The Global Polyethylene Terephthalate (PET) Market likely to Gain $41768.32 Million by 2028

A report by Triton Market Research estimates the global polyethylene terephthalate (PET) market, which accounted for $18436.87 million in 2020, to showcase 7.15% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Polyethylene Terephthalate (PET) Market,’ covers the Global Analysis and Forecast for 2021-2028 by Application (Automotive; Food and Beverage; Healthcare; Electrical and Electronics; Consumer Goods; Other End-users), by Material (Plastic; Glass; Paperboard; Metal; Others), by Type (Cans; Cups; Pouches; Bottles; Others), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).

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The report by Triton on the global polyethylene terephthalate (PET) market shows that this industry will garner $41768.32 million in revenue by the year 2028, with a CAGR of 7.15% (revenue) over the forecast years from 2019 to 2028. In this period, it will also accumulate 32560.63 kilotons in volume, while exhibiting a CAGR of 6.53% (volume).

Polyethylene terephthalate, (PET or PETE) is among the most widely used polymer in the world. It is transparent and semi-crystalline in nature, and is used widely for numerous products people use in their day-to-day life. In the textile industry, PET polymer is better known as “polyester.” It is widely used as a fiber for clothing owing to the excellent moisture barrier it provides, and also for bottling and packaging on a large scale.

Factors such as advancements in PET technology and a rise in the consumption of ready-made foods, along with a budding interest in ecological packaging, are propelling the growth of the studied market. However, an increase in the adoption of alternative products and stringent rules implemented by regulatory bodies are impeding the growth process.

The market for polyethylene terephthalate is primarily categorized into application, material, and type. The first segment, application, is divided into automotive; food and beverage; healthcare; electrical and electronics; consumer goods; and other end-users. While according to material, it is divided into plastic; glass; paperboard; metal; and others. The third segment, type, is categorized into cups; cans; bottles; pouches; and others. On the basis of type, the market is classified into cans; cups; pouches; bottles; and others.

The Asia-Pacific market is expected to grow the fastest globally, in the assessed period. PET has a observed significant demand from major consuming nations of the APAC, such as South Korea and Japan. Also, China is a global hub for manufacturing low-value mass-produced goods, mainly due to the easy availability of cheap labor and generous support from the country’s government. It is also a preferred destination for manufacturing and exporting low-grade plastics with low value.

The growing consumption of alcoholic and CSD beverages in India and China has raised the demand for packaging in the Asia-Pacific region. Moreover, the Australian government has framed the Australian Packaging Covenant in a bid to promote sustainable packaging. All these factors are expected to have a positive impact on the growth of the APAC polyethylene terephthalate market during the forecasting period.

JBF Industries Ltd, Indorama Ventures Public Company Ltd, Jiangsu Sanfangxiang Group, China Resources Chemical Materials Technology Ltd, Alpek SAP DE CV, Royal DSM, Lotte Chemical Corporation, Sinopec Group, Far Eastern New Century Corporation, Reliance Industries, and Octal, Saudi Basics Industries Corp, BASF SE, M&G Chemicals, and Hengli Group Ltd are some of the notable names in this market.

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Question & Answer: Polyethylene Terephthalate (PET) Market

Question 1: What factors are propelling the growth of the polyethylene terephthalate (PET) market?

Answer: Factors such as advancements in PET technology and a rise in the consumption of ready-made foods, along with a budding interest in ecological packaging, are propelling the growth of the studied market.

Question 2: What factors are impeding the market growth process?

Answer: An increase in the adoption of alternative products and stringent rules implemented by regulatory bodies are impeding the growth process.

Question 3: How is the Asia-Pacific region influencing the growth of the polyethylene terephthalate market?

Answer: The Asia-Pacific market is expected to grow the fastest globally, in the assessed period. PET has a observed significant demand from major consuming nations of the APAC, such as South Korea and Japan. Also, China is a global hub for manufacturing low-value mass-produced goods, mainly due to the easy availability of cheap labor and generous support from the country’s government. It is also a preferred destination for manufacturing and exporting low-grade plastics with low value.

The growing consumption of alcoholic and CSD beverages in India and China has raised the demand for packaging in the Asia-Pacific region. Moreover, the Australian government has framed the Australian Packaging Covenant in a bid to promote sustainable packaging. All these factors are expected to have a positive impact on the growth of the APAC polyethylene terephthalate market during the forecasting period.

Question 4: Which are some of the notable names in the PET market?

Answer: JBF Industries Ltd, Indorama Ventures Public Company Ltd, Jiangsu Sanfangxiang Group, China Resources Chemical Materials Technology Ltd, Alpek SAP DE CV, Royal DSM, Lotte Chemical Corporation, Sinopec Group, Far Eastern New Century Corporation, Reliance Industries, and Octal, Saudi Basics Industries Corp, BASF SE, M&G Chemicals, and Hengli Group Ltd are some of the notable names in this market.

Related Report:

Global Biodegradable Plastics Market
The global biodegradable plastics market is forecasted to exhibit 10.54% of CAGR in the forthcoming period of 2019-2027, while gaining a revenue of $6153.50 million by 2027.

The primary driver of this market is the favorable policies by the government to reduce the usage of petroleum-based polymers. Governments of different nations have banned the use of plastic bags produced from petroleum products and have also restricted the free distribution of disposable carry bags. These initiatives are expected to encourage the adoption of biodegradable plastics. Additionally, government bodies of several nations have levied heavy taxes on these products, as part of their efforts to eliminate conventional plastics like petroleum-based plastics.

Furthermore, there has been an increase in public awareness regarding environmental issues in recent years, which has increased the demand for eco-friendly packaging solutions. Thus, this shift in consumer trend, and the growing preference for environment-friendly solutions is also aiding the biodegradable plastics market growth.

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