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Polyethylene Terephthalate Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024

05-08-2017 07:12 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Polymers and Resins

Polyethylene Terephthalate Market - Global Industry Insights,

Polyethylene terephthalate Market Overview

Polyethylene terephthalate is a plastic resin with two monomers namely modified ethylene glycol and purified terephthalic acid. This is combined to form a polymer called polyethylene terephthalate. Polyethylene terephthalate is a recyclable plastic that finds wide application in synthetic fiber, polyester, packaging, and containers of beverages, among others. Polyethylene terephthalate are commonly used in food industry for packaging of beverages, food items, personal care products, and other consumer products, due to its properties of being lightweight, resealable, shatter-resistant and recyclable. Polyethylene terephthalate are also used to manufacture fiber for carpets, fabrics, industrial strapping, and automobile parts such as bumpers, door panels, and headliners. According to Pira International, 11.5 million metric tons of polyethylene terephthalate packaging were used in 2010. Approximately 70% of the total polyethylene terephthalate was used in packaging of bottled water and soft drinks. Rampant growth of end-use industries such as automobile, cosmetics, pharmaceuticals, and food & beverages in emerging economies of India and China, position Asia-Pacific as a major region in the global polyethylene terephthalate market.

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Global Polyethylene Terephthalate Taxonomy

The global polyethylene terephthalate market is classified on the basis of the following segments:

By Process
Polymerization
Conversion
Blow moulding
Sheet and film extrusion
By End use Industry
Food & beverage
Personal care
Pharmaceuticals
Automobile
Others

Prevalent Scenario in Polyethylene terephthalate Market

Polyethylene terephthalate is considered to be a high value packaging material due to its lightweight, non-reactive nature, low cost, and shatter-resistant nature. Owing to its varied properties and relatively safe usage, polyethylene terephthalate is widely used in packaging for food & beverage, personal care, medical and pharmaceutical applications.

U.S. Food and Drug Association (FDA) regulates the packaging material used in food industry. Regulations imposed by the U.S. FDA set limits on usage of any substances used in packaging which come in contact with the food and these substances should not be added directly to the food. Additional testing is conducted to check the safety of the packaging material by government laboratories such as FDA’s National Center for Food Safety and Technology. Environmental concerns related to use of polyethylene terephthalate act as restraining factor for market growth. Polyethylene terephthalate is non-biodegradable and undergoes photo-degradation, which results in formation of minuscule particles that can be extremely harmful if ingested. These factors act as restraining factor for the polyethylene terephthalate market and increasing inclination of various end users towards bio-based polyethylene terephthalate would further inhibit market growth.

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Increasing demand for carbonated drinks, packed foods, frozen food, and RTE food is fueling growth of the food end-use segment in the polyethylene terephthalate market.

Rapidly increasing industries such as cosmetics, food & beverage, automobile, pharmaceutical applications across the world, especially in Asia-Pacific region is the major driving factor for the global PETP market. The key players are focusing on safe and economical production of polyethylene terephthalate packaging in compliance with regulations especially in the European region. For instance, acetaldehyde is a byproduct of polyethylene terephthalate manufacturing, which is formed when polyethylene terephthalate is heated at high temperature. Quantity of acetaldehyde needs to be maintained, as increased quantity hampers the taste of the packaged products. Hence, a taste threshold is maintained for the concentration of acetaldehyde in various food packaging. Polyethylene terephthalate packaging manufacturers in
Europe follow the imposed regulation of minimizing the acetaldehyde migration levels. The limit value set by European regulatory agencies for migration from packaging materials is 6 mg per kg.

Fragmented Market

The global polyethylene terephthalate agents market is highly fragmented due to the presence of many established and local players across the world. Major players involved in the market include Sigma-Aldrich (U.S.), E.I. Dupont de Nemours and Company (U.S.), Lotte Chemical Corporation (South Korea), RTP Company (U.S.), Nan Ya Plastics Corporation (China), Far Eastern New Century (China), Quadrant AG (Switzerland), Tray-Pak Corporation (U.S.), Indorama Ventures Public Limited Company (Thailand), M&G Chemicals (U.S.).

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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