Polyethylene Terephthalate (PET) Market Size to grow by USD 54.4 Billion from 2021 to 2026: New developments to boost the market growth

Allied Market Research has released a comprehensive report titled "Polyethylene Terephthalate (PET) Market By Type (Virgin, Recycled), By Application (Packaging, Automotive, Construction, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." The report reveals that the global PET industry generated $30.3 billion in 2022, with projections to reach $54.4 billion by 2032, exhibiting a CAGR of 6.1% from 2023 to 2032.

Overview:The report delves into the global PET market, covering key aspects such as types (Virgin, Recycled) and applications (Packaging, Automotive, Construction, Medical, Others). The industry's growth is fueled by factors like increased demand for packaged food and beverages and a rising preference for sustainable packaging.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/2161

Key Growth Factors:

Drivers: The surge in demand for eco-friendly packaging and changing consumer preferences are primary growth drivers. Additionally, advancements in PET production technology and increasing usage in the automotive and electrical & electronics industries present lucrative opportunities.
Challenges: Challenges include the hazardous effects of plastic packaging, volatile raw material prices, and the impact of COVID-19 disruptions on supply chains.

Market Segmentation:

Type: The virgin segment held the largest market share in 2022, contributing about three-fourths of the global PET market revenue. Virgin PET is known for its non-reactivity, shatterproof nature, and is extensively used in flexible packaging applications. The recycled segment is projected to grow at the fastest CAGR of 6.3% from 2023 to 2032.

Application: The packaging segment led in 2022, contributing nearly three-fourths of the global PET market revenue. It is projected to maintain its lead position during the forecast period. Meanwhile, the construction segment is expected to display the highest CAGR of 6.6% during the forecast period.
Regional Insights:

Asia-Pacific: Held the highest market share in 2022, accounting for around one-third of the global PET market revenue. The region is likely to dominate the market during the forecast period, with a projected CAGR of 6.5% from 2023 to 2032. Factors contributing to this growth include the rise in the food & beverage industry and increasing demand for ready-to-cook and packaged foods.

Impact of COVID-19:The report details the mixed impact of the COVID-19 pandemic on the PET market. While disruptions in supply chains affected manufacturers, the increased focus on hygiene and safety during the pandemic led to a surge in demand for essential goods packaged in PET containers.

Leading Players:Key players in the global PET market include RTP COMPANY, BASF SE, DUPONT, DSM, LOTTE CHEMICAL CORPORATION, INDORAMA VENTURES PUBLIC COMPANY LIMITED, SABIC, LANXESS, NAN YA PLASTICS CORPORATION, and LYONDELLBASELL INDUSTRIES HOLDINGS B.V.
Strategic Insights:The report provides a detailed analysis of key players' strategies, including new product launches, collaborations, expansions, joint ventures, and agreements, showcasing the competitive scenario in the PET market.

Obtain Report Details: https://www.alliedmarketresearch.com/polyethylene-terephthalate-market

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