Polyethylene Terephthalate (PET) Market to Attract High Revenue from Rise in Demand from Automotive Sector: Fortune Business Insights™
Some of the key polyethylene terephthalate (PET) market manufacturers include:
• Rangsheng Petrochemicals
• DAK Americas
• Indorama Ventures
• Zhengbang Fibre
• M&G Chemicals
• Lotte Chemicals
• Imperial chemical industry PLC
• Nan Ya Plastics
• Octal Petrochemicals
Highlights of the Report
• Qualitative and quantitative analysis of the market
• Details of growth trajectories such as drivers, restraints, challenges, and opportunities of the market
• Key segmentation of the market based on factors such as grade, end-use industry, and region
• List of significant players and key strategies adopted by them for achieving a competitive edge in the market
• Other polyethylene terephthalate (PET) market trends
Rise in Demand from Food Packaging Industry to Propel Growth
The rise in demand for PET or polyethylene terephthalate from the food industry is a major factor promoting the polyethylene terephthalate (PET) market growth. Industries such as carbonated drinks require PET for packaging, on account of the surge in processed and frozen food consumption. Besides this, the increasing demand from the automotive and electronics industries are anticipated to help increase the overall polyethylene terephthalate market revenue in the forecast period.
On the flip side, strict government regulations imposed on the use of PET may act as a hindrance to the market. Additionally, the evolving market for PET substitutes may pose a threat to the polyethylene terephthalate market, thus hampering the overall polyethylene terephthalate market size. Furthermore, the volatile price of crude oil is resulting in fluctuating raw material polyethylene terephthalate cost. This may cause huge polyethylene terephthalate market growth restrictions in the forecast period.
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Asia Pacific to Dominate Market on Account of Increasing Demand for Ready-to-eat Food Products
The global polyethylene terephthalate market size to widespread in about five regions, namely Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. The report predicts Asia Pacific to have a dominant polyethylene terephthalate market share, followed by North America. This dominance enjoyed by Asia Pacific is based on the low cost of PET production in the region.
China is considered one of the largest consumers of polyethylene terephthalate, owing to the abundant availability of raw materials in the nation. Apart from this, there is a rise in demand for convenience and ready-to-eat food, which ultimately boosts the demand for PET from the food packaging industry in China. The aforementioned factor is likely to help accelerate the Asia Pacific polyethylene terephthalate market growth in the future.
On the other side, North America market is gaining traction on account of the presence of established electronic and automobile industries. On the other side, the Europe market is expected to grow remarkably on account of the presence of its own automotive industry.
In addition, there is a surge in the use of polyethylene terephthalate in vehicles for reducing its total weight and keep control of carbon emissions to the atmosphere. Additionally, Saudi Arabia is among the largest market in the Middle East and Africa region attributable to the increasing demand for sustainable packaging as a result of the rise in food consumption.
New Operational Setting up of Industries to Intensify Competition
Polyethylene terephthalate (PET) market manufacturers are investing huge sums into processing plants and petrochemical projects. Besides this, companies are also adopting strategies such as merger and acquisitions, company collaborations, and others for gaining a competitive edge in the market.
Key industry developments in the polyethylene terephthalate (PET) market include:
June 2017 – A petrochemical project in Saudi Arabia by Pan Asia PET Resin Co. is anticipated to become operational from 2020. This plant is capable of manufacturing 1 million tons of PET on an annual basis.
December 2017 – IVL Dhunseri Petrochem Industries Pvt. Ltd.(IDPIPL) merged with Micro Polypet Private Limited (MPPL), wherein Dhunseri Ventures Limited and Indorama Ventures owned a 50% venture stake.
January 2019 - PET recycling facility from Perpetual Recycling Solutions was acquired by DAK Americas in January this year. With an annual capacity of 45,000 tons per year, the Perpetual PET recycling operations are expected to producing high quality recycled polyethylene terephthalate or rPET.
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