Polyethylene Terephthalate Resin Market Overview, Strategies And Forecasts 2020

Polyethylene terephthalate (PET) is a thermoplastic polymer that belongs to the family of polyester. Polyethylene terephthalate resin was introduced for commercial use as textile fiber and film in 1953. Polyethylene terephthalate (PET) in its natural state is semi-crystalline colorless resin. Polyethylene terephthalate varies from semi rigid to rigid mainly on the basis of the method used for processing it. Polyethylene terephthalate is light weight in nature and has good gas barrier and alcohol barrier properties. PET becomes white when it is exposed to chloroform and other chemicals such as toluene. Polyethylene terephthalate is generally manufactured from terephthalic acid or dimethyl terephthalate and ethylene glycol. PET offers excellent wear resistance, high flexural modulus, superior dimensional stability and low coefficient of friction. Polyethylene terephthalate being highly versatile material is widely used in the manufacturing of mechanical and electromechanical parts. It is one of the most widely recycled polymers. Polyethylene terephthalate can be easily depolymerized to yield the constituent monomers. After the purification process, the monomers can be further used to manufacture new polyethylene terephthalate. PET is generally used in the synthetic fibers that are used in manufacturing of containers used for the packaging of food, beverage and other liquids.

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Growing developing economies coupled with increasing disposable income has lead to high demand for residential buildings which in turn is expected to boost the overall construction industry. Thus, growing construction industry is expected to boost the demand for polyethylene terephthalate which is used in the manufacturing of carpets. PET is also widely used in the manufacturing of bottles required for the packaging of several beverages. In addition, several marketing activities has boosted the overall demand for bottles of different shapes and sizes which is further expected to augment the overall demand for polyethylene terephthalate. Thus, the growing demand for carbonated soft drinks and bottled water is expected to boost the overall growth in the demand for polyethylene terephthalate market.

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China is the major consumer as well as manufacturer of the PET market. Presence of large number of carpet manufacturers along with the presence of large number of FMCG industries is expected to augment the overall demand for polyethylene terephthalate market. Rest of Asia Pacific is expected to be the next major consumer of polyethylene terephthalate. Presence of huge market for carbonated soft drinks and bottled water in India and Japan is expected to augment the overall demand for PET. The demand for polyethylene terephthalate is expected to grow rapidly owing to the presence of the trend of consumption of bottled water more than that compared to tap water. The demand for synthetic polyethylene terephthalate is expected to experience sluggish growth owing to the presence of stringent regulations in the region. There is increase in the manufacturing of biobased polyethylene terephthalate containers or bottles which are expected to reduce carbon footprints substantially over synthetic counterparts.

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RTP Company, Eastman Chemical Company, Saudi Basic Industries Corporation (SABIC), Aclo Compounders, BASF Canada, Global Polymers Inc., Jamplast Inc., Klockner Pentaplast of Canada Inc. and Thai PET Resin Co., Ltd. are some of the major participants of the global PET market. The companies are mainly focused towards increasing their production capacities which in turn will help in achieving economies of scale. The companies also strive to manufacture superior quality and environmental friendly polyethylene terephthalate resins.

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