Global Crystalline Polyethylene Terephthalate Market is expected to reach USD 12810.1 million by 2028 at a CAGR of 7.89%

Global Crystalline Polyethylene Terephthalate Market To Grow At A CAGR Of 7.89%

The global crystalline polyethylene terephthalate market size was worth around USD 9176.21 million in 2021 and is predicted to grow to around USD 12810.1 million by 2028 with a compound annual growth rate (CAGR) of roughly 7.89% between 2022 and 2028.

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Polyethylene terephthalate (PET) is used widely in liquid containers, food, drinks, and synthetic fibers. It is a thermoplastic polymer resin of polyesters. PET may exhibit two forms, semi-crystalline and amorphous. The crystallization of PET depends on the processing conditions which directly impact the mechanical and physical properties of the final compound. Crystalline PET exhibits a range of temperature tolerance starting from -400 to 4000 degrees Fahrenheit and is highly stiff, making them an ideal choice for the packaging of goods. The crystalline polymer is non-toxic and recyclable, making it a preferred choice in the current evolving globalized world encouraging sustainable growth. Crystalline PET has parallel chains of polymer that are closely packed and it is achieved by heating PET over glass transition temperature which results in molecular orientation. The degree to which PET can be crystallized depends on the extrinsic and intrinsic factors.

Key Insights
>>As per the analysis shared by our research analyst, the global crystalline polyethylene terephthalate market is estimated to grow annually at a CAGR of around 7.89% over the forecast period (2022-2028)
>>In terms of revenue, the global crystalline polyethylene terephthalate market size was valued at around USD 9176.21 million in 2021 and is projected to reach USD 12810.1 million, by 2028
Due to a variety of driving factors, the market is predicted to rise at a significant rate
>>Based on end-user segmentation, the food & beverages were predicted to show maximum market share in the year 2021
>>Based on application segmentation, bottles were the leading application in 2021.
>>On the basis of region, Asia-Pacific was the leading revenue generator in 2021

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The global crystalline polyethylene terephthalate is projected to grow owing to the increased adoption of the compound in the bottle manufacturing process for alcoholic beverages and carbonated soft drinks. Crystalline PET is preferred over other compounds owing to its physical and chemical properties. It is opaque in nature and exhibits high-temperature resistance, making it an ideal choice for a bottle to contain liquid. The thickness range of the compound allows it to be used in various applications within the same segment. These factors have contributed to crystalline PET becoming a favored compound amongst the players in the global food & beverages industry. The global market size cap is expected to grow significantly in the developing countries that are densely populated since beverage manufacturers are aggressively targeting these economies for global footprint expansion, which in turn may help drive the demand for crystalline PET in the coming years.

Substitute threats may restrict global market growth, while expansion opportunities may emerge from the emphasis on the adoption of the eco-friendly packaging system. The high price of raw materials is a major challenge for global market players.

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The global crystalline polyethylene terephthalate market is segmented based on application, manufacturing process, end-user, and region.

Based on application, the global market segments are cups, trays, bottles, film & sheets, and others. The global market generates the highest revenue from the bottles segment in the food & beverages industry. This is because crystalline PET bottles are anti-microbial while also pricing necessary hygiene and product protection. In 2018, the beverage packaging market was valued at USD 124 million and it may reach USD 177.1 million by 2026.

Based on the manufacturing process, the global market divisions are molding and extrusion. In 2021, the former process dominated the global market segment. Extrusion helps in creating linear and 2-dimensional (2-D) structures, while molding creates 3-D packaging structures.

Based on end-user, the global market is divided into pharmaceuticals, food & beverages, and others. In 2021, the global market generated the highest revenue in the food & beverages sector, with the pharmaceutical sector also generating considerable revenue in the last few years. One of the major reasons for use of crystalline PET is the non-toxicity of the product which does not affect the quality of the product. The Chinese F & B sector grew by 7.85% from 2018 to 2019, generating a revenue of USD 595.6 billion in 2019.

The global crystalline polyethylene terephthalate is anticipated to witness the highest growth in Asia-Pacific owing to the growing chemical industry of China and India. The regional market may further be propelled by the growing population leading to an increase in the revenue of the F & B sector. Other factors that could lead to more revenue involve increasing product innovation, higher investments, increase in the number of players at the domestic and international levels.
The pharmaceutical industry of Japan, India, China, and South Korea are projected to aid the increase in demand for crystalline PET which is used to manufacture trays, beakers, and blood bottles amongst other products. China's pharmaceutical industry was weighed at USD 153.89 billion in 2020, becoming the second largest in the world following the United States. As per official data, it is set to become the world's largest industry in the coming few years.

The global crystalline polyethylene terephthalate market is dominated by players including LA SEDA DE Barcelona (LSB), The DOW Chemical Company, Treform Packaging Ab, Far Eastern New Century Corporation, Indorama Ventures Public Company Limited, Petro Polymer Shargh, Saudi Basic Industries Corporation, Petrotemex, Dak Americas LLC, and Quadrant.

Recent Developments:

● In September 2021, Srichakra Polyplast, one of the world's largest waste management and plastic recycling company, announced that it has invested USD 10 million in a one-of-its-kind, plastic recycling facility in India
● In September 2021, Indorama Ventures Public Company Limited, Thailand-based world's largest producer of recycled PET for beverage bottles, will build a new facility in Karawang with a recycling capacity of 2 billion plastic bottles.

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