Press release
Polyethylene Terephthalate Market Trends, Size, Segment and Industry Growth by Forecast to 2031
The global polyethylene terephthalate (PET) market was valued at US$ 31.45 Bn in 2020. Expanding at a CAGR of 5.80% between 2021 and 2031, the market's opportunity is expected to reach US$ 58.47 Bn by the end of 2031. The high demand for packaged food is likely to create lucrative opportunities for market players over the next few years.
PET (polyethylene terephthalate) refers to a recyclable, flexible, safe, and non-toxic substance. Rise in need for lightweight, packaged food items is likely to be the primary influencing factor for the global polyethylene terephthalate market. There has been a greater focus on various applications of polyethylene terephthalate by market vendors. PET resin packaging application is estimated to continue to innovate, resulting in a high growth for this market.
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Polyethylene Terephthalate Market Players
Reliance Industries Ltd., Egyptian Indian Polyester Co., M&G Chemicals, Indorama Ventures Public Co., Jiangsu Sanfanxiang Group Co., and Dhunseri Petrochem Ltd. are some of the leading players in the global polyethylene terephthalate (PET) market.
Various Uses of Polyethylene Terephthalate
Businesses are estimated to obtain a large market share, if they provide cost-effective yet high-quality items. Making of bottles is a major application in the polyethylene terephthalate market, owing to rising demand for bottled water and carbonated soft drinks.
The most widely used thermoplastic polymer in the world is polyethylene terephthalate (PETE or PET), which is also known as "polyester" in the textile industry. It is commonly used as a garment fabric as well. The demand for fabrics and textiles is expected to rise in the near future. Textile fibers made from PET are spun into permanent-press textiles. Polyethylene terephthalate is also widely used in the production of films. It is utilized in this category to make jar packing, snacks, frozen meat, as well as boil-in bags and lids of yoghurt. This material is also used to make microwave safe packaging, biscuit packaging, and egg trays in the food packaging sector.
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Demand for Packaged Food Items and Vehicle Films to Drive Asia Pacific Polyethylene Terephthalate Market
In terms of region, the global polyethylene terephthalate market is classified into principal regions of Latin America, North America, Asia Pacific, Middle East & Africa, and Europe. Regional classifications are expected to give a better understanding of regional market dynamics.
Asia Pacific is likely to dominate the global polyethylene terephthalate market, with a substantial market share. The demand for polyethylene terephthalate in Asia Pacific is projected to be driven by rising intake of packaged food items and increasing demand for vehicle films in countries such as Malaysia, Indonesia, India, and China. In addition, various environmental regulations enacted by international organizations such as Intergovernmental Panel on Climate Change (IPCC), International Union for Conservation of Nature (IUCN), and Environmental Protection Agency (EPA), are expected to have an impact on the global polyethylene terephthalate market in the region.
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Rise in Opportunities for Usage in Flexible Packaging Solutions to Boost Demand
Polyethylene terephthalate is also frequently utilized in flexible packaging applications, owing to its distinctive physical characteristics, such as being non-reactive and shatterproof to water and food. The market is anticipated to expand as a result of increasing technical breakthroughs and advancements in packaging applications, primarily via weight reduction.
As a result of its 100% recyclable nature, high strength, improved flexibility, and lightness of weight, polyethylene terephthalate has emerged as a popular material in the packaging market. As a copolymer and homopolymer, polyethylene terephthalate is an ideal option for beverage packaging applications. In recent years, a number of firms have taken steps to develop products utilizing environment-friendly packaging materials.
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Global Polyethylene Terephthalate Market: Segmentation
Polyethylene Terephthalate Market, by Application
Beverages
Films
Food Packaging
Cosmetic Bottles
Household Products
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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