Polyethylene Terephthalate (PET) Market Extensive Analysis is Conducted by Following Key Product Positioning and Monitoring the Top Competitors Within the Market Framework

Global Polyethylene Terephthalate (PET) Market was valued at $23,891 million in 2016, and is expected to reach $38,014 million by 2023, registering a CAGR of 6.9% from 2017 to 2023. PET is produced by the polymerization of ethylene glycol and terephthalic acid and is globally recognized as a non-toxic, safe, lightweight, strong and flexible material, which is 100% recyclable. It is used in various applications, such as beverage packaging, consumer goods, sheets & films, food packaging, automotive, and construction. Rise in demand for PET containers especially from food & beverage sector and increase in demand for frozen & processed food are some major factors driving the growth of the global market.

The global polyethylene terephthalate market is segmented based on application, end-use industry, and geography. The application segment is categorized into beverages, sheet & films, consumer goods, food packaging, and others. On the basis of end-use industry, the market is classified into packaging, electrical & electronics, automotive, construction, and others. The packaging segment is anticipated to register a significant CAGR during the forecast period. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Polyethylene terephthalate, mostly abbreviated as PET or PETE is one of the most common thermoplastic polymer resin of the polyester family and is widely used in fibers for food containers, liquid containers, clothing, and thermoforming for manufacturing. PET is also used in combination with glass fiber for the synthesis of engineering resins.

Increasing trend of replacing traditional glass packaging with that of PET packaging is one of the major factors driving the growth of the global market. In addition, key characteristics, such as recyclability of PET also fuels the growth of this market. Moreover, PET witnesses high demand in the developing countries, which is expected to boost the overall market growth. However, volatility in prices of crude oil and the increase in implementation of stringent government regulations related the application of polyethylene terephthalate hamper the growth of the global PET market.

Polyethylene terephthalate is anticipated to register the highest growth in packaging application, owing to increase in demand for efficient and rigid packaging materials and growth in consumer preference toward high quality packaging material. Furthermore, rapid urbanization and upsurge in demand for low cost and waterproof packaging are expected to boost the market growth. PET possess advantages, such as superior clarity, excellent barrier properties, and recyclability, higher reliability, longer life cycle, and cost reduction.

The packaging application segment accounted around three-fourths share, in terms of volume, in 2016. In response to the perennial modifications in the packaging industry, efficient PET formulations are in high demand globally. Thus, increase in requirement of high-tech PET resins and rise in adoption of new PET materials in consumer goods fuel the demand for PET globally.

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In 2015, Asia-Pacific and LAMEA collectively accounted for more than half of the global market, in terms of volume, and are expected to continue this trend, owing to increase in urbanization, specifically in China, India, Brazil, and other developing countries. Moreover, rise in urban population with increased per capita disposable income and growth in overall consumer expenditure drive the growth of the Asia-Pacific market.

The major companies profiled in the report include

RTP Company,
BASF,
DuPont,
DSM,
M&G Group,
Indorama Ventures,
PET Processors LLC.,
Lanxess Corporation,
Nan Ya Plastics,
Lyondell Basell Industries N.V.

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