Global PET Resin Market – Segmented by Form, Application, End-User Industry and Geography (2019 to 2024)

The recent study on the global PET (Polyethylene Terephthalate) resin market covers in-depth analysis of the market on the basis of form, application, end-user industry, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2019-2024. According to the report titled “The report has segmented the global PET resin market by form (resin, foam, films, and others), application (bottles and jars, carpet, clothing, construction material, protective packaging), end-user industry (automotive, packaging, personal care, electronics, and others), and by geography (North America, South America, Europe, Middle East and Africa, and Asia Pacific). PET is a valuable packaging material as it is strong yet lightweight, non-reactive, economical, and shatterproof. It is commonly extruded or molded into plastic bottles and containers for packaging foods and beverages, personal care products, and many other consumer products. Recyclability and low cost are the key driving factors that are boosting the demand for PET in various industries. The demand for PET products is expected to grow at a good rate over the forecast period owing to the growing flexible packaging industry and pharmaceutical industry. Constant innovation in PET plastic is leading to the development of bio-based PET which is further expected to boost the PET market growth in the upcoming years. However, the ban on single-plastic use products can restrain the market growth.

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PET resin holds a significant share in the market
PET resin holds a significant share in the market as it is the world’s most common packaging choice for food and beverage. It is also being used in highly-stressed engineering parts, structural automotive components, electrical connectors, motor housing, and etc.

Bottles and Jars hold a significant share in the market
Bottles and Jars hold a significant share in the market on account of the growing consumption of bottled water across the globe. The demand is largely driven by consumer’s propensity towards safe drinking water. According to the International Bottled Water Association, global consumption of bottled water has increased from 72,894.5 in 2012 to 99,555.6 in 2017.

Packaging holds a significant share and is expected to show substantial growth over the forecast period
Packaging holds a significant share in the market owing to PET plastic films commonly being used for packaging food and other items. The demand for PET films in packaging segment is expected to grow at a good rate on account of burgeoning demand for flexible packaging in food and beverage and Pharmaceutical Industry.

Asia Pacific holds a significant share and is expected to grow at a good rate over the forecast period
The Asia pacific PET market holds a significant share owing to its widespread usage of PET bottles and bottled water in the region. Burgeoning demand for flexible packaging is driving the demand for PET in the region.

Some of the major players discussed in the reports are TORAY INDUSTRIES, INC., Anellotech, Inc., Amcor Limited, SCG Chemicals Co., Ltd., Toyota Tsusho Corporation, M&G Chemicals, Indorama Ventures Public Company Limited, TEIJIN LIMITED, Jiangsu Sanfangxiang Group Co., Ltd., and LOTTE Chemical CORPORATION.

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