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Polyethylene Terephthalate Market Assures to Grow $38,014 Million by 2023 | The packaging application segment is anticipated to show the highest CAGR

04-05-2019 03:15 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Polyethylene Terephthalate (PET) Market

Polyethylene Terephthalate (PET) Market

The polyethylene terephthalate market was valued at $23,891 million in 2016, and is projected to reach $38,014 million by 2023, growing at a CAGR of 6.9% from 2017 to 2023, according to Allied Market Research. The packaging segment accounted for nearly three-fourths share of the global market, in 2016.

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.

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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.

Key Findings of the Polyethylene Terephthalate Market:

• The packaging application segment is anticipated to grow at the highest CAGR during the analysis period.
• Asia-Pacific is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 5.8%, in terms of volume.
• The packaging application segment occupied around three-fourths of the total market, in 2016.
• China occupied around one-third share of the Asia-Pacific market, in 2016.
• In terms of value, Germany is expected to grow at a significant CAGR of 7.0% during the forecast period.

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, and Lyondell Basell Industries N.V.

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About us

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client's insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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