- Changes in retail infrastructure, rising demand for packaged food and beverage items, and an expanding formal retail industry in Africa are expected to propel the Middle East and Africa market
- Extensive use in the beverage packaging industry, including juice bottles, soft drink bottles, water bottles, and liquid dairy item bottles, is likely to fuel market expansion
ALBANY, N.Y., May 17, 2022 /PRNewswire/ -- The worth of global polyethylene terephthalate market stood at US$ 31.45 Bn in 2020. The global market is likely to rise at a CAGR of 5.8% during the forecast period, from 2021 to 2031.The global polyethylene terephthalate market is anticipated to attain valuation of US$ 58.47 Bn by 2031. The global polyethylene terephthalate market is expected to recover due to strict government environmental laws and rising consumption for thermal insulation products. In order to diversify sources of revenue for next-generation PET foam core products, firms in the global polyethylene terephthalate market are focusing on applications in marine, aircraft, and rail, in addition to construction and furniture industries.
There is an increasing understanding of how to identify various plastics. The #1 code in the triangle chasing arrows recycling logo denotes polyethylene terephthalate (PET). PET is becoming more popular in consumer goods, food and beverage (F&B), and industrial packaging. PET bottles are in high demand for convenience-size soft beverages, drinking water, and juices. Other PET packaging uses, such as the packaging of salad dressings, peanut butter, and cooking oil are also likely to assist market players in expanding their product variety.
Furthermore, different international entities such as the Environmental Protection Agency (EPA), the International Union for Conservation of Nature (IUCN), and the Intergovernmental Panel on Climate Change (IPCC) are anticipated to have significant influence on the polyethylene terephthalate market in the Asia Pacific region.
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Key Findings of Market Report
- Whilst both PET and HDPE (High Density Polyethylene) polymers are both superb packaging materials, companies in the global polyethylene terephthalate market are investigating on some of the differences between the two. PET bottles and containers have been discovered to be more resistant to stress cracking than HDPE materials. These insights are assisting polyethylene terephthalate (PET) makers in generating revenue from applications such as beverage packaging.
- Due to its unique physical properties, including being non-reactive and shatterproof to food and water, polyethylene terephthalate is commonly used in various flexible packaging applications. As a consequence of rising technological advances and developments in packaging applications, the global market is expected to grow, mostly due to weight reduction properties.
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- Polyethylene terephthalate has become a prominent material in the packaging industry due to its 100% recyclable nature, enhanced flexibility, and high strength. It is an excellent choice for beverage packaging since it is both a copolymer and a homopolymer. Several companies have taken measures recently to manufacture goods that use environmentally friendly packaging materials, which is likely to support expansion of the of global polyethylene terephthalate market.
- In addition to PET bottles, PET film manufacturing is expanding amongst polyethylene terephthalate producers as well. They are adding milky, dark, and clear polyethylene terephthalate films to their portfolio, which are suitable for 3D (3-dimensional) printing.
- With a large market share, Asia Pacific is projected to lead the global polyethylene terephthalate market. In nations like China, India, Indonesia, and Malaysia, increase in the consumption of packaged foods items and expanding need for vehicle films are expected to stimulate demand for polyethylene terephthalate in the years to come.
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Global Polyethylene Terephthalate Market: Growth Drivers
- Market players are working on films that can be corrugated, metalized, and heat-sealed to meet specific needs. The inter-layer insulation of wrapped coils and transformers is one of the electrical uses of polyethylene terephthalate films. The global polyethylene terephthalate market is growing as a result of these factors.
- Polyethylene terephthalate is also commonly utilized in the film industry. Frozen meat, jar packing, snacks, and yoghurt boil-in bags and lids are all examples of this category's applications. In the food packaging industry, this substance is also utilized to make microwave-safe packaging, egg trays, and biscuit packaging.
Global Polyethylene Terephthalate Market: Key Competitors
- Reliance Industries Ltd.
- Indorama Ventures Public Co.
- Far Eastern New Century
- Jiangsu Sanfanxiang Group Co.
- Dhunseri Petrochem Ltd.
- Jiangsu Sanfanxiang Group Co.
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Global Polyethylene Terephthalate Market: Segmentation
Application
- Beverages
- Films
- Food Packaging
- Cosmetic Bottles
- Household Products
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