Polyethylene Terephthalate Market: Information by Application (Polyester Fiber and Packaging Resin), End-User (Packaging Industry, Electrical & Electronics), and Region — Forecast till 2029

Polyethylene terephthalate (PET) is a polymer commonly known as PET. The polymer is extensively used in packaging, fabrics, films, molded parts for automotive and electronics, among others. The polymer is mainly used as flexible packaging for FMCG products or daily-use consumer products such as water bottles, toothpaste, cosmetics, and personal care and hygiene products. Polyethylene terephthalate is resistant to oil, alcohol, diluted acid, aliphatic hydrocarbons, and grease. It has moderate resistance to diluted alkali halogenated and aromatic hydrocarbon. It is witnessing huge demand in the food and beverage industries, further driving the market growth. The production of PET bottles worldwide was 485 billion in 2016.

Advantages of Polyethylene Terephthalate (PET) over Polybutylene Terephthalate (PBT)

Chemical polyethylene terephthalateis similar to polybutylene terephthalate, as both are mainly used in the packaging industry. Some advantages of PET are as follows;

PET has higher strength and stiffness than Polybutylene Terephthalate
PET is well known for its good moisture and gas (oxygen, carbon dioxide) barrier properties
PET is very strong and lightweight and hence easy and efficient to transport
It also has excellent electrical insulating properties
PET can be used to a broad range of temperature from ­­-60 to 130-degree C
Compared to PBT it also has higher heat distortion temperature (HDT)
PET has low gas permeability, particularly with CO2
Polyethylene Terephthalate is suitable for transparent applications
Polyethylene Terephthalate does not fracture or break. It is shatter-resistant and suitable glass replacement in various applications
PET is recyclable and transparent to microwave radiation
PET is approved as GRAS for food application by the FDA, Health Canada, EFSA, and other authorities
Rapid Expansion of Bottled Water Industry: A Key Market Driver.

Shifting preference towards bottled water is compelling the market players to introduce a new variety of water, such as sparkling water, minerals infused water, and flavored bottled water, among others. As per the International Bottled Water Associations 2018 report, in the U.S.., the bottled water market consumption increased from 12,808 million gallons to 13,7105 million gallons. Similarly, per person consumption of bottled water is projected to reach more than 50 gallons in the coming years. Polyethylene Terephthalate (PET) is extensively used for packaging bottled water as it is recyclable and environment-friendly.

Request For Sample Report : https://straitsresearch.com/report/polyethylene-terephthalate-market/request-sample

Stringent Environmental Norms Regarding the Disposal of Polyethylene Terephthalate: A Key Market Restraint

Polyethylene Terephthalate(PET) is used in packaging, automobile, electrical electronics, textiles, and household appliance industries. It is transparent and non-biodegradable —meaning it breaks into smaller fragments and pollutes water bodies by seeping underground and contaminating soil — which is restraining the market growth. To address the situation, the governments across the globe have imposed stringent regulations in terms of PET disposal, further hampering the market growth. For instance, Basel Conference of the Parties, held in May 2019, amended the Basel Convention to include plastic waste in a legally binding framework. The countries will have to take prior consent before exporting mixed plastic Furthermore, rising environmental awareness regarding plastic pollution has compelled the governments to ban plastic, further impeding the market growth.

Panic Buying of Consumer Goods: A Key Market Opportunity

The COVID-19 pandemic has increased the demand for consumer goods with ready to eat packaged foods and other perishable goods flying off the shelves. The pandemic has also accelerated the demand for online food delivery and other essential goods. Companies like Amazon, Walmart, and Target in the U.S are channelizing efforts to offer consumer goods in such challenging times. The pandemic is also causing panic buying and hoarding of essential goods such as hand sanitizers by consumers. FMCG industry employs extensive use of Polyethylene Terephthalate (PET) for packaging processed foods, beverages, cosmetics, and toiletries, among others.

Regional Overview

Polyethylene Terephthalate Market in North America

As per the American Chemistry Council, in 2017, plastic production was around 35 million tons in the U.S. As per the EPA, roughly 1021.1 billion plastic bags are used in the U.S. every year. Thus, the rising demand for plastic is subsequently increasing water pollution, which has compelled the U.S. government to ban plastic in the country. For instance, almost 8 million tons of plastic is dumped in the world's ocean annually. Plastic wastes kill nearly a million sea creatures every year.

China to be the Leading Contributor to Asia-Pacific’s Polyethylene Terephthalate Market

Asia Pacific held the largest share in the plastic and polymer production across the world. As per the Gulf Petrochemicals & Chemical Association, the global polymer sales value was around USD 851 million, of which Asia-Pacific alone accounted for 67% of polymers sales in 2016. China is the largest producer of thermoplastics, such as polyethylene terephthalate, in the region. The country alone produced 92.1 million tons of thermoplastic in 2016, which is around 31% of the global production of thermoplastic. In the same year, Asia-Pacific, excluding China, produced about 63.1 million tons of thermoplastic and contributed around 21% to the global sales volume.

Saudi Arabia: Largest Producer of Polyethylene

The Middle East is a prominent region for petrochemical products such as polyethylene terephthalate. The region is primarily focused on the production of petrochemical products. The GCC polymer industry employs around 40,000 people. Saudi Arabia is the largest producer of petrochemicals in the region. The country accounted for about 67% percent of the GCC resin’s production in 2016. It was also the largest consumer of polymers in the region, accounting for about 61% or 5 million tons of consumption in the GCC. In addition, Saudi Arabia alone accounted for 2% of the global polymer sales and ranked eight at the top plastic producers globally.

Buy Now : https://straitsresearch.com/buy-now/polyethylene-terephthalate-market/global/

Table: Data on Plastics in MSW (U.S.) by Weight (000’ Metric Tons)

Data on-Plastics-in-MSW-by-Weight

Key Players

Alpek S.A.B de C.V
BASF SE
DuPont de Nemours, Inc.
Indorama Ventures
Lanxess Corporation
KoninklijkeDSM N.V.
Dhunseri Petrochem Ltd.
Eastman Chemical Company
Reliance Industries Ltd
Distrupol
Verdeco Recycling Inc
SRF Limited
RadiciPartecipazioni S.P.A.
Kolon Plastics
SABIC
Polyethylene Terephthalate Market Segmentation

By Application

Polyester fiber
Packaging resin
By End-User

Packaging industry
Electrical & electronics
Automotive
Household appliance
Textile
By Region

North America

The U.S.
Canada
Mexico
Europe

Germany
France
The U.K.
Italy
Spain
Netherlands
Russia
The Rest of Europe
Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Malaysia
Singapore
Vietnam
The Rest of Europe
Central and South America, and the Caribbean

Brazil
Argentina
Colombia
The Rest of Central, South America, and the Caribbean
The Middle East

Saudi Arabia
The UAE
Oman
Bahrain
The Rest of the Middle East
Africa

Nigeria
South Africa
Ghana
Tanzania
The Rest of Africa

Contact Us:
Email: sales@straitsresearch.com
Address: 825 3rd Avenue, New York, NY, USA, 10022
Tel: +1 6464807505, +44 203 318 2846
Website: https://straitsresearch.com/

About Us :
StraitsResearch.com is a leading market research and market intelligence organization, specializing in research, analytics, and advisory services along with providing business insights & market research reports.

This release was published on openPR.