASF SE
- Dhunseri Petrochem Ltd.
- DSM
- DuPont
- Far Eastern New Century Corporation
- Hengli Group Co. Ltd.
- Indorama Ventures Public Company Limited
- JBF Industries Ltd.
- Jiangsu Sanfangxiang Group
- Lanxess Corporation
- Lotte Chemical Corporation
- Lyondell Basell Industries N.V.
- M&G Group
- Nan Ya Plastics
- Neo Group
- Octal
- Reliance Industries Ltd.
- RTP Company
- Saudi Basic Industries Corporation (SABIC)
- Sinopec Group
- Toray Industries Inc.
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