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The Global Polyethylene Terephthalate (PET) Market to Flourish at 7.15% of CAGR by 2028

08-25-2022 12:38 PM CET | Industry, Real Estate & Construction

Press release from: Triton Market Research

Polyethylene Terephthalate (PET) Market

Polyethylene Terephthalate (PET) Market

Triton Market Research presents the Global Polyethylene Terephthalate (PET) Market report segmented by Type (Cups; Cans; Bottles; Pouches; Others), Material (Glass; Plastic; Metal; Paperboard; Others), Application (Food and Beverage; Automotive; Electrical and Electronics; Healthcare; Consumer Goods; Other End-users), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), discussing Market Summary, Industry Outlook, Key Insights, Impact of COVID-19 on Market, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, key Market Strategies, Industry Components, Drivers, Restraints, Opportunities, Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

As per a Triton Market Research report, the Global Polyethylene Terephthalate (PET) Market is expected to progress at a CAGR of 7.15% in terms of revenue and 6.53% in terms of volume, during the forecasting phase between 2021-2028.

Request Free Sample Report: https://www.tritonmarketresearch.com/reports/polyethylene-terephthalate-market#request-free-sample

Polyethylene terephthalate, also known as PET, is a thermoplastic polymer from the polyester family. It is a widely used resin having a number of applications.

The rise in population, along with the increase in their disposable income, hectic work schedules, and growing consumer preferences, are factors that have majorly enhanced the demand for ready-to-eat foods. PET is a widely used packaging material, and the food & beverage industry is one of its prime end-users. Thus, a growth in the consumption of ready-to-eat meals will help the studied market to expand in the coming years.

Purchase our report: https://www.tritonmarketresearch.com/reports/polyethylene-terephthalate-market#purchase-option

On the flip side, the increasing number of rules and regulations concerning the usage of polyethylene terephthalate are creating hurdles in the path of market growth. Other regulations pertain to the entry of new companies and the launch of new products, which is a major concern for vendors in the market.

The growing demand for PET bottles for other beverages, such as soft drinks, is also fueling the growth of the PET packaging market in APAC. The Asia-Pacific market is expected to experience the highest growth rate in the estimated period, given the presence of thriving economies and a rapidly expanding population. In 2020, the region contributed the highest to the global PET market, around 50% of the total share. China is the leading nation in terms of consumption in the APAC, which can be attributed to the enhanced demand from the cosmetics and food & beverages sectors.

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

There is a high level of competition among PET manufacturers, where the players compete to boost their market share. For this purpose, they have been resorting to organic as well as inorganic tactics for growth, which includes producers adding new capacities, and also relying on strategies like mergers & acqusitions. The opening of PET recycling plants and the development of bio-PET have further provided scope for players to increase their market presence. Such moves have come after the growing environmental concerns regarding pollution caused by disposing of PET-based waste products. All such factors are further likely to the polyethylene terephthalate market.

Triton Market Research
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We are a leading market research company with offices in the UK, providing the best online market research and data search reports to our clients.

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