The Polyethylene Terephthalate by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Polyethylene Terephthalate, 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..
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.
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The polyethylene terephthalate market covered in this report is segmented –
1) By Product Type: Virgin, Recycle
2) By Application: Beverages, Sheets And Films, Consumer Goods, Food Packaging, Other Applications
3) By End-User Industry: Packaging, Electrical And Electronics, Automotive, Construction, Other End Uses Industries
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.
The polyethylene terephthalate market report table of contents includes:
- Executive Summary
- Polyethylene Terephthalate Market Characteristics
- Polyethylene Terephthalate Market Trends And Strategies
- Polyethylene Terephthalate Market – Macro Economic Scenario
- Global Polyethylene Terephthalate Market Size and Growth
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- Global Polyethylene Terephthalate Market Competitive Benchmarking
- Global Polyethylene Terephthalate Market Competitive Dashboard
- Key Mergers And Acquisitions In Polyethylene Terephthalate Market
- Polyethylene Terephthalate Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Indorama Ventures Public Company Limited
- Far Eastern New Century Corporation
- Alpek S.A.B de C.V
- Reliance Industries Limited
- SABIC
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