Polyethylene Terephthalate Market: Production Volume to Cross 34,077 Kilo Tons Mark by 2024

With the presence of a large pool of players, the global polyethylene terephthalate (PET) market exhibits a highly fragmented landscape, finds a research report by Transparency Market Research (TMR). The top five players, namely, Indorama Ventures, M & G Chemicals, Jiangsu Sanfanxiang, Octal, and DAK Americas, together could hold only 39% of the overall market in 2015.Over the forthcoming years, the competition within the market is likely to intensify due to the low switching costs and the presence of PET resin suppliers in a large number, reports the market study.

According to the research report, the global polyethylene terephthalate (PET) market offered an opportunity worth US$23.73 bn in 2015. Analysts expect this market to expand at a 5.80% CAGR during the period from 2016 to 2024 and touch a value of US$39.16 bn by the end of the forecast period. In terms of volume, the market is likely to cross 34,077 kilo tons mark by 2024.

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The beverage packaging segment reports a higher demand for polyethylene terephthalate and is anticipated to remain doing so throughout the forecast period, thanks to its widespread application in the production of juice bottles, soft drink bottles, water bottles, and bottles for liquid dairy products.

Asia Pacific to Register Continued Dominance

In terms of region, the worldwide market for polyethylene terephthalate is spread across Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. The report also provides a comprehensive assessment of the regional presence of this market across the world. As per the study, Asia Pacific led the global market in 2015 with a share of more than 35%, owing to increased demand for packaged food products and beverages from the middle class consumers in emerging Asian economies. Researchers expect this region to maintain its dominance over the period of forecast, which China emerging as the leading domestic polyethylene terephthalate market, closely followed by Japan, India, and ASEAN countries.

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Other regional markets, especially, the Middle East and Africa and Latin America, are also anticipated to witness steady growth in the near future. The rising demand for packaged food and beverages, infrastructural advancements in the retail sector, significant upswing in the number of tourists in the Middle East, and the development of the formal retail in Africa are likely to drive the Middle East and Africa Market over the forthcoming years. The Latin America market, on the other hand, is expected to be driven by the surge in the demand for soft drinks and packaged drinking water. However, over the same time period, the markets in North America and Europe are projected to witness moderate progress due to maturation.

Replacement of Glass Packaging with PET Packaging to Reflect Positively on Market’s Growth

“The global polyethylene terephthalate market is highly dynamic. The recent trend of replacing traditional glass packaging with polyethylene terephthalate packaging is showing a considerable impact on this market,” says a research analyst at TMR. The high recyclability of PET is also driving this market significantly. As PET packaging is 100% recyclable, they are reused by manufacturers of products, which do not require virgin PET, such as carpets and raincoats. This, as a result, leads to a higher profit margin for market players.

Currently, PET products are witnessing a high demand in developing economies, pointing towards a thriving future of this market. However, the high price volatility of crude oil and the enforcement of stringent government rules regulating the usage of polyethylene terephthalate are likely to refrain the market from growing steadily in the coming years. Going forward, the increasing demand for packaged food is expected to offer lucrative growth opportunities for market players over the forecast period, notes the study.

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