PET (polyethylene terephthalate) refers to a recyclable, flexible, safe, and non-toxic substance. The growing need for lightweight, packaged food items is likely to be the primary influencing factors for the global polyethylene terephthalate market. There has been a greater focus on various applications of polyethylene terephthalate by the market vendors. PET resin packaging applications is estimated to continue to innovate, resulting in a high growth for this market. Businesses are estimated to be able to obtain a large market share if they provide cost-effective yet high-quality items. Making of bottles is a major application in the polyethylene terephthalate market, owing to rising demand for bwater bottles and carbonated soft drinks.
The most widely used thermoplastic polymer in the world is polyethylene terephthalate (PETE or PET), which is also known as “polyester” in the textile industry. It is commonly used as a garment fabric as well. The demand for fabrics and textiles is expected to rise as people consume more of them. Textile fibers made from PET are spun into permanent-press textiles. Polyethylene terephthalate is also widely used in the production of films. It is utilized in this category to make jar packing, snacks, frozen meat, as well as boil-in bags and lids of yoghurt. This material is also used to make microwave safe packaging, biscuit packaging, and egg trays in the food packaging sector.
Reliance Industries Ltd., Egyptian Indian Polyester Co., M&G Chemicals, Indorama Ventures Public Co., Jiangsu Sanfanxiang Group Co., and Dhunseri Petrochem Ltd. are a few of the leading players in the global polyethylene terephthalate (PET) market.
The global polyethylene terephthalate (PET) market was worth US$23.73 bn in 2015. Rising at a 5.80% CAGR between 2016 and 2024, the market’s opportunity is expected to reach US$39.16 bn by the end of 2024. The high demand for packaged food is likely to create lucrative opportunities for the market players over the forthcoming years.
Asia Pacific to Lead the Market with Strict Environmental Regulations as Laid Down by International Bodies
In terms of region, the global polyethylene terephthalate market is classified into the principal regions of Latin America, North America, Asia Pacific, Middle East and Africa, and Europe. Regional classifications are expected to give a better understanding of regional market dynamics.
Asia Pacific is likely to dominate the global polyethylene terephthalate market, with a substantial market share. The demand for this product in the Asia Pacific is projected to be driven by rising intake of packaged food items and increasing demand for vehicle films in countries like Malaysia, Indonesia, India, and China. In addition to that, various environmental regulations enacted by international organizations such as Intergovernmental Panel on Climate Change (IPCC), the International Union for Conservation of Nature (IUCN), and the Environmental Protection Agency (EPA), are also expected to have an impact on the global polyethylene terephthalate market in the region.
Growing Opportunity for Use in Flexible Packaging Solutions to Shoot Up Demand in the Market
Polyethylene terephthalate is also frequently utilized in applications of flexible packaging applications owing to its distinctive physical characteristics, such as being non-reactive and shatterproof to water and food. The market is anticipated to expand as a result of increasing technical breakthroughs and advancements in packaging applications, primarily via weight reduction.
As a result of its 100% recyclable nature, high strength, improved flexibility, and lightweight, polyethylene terephthalate has emerged as a popular material in the packaging market. As a copolymer and homopolymer, polyethylene terephthalate is a great option for beverage packaging applications. In the recent years, a number of firms have taken steps to develop their products utilizing environmentally friendly packaging materials. Coca-World Cola’s Without Waste project, for example, aims to collect and recycle the equivalents of every can or bottle the company sells across the world.
The information shared in this review is based on a TMR report, bearing the title, “Polyethylene Terephthalate Market (Application – Beverages, Films, Food Packaging, and Cosmetic Bottles and Household Products) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”
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