"Innovative Market Solutions to Help Businesses Make Informed Decisions"
The global polyethylene terephthalate (pet) market size expected to grow at significant CAGR by 2026. Polyethylene terephthalate commonly abbreviated as PET is the most common thermoplastic polymer resin of the polyester family, which is colourless, flexible, lightweight and transparent in its natural state. PET is popular material of choice in textile, packaging and electronics industry owing to its versatile characteristics and recyclability. Its polymer chains break down easily at low temperature, resulting in minimum degradation of polymer chain during the recycling process. It is also used in fibres for clothing, containers for liquids and foods, thermoforming for manufacturing, and in combination with glass fibre for engineering resins. The unique set of chemical and physical features offered by PET makes it suitable over other plastics.
On the basis of grade, global PET market can be segmented into textile grade, bottle grade and film grade. The bottle grade PET is in high demand. The key factors boosting demand for bottle grade PET are its better versatility, lower price, and physical properties. PET bottles are also recycled for various purposes, for example, they are used in solar water disinfection, industrial strapping rope, boat sails, sleeping bags and upholstery fabrics. The safety of PET’s use in food and beverage industry is recognized by health authorities around the world, which is another driving factor for the bottle-grade PET market.
Key Market Driver -
Key Market Driver – Rise in demand for bio-based plastic materials majorly from food & beverage sector.
Key Market Restraint -
Key Market Restraint – Stringent rules and regulations by governments.
On the basis of the end use industry, the global polyethylene terephthalate market can be segmented into packaging, textiles, automotive, electrical and electronic. The packaging segment is the dominant segment and will continue to grow. PET’s characteristics like chemica resistance, impact resistance and moderate rigidity makes the material suitable for packaging. The rise in consumption of PET for manufacturing bottles or containers, used for wide range of consumable products such as soft drinks, alcoholic beverages, medicines and detergents is expected to boost the packaging industry. PET being strong yet lightweight, allows more product to be delivered with less packaging, less weight and less fuel for transport.
The key market driver for the global PET market is the increase in the demand from food and beverage sector like in carbonated drinks packaging, increased demand for packaged food due to rise in consumption of frozen and processed food, rise in demnd for electronics and automotive industries.
Key market restraint for the global polyethylene terephthalate (PET) market is stringent environmental rules and regulations by government and threats of substitutes, are acting as a barrier for polyethylene terephthalate market. In addition, fluctuating prices of raw materials (ethylene glycol) due to volatility in crude oil prices is also a restraining factor.
Some of the notable companies in global polyethylene terephthalate market are Indorama Ventures, DuPont, Imperial chemical industry PLC, DAK Americas, M&G Chemicals, Octal Petrochemicals, Lotte Chemcals, SABIC, Nan Ya Plastics, Rangsheng Petrochemicals, Zhengbang Fibre.
The global polyethylene terephthalate (PET) market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia- Pacific Polyethylene terephthalate market is expected to be the dominant market.China being one of the largest consumer of polyethelene terephthalate (PET) is one such contributing factor. The abundant availability of raw materials and low cost of production have been supporting the production growth of PET in the country. The Pet market for food and beverage is also being boosted in China, as people venture into ready-to-eat food and packaged food. The North American region is another leading region in PET market.
To gain extensive insights into the market, Request for Customization
The established automobile and electronic industries are compelling market growth. In European region rising use of PET in vehicles to lessen its weight and reduce emissions is a significant factor influencing the market. Germany is the leading consumer of PET in European region owing to its automotive industry. In South American region, PET market is largely driven by foods & beverage industry. The Brazilian beer market is third argest across the globe and the acquisition of Brasil Krin by Heineken is further likely to drive Soth American PET market. Saudi Arabia is one of the largest market in terms of consumption in the Middle East & Africa region, due to the rise in food consumption and sustainable packaging.
By End-Use Industry
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry