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Plasticizers, Market Opportunities, Global Insights, Trends 2024
Global Plasticizers, Industry Report, Market Dynamics, Growth 2024
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According to The Business Research Company's, The polyethylene terephthalate market size has grown strongly in recent years. It will grow from $43.22 billion in 2023 to $47.3 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to increased demand for packaged foods, increased automotive production, and increased manufacturing of plastics products..
The polyethylene terephthalate market size is expected to see strong growth in the next few years. It will grow to $67.13 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to rising demand from the packaging industry, increasing demand for ready-to-eat products, and rising urbanization will drive the growth. Major trends in the forecast period include setting up new recycling plants, partnerships and collaborations, bio recycling of pet, and investments for expansion of facilities..
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Market Drivers and Trends:
The rising demand for polyethylene terephthalate in food and beverage packaging, such as carbonated soft drink packaging, contributed to the growth of the polyethylene terephthalate market. The increasing demand for bottled drinks and glass and metal container replacements finds no better alternatives to polyethylene terephthalate due to its versatility in shape and size. According to the Plastics Industry Association, a US-based plastic industry association, plastics manufacturing shipments saw a 0.9% increase in 2020 and observed a 2.2% increase in 2021. The rising demand in the food and beverage packaging industry increased the demand for polyethylene terephthalate during the historic period, driving the market.
Major companies are increasingly manufacturing bio-based PET using partially recyclable materials. Bio-based PET is a lightweight, recyclable, biodegradable, and reusable bioplastic material derived from biomass. It consists of 30% plant-derived ethanol glycol and 70% terephthalic acid derived from fossils. This is also used for the packaging of soft drinks, alcoholic beverages, food products, cosmetics, pharmaceutical products, and edible oils. The desire to use environmentally friendly products and stringent regulations have encouraged the use of bio-friendly products in industries and have resulted in an increased demand for bio-based PET. For instance, Eastlon consists of 30% renewable raw materials. Bio-PET has the same mechanical and thermal properties as fossil PET as a drop-in bioplastic.Applications include transparent packaging and bottles. Eastlon is 100% recyclable. A demonstration plant with an expected capacity of 18,000 tons of biomass will be built in Ontario (Canada) and will start producing 100% bio-based PET bottles by 2020.
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Major Key Players of the Market:
OCP SA, The Mosaic Co, Phosagro, Eurochem Group AG, Coromandel International Ltd, Israel Chemicals Ltd, Nutrien Ltd, Maaden - Saudi Arabian Mining Co., Jordan Phosphate Mines Co. PLC, Hubei Xingfa Chemicals Group Co. Ltd, Rama Phosphates Ltd, Shiva Global Agro Industries Ltd, Rastriya Chemicals & Fertilizers Limited, Sinofert, NGI Fertilizer Ltd, Koch Fertilizer Australia Pty Ltd, Sikko Industries Ltd, Fertoz, Nippon Jordan Fertilizer Company, Taki Chemical Co Ltd, China BlueChemical Ltd, CF Industries, Borealis, Fertilore, Sulzer, ICL Fertilizers, HELM IBÉRICA S. A, Casale SA, Uralchem, Acron, UralKali, Yara Canada Inc, Verdesian, Wilbur-Ellis Company LLC, K+S Potash Canada, Agrium Inc, ArrMaz, Bunge Argentina, Itafos, SGS Argentina, CMOC Brazil, GÜBRETAS, Toros Agri, ICL Group Ltd, Saudi United Fertilizer Co, Koch Ag & Energy Solutions (Koch), Misr Phosphate Company, El Wady for Phosphate Industries and Fertilizers (WAPHCO), Foskor
Polyethylene Terephthalate Market 2024 Key Insights:
• The polyethylene terephthalate market size is expected to see strong growth in the next few years. It will grow to $67.13 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Growing Appetite For Polyethylene Terephthalate (PET) In Food And Beverage Packaging Spurs Market Expansion
• Growing Environmental Concerns Drive Adoption Of Bio-Based Pet In Packaging And Beyond
• Asia-Pacific was the largest region in the polyethylene terephthalate market in 2023
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