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Global Polyethylene Terephthalate (PET) Market is Estimated to Mark a Robust CAGR of 9.3% by the end of 2021 - Research Nester
The global polyethylene terephthalate (PET) market is segmented into product type such as cups, bottles, vials, jars, tubs and others, out of which bottles segment is anticipated to showcase a significant CAGR by the end of 2021. Likely, robust expansion of beverages industry across the globe on the back of rapid urbanization is expected to flourish the growth of global polyethylene terephthalate (PET) market.
Global Polyethylene Terephthalate Market was valued at USD 50.5 Billion (amounted to around 17.2 million tones) in 2015 and projected to reach USD 21.2 Million tones making it worth USD 63.4 Billion by 2021, expanding at a compound annual growth rate (CAGR) of 5.15% over the forecast period i.e. 2015-2021.
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Asia-Pacific accounted for the major share in the gobal market for PET packaging when compared to other regions such as North America and Western Europe. With 31.3% share, Asia-Pacific dominated the global PET packaging market followed by North America with 23.1% and Western Europe with 19.6% in 2014.
Industrial Expansion
In 2015, Reliance Industries Ltd. had announced the authorization of production of PET resin plant of 650 KTA capacity and purified terephthalic acid (PTA) capacity of 1,150 KTA in Gujarat. This factor is believed to flourish the growth of polyethylene terephthalate (PET) market during the forecast period.
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Increasing demand for Eco-friendly Packaging
Growing to adoption of polyethylene terephthalate (PET) on the back of recyclable property along with rising environmental concerns is anticipated to be the dynamic factor behind the growth of polyethylene terephthalate (PET) market. Furthermore, un-breakable capability, and light for on-the-go use are some of the factors propelling the market of polyethylene terephthalate (PET) across the globe. On the contrary, sustainability concerns regarding PET packaging is believed to be the major factor hampering the Global Polyethylene Terephthalate (PET) Market.
The report titled “Global Polyethylene Terephthalate (PET) Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global polyethylene Terephthalate (PET) market in terms of market segmentation by product type, by industry, by application and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global polyethylene Terephthalate (PET) market which includes company profiling of RTP Company, BASF, DuPont, DSM, SRF Plastics, M&G Group, Indorama Ventures, PET Processors LLC., Lanxess Corporation, Nan Ya Plastics, and Lyondell Basell Industries N.V. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global polyethylene Terephthalate (PET) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.
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