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Polyethylene terephthalate market was estimated at a cumulative of 22.26 million tons in 2015. The market is projected at a CAGR of 6.1% over the next five years to reach 31.75 million tons by 2021
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The global polyethylene terephthalate market was estimated at a cumulative of 22.26 million tons in 2015. The market is projected at a CAGR of 6.1% over the next five years to reach 31.75 million tons by 2021.
The Asia-Pacific region, with its thriving economies and rapidly expanding population, is expected to experience highest cumulative growth rate during 2016-2021. Replacement of traditional packaging applications and reduced atmospheric emissions are primary reasons for the increase in demand for the polyethylene terephthalate (PET) market.
In 2015, the Asia-Pacific region drove the PET market, contributing about 38% share of the total demand in terms of consumption. China is a consumption leader in the Asia-Pacific region, due to the increased demand from the automotive and electrical & electronic industries.
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About 72% of the PET resin demand was from the bottle application, driven by the beverage bottles for mineral water, carbonated soft drinks, ready to drink tea, and functional, dairy, and energy drinks. Light weight PET bottles are expected to continue trending as it is a cost saving measure. Polyethylene terephthalate (PET) is used in an increasing number of markets viz. packaging, automotive, electrical & electronics, consumer appliances among others.
The PET market is segmented based on product type and end-user industry. The product type classification is furthered into bottles, films & sheets, food packaging and ‘others. End-user industry classification is furthered into food & beverage, automotive, electrical & electronics, healthcare, consumer appliances and ‘others.
A few of the key market players profiled in the full report include BASF SE, Dow Chemical Company, SABIC, DuPont and Indorama Ventures Public Company Limited.
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