Wilmington, Delaware, United States, March 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global polyethylene terephthalate market is projected to grow at a CAGR of 5.8% between 2021 and 2031. Polyethylene terephthalate, or PET, is a commonly used thermoplastic polymer resin that can be used in multiple applications. It can be carved into bottles or containers to store food or beverage products or as fiber for clothing. PET can also be used for fiber engineering resins when combined with glass fiber. Stringent regulations imposed on the use of plastic, owing to its non-decomposable nature, have resulted in utilization of PET for multiple products and applications. Increase in efforts to establish advanced recycling techniques for maintaining the special characteristics of PET fines is expected to bolster global polypropylene terephthalate market growth in the next few years.
Surge in awareness about the identification and usage of various plastic types under recycling logo is likely to create business opportunities in the polyethylene terephthalate market. Polyethylene terephthalate is utilized in various applications such as cosmetic bottles, films, food & beverage packaging, and household products. Rise in demand for these commodities is projected to propel market development during the forecast period.
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The polyethylene terephthalate market size was US$ 31.45 Bn in 2020 and is projected to reach US$ 58.47 Bn by 2031. Increase in efforts by companies to adopt fusion technology and nanotechnology to increase availability of PET foams of high quality is projected to augment the global polyethylene terephthalate industry during the forecast period.
Key Findings of Study
- Versatile Nature of Polyethylene Terephthalate: PET has gained immense popularity in the food & beverage sector as well as household packaging products. Rise in demand for these products is projected to drive polyethylene terephthalate industry growth during the forecast period. Additionally, increase in demand for packaged drinking water and beverage items, such as juice and cold drinks, are likely to spur PET market expansion in the next few years.
- Surge in Research & Development Activities: Increase in investment in research & development activities for transforming polyethylene terephthalate into battery parts for use in different applications other than CNC machining and injection molding are expected to augment the global market during the forecast period.
Key Drivers
- Rise in preference for PET packaging for different products and commodities
- Increase in adoption of flexible packaging solutions
- Surge in demand for packaged food products
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Regional Growth Dynamics
- Asia Pacific is projected to account for the largest share of 35% of the market during the forecast period. The region's dominance is ascribed to rise in disposable income of people and increase in consumption of packaged food items. Rapidly evolving economic conditions of major countries in the region, such as India, Japan, and China, results in a busy lifestyle. This in turn is propelling the need for packaged food and beverage items.
- The market for polyethylene terephthalate in Middle East & Africa is projected to witness significant growth in the next few years. This is ascribed to rise in advancement of the formal retail segment in countries in Africa. Surge in footfall of tourists in the Middle East and increase in demand for packaged food & beverage products are anticipated to augment the market in the region during the forecast period.
Key Players
Prominent players in the global polyethylene terephthalate market are Indorama Ventures Public Co., Dhunseri Petrochem Ltd., Jiangsu Sanfanxiang Group Co., Egyptian Indian Polyester Co., Reliance Industries Ltd., DAK Americas, M&G Chemicals, Neo Group, Far Eastern New Century, SK Chemicals, and Octal.
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Polyethylene Terephthalate Market Segmentation
Application
- Beverages
- Films
- Food Packaging
- Cosmetic Bottles
- Household Products
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Japan
- China
- India
- South Korea
- ASEAN
- GCC
- South Africa
- Brazil
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