Polyethylene Terephthalate Market Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025
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Technological advancement for developing lightweight, high strength and energy-efficient PET bottles is expected to boost the market growth. For instance, in 2014, SIDEL introduced a new ‘NEW RIGHTWEIGHT’, 0.5 liter bottle for still water, weighing 7.95 grams, yet offering a superior consumer experience and a top-load performance of 33 kilograms, without the need for nitrogen dosing, using standard 26/22 closures.
Polyethylene terephthalate can be recycled and reused for manufacturing door panels, rain coats, industrial sheets and carpets. The closed loop recycling of used polyethylene terephthalate bottles into new grade PET is expected to subsequently decrease the environmental pollution by a decreasing the demand for raw material, consequently increasing the profit margin of the PET bottle manufacturer.
PET is biologically inert material, which does not react with any food or beverages and offers high resistance to micro-organism. For instance, in December 1992, the U.S. Food and Drug Administration (FDA) announced the use of recycled PET bottles, as safe from any kind of microbial contamination and reaction with the packed food or beverages.
In 2016, the global polyethylene terephthalate market size was pegged at US$ 26.57 billion (revenue) and 27,749.22 kilo tons (volume), The market is expected to expand at a CAGR of 9.7% in terms of revenue and 7.6% in terms of volume during the forecast period.
Carbonated soft drink segment is expected to dominate the polyethylene terephthalate market over the forecast period, at a CAGR of over 10.1% in terms of revenue, and 8.1% in terms of volume. A study conducted by Coherent Market Insights reveals, that the carbonated soft drink segment is estimated to reach over 7.70 billion by 2017. PET bottles or packaging material are used as an alternative to silica glass and acrylic material, as it provides superior resistance to micro-organisms, in turn projecting increased demand for the global PET market.
Stringent government regulation is expected to be one of the key challenges for global PET market during 2017-2025. For instance,
On March 18, 2016, Government of India, Ministry of Forest and Environment (MoEF) introduced plastic waste management rule 2016.
Bureau of Indian Standards, IS 14534: 1998--- has issued standard guidelines on how to recover and recycle plastic waste and what kind of products could be manufactured from recycled plastics
In 2016, Asia Pacific, followed by Europe and North America, respectively, accounted for a major share in terms of revenue and volume, in the global polyethylene terephthalate market, and the trend is expected to remain the same over the forecast period. In 2016, the share in terms of volume, held by Asia Pacific was 68.4% and by Europe was 12.5%. The growing demand for carbonated soft drinks in Asia Pacific due to growing demand for packaged and ready to eat food coupled with growing population, and infrastructure development of retail and hospitality sector is expected to drive growth of the global polyethylene terephthalate market over the forecast period. According to a study conducted by Coherent Market Insights, the other drink application segment market is expected to witness a CAGR of 8.8% from 2017 to 2025, in terms of revenue, which in turn is expected to fuel growth of the global polyethylene terephthalate market.
To know the latest trends and insights click the link below: https://www.coherentmarketinsights.com/market-insight/polyethylene-terephthalate-market-279
Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends, which are expected to shape the industry in the near future. Major players in the global Polyethylene Terephthalate market include Alpek S.A.B de C.V., RTP company, BASF SE, The Dow Chemicals Company, Jiangsu Sanfangxiang Group, Indorama Ventures, M&G Chemicals, Nan Ya Plastics Corporation, Far Eastern New Century, and Quadrant AG among others.
About Coherent Market Insights:
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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