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Saturday, July 13, 2024

Polyethylene Terephthalate Market Set to Soar, Anticipated to Reach Nearly US$ 40 Billion by 2032

Last updated Tuesday, September 12, 2023 12:01 ET , Source: Future Market Insights, Inc.

Newark, United States, 09/12/2023 / Future Market Insights, Inc. /

From 2022 to 2032, the worldwide polyethylene terephthalate market is predicted to expand at a steady CAGR of 3.4%. The global market is anticipated to grow from US$ 27.1 billion in 2021 to US$ 28.6 billion in 2022. Furthermore, by 2032, the business is expected to generate close to US$ 40 billion.

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Polyethylene Terephthalate, popularly known as PET, is a thermoplastic polymer resin produced due to the reaction of raw materials such as mono ethylene glycol (MEG) and purified terephthalic acid. This material is known to exhibit exceptional barrier properties towards moisture and water. Polyethylene Terephthalate finds applications across diverse industries such as automotive, food, beverage packaging, and electronics.

Over the recent years, Reliance Industries has announced an opening in Dahej, Gujrat, for making polyester plastic. Furthermore, the company is also expected to commission a 650KTA polyethylene terephthalate (PET) resin capacity and purified terephthalic acid (PTA) plant. It will increase its global share by almost four percent, lower operational costs, and achieve full chain margins.

“Polyethylene Terephthalate (PET) is a ubiquitous polymer with diverse applications. Its versatility, from beverage bottles to textile fibers, underscores PET’s integral role in modern industries, contributing to sustainability efforts and meeting consumer demands for packaging and textile solutions.”—opines a Research Analyst at Future Market Insights.

Key Takeaways

  • Surging demand for polyethylene terephthalate is predicted to come from the food and beverage packaging sectors such as carbonated soft drinks packaging, increased demand for packaged food due to the rise in consumption of frozen and processed food, rise in demand for electronics and automotive applications/industries, and eco-friendly substitution are the most important driving force in the Polyethylene Terephthalate market.
  • In Additionally, increasing urbanization, innovative packaging, and high economic growth rapidly increase the demand for polyethylene terephthalate regardless of geographical location.

Competitive Landscape

Some key participants in the global demand of the polyethylene terephthalate market are focusing on research and development activities and other strategic steps such as mergers and acquisitions to get an edge over the global landscape.

Top Key Players in the Market

  • Indorama Ventures Public Company Limited
  • Alpek SAB de CV
  • Sinopec Group
  • Far Eastern New Century Corporation
  • CR Chemical Materials Technology Inc.

More Insights into the Polyethylene Terephthalate Market

The food and beverage sector is expected to account for robust growth within the Asia Pacific region. The rising income levels and the swelling population levels are some of the major factors that have been steering the growth of the food industry in the province.

Due to enhanced living standards, China’s food and beverage sector is experiencing a significant boost. Consequently, there is an increasing demand for packaged, ready-to-cook, and ready-to-eat food and an array of beverages.

Over the period, packaging material consumption has significantly swelled, and a shift to sustainable and recyclable material is likely to drive the market in the future. Moreover, with enormous scope for growth in the region, novel investments are being observed in the food and beverage sector, envisioned to set up individual confectionaries, food processing, and beverage-making facilities.

The plastics industry is crucial for the European economy and plays a huge part in its recovery plan. The plastic raw material producers, plastics converters, plastics recyclers, and machinery manufacturers represent a value chain that employs over 1.5 million people in Europe through over 55,000 companies, most SMEs, operating in all European countries.

Attributing to the surging partnerships between an interrelated plastics value chain and hefty investments by all local and global investors, the PET market will adopt innovative ideas to offer sustainable solutions.

Likewise, recycling rates of plastic packaging waste in Europe range between 26% and 52%. European Union (EU) has published the new Directive on Packaging and Packaging Waste, which sets higher recycling targets per material and a new calculation method for recycling performances. Thus, the increment in adopting recycling plastic waste is increasing the demand for the PET market.

Based on geography, the United States accounted for the largest market share, holding more than two-thirds of the global landscape. A substantial increase in demand for packaging materials in the food & beverage segment in the United States has been witnessed over recent years. PET is used to swap parts in vehicles, as it aids in reducing weight as well as wear & tear.

Attributing to the factors above, the growth of the U.S. automotive market is expected to grow at an exponential pace. This increasing demand will enhance the growth of the country’s polyethylene terephthalate market in the forthcoming future.

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Key Segmentation of Polyethylene Terephthalate Market

Application:

  • Sheets/Films
  • Packaging
  • Consumer Goods
  • Other Applications

End User:

  • Automotive Industry
  • Electronics
  • Food & Beverages
  • Other End Users

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Exploring Innovations in Chemicals & Materials: A Compilation of Related Research Reports

Polyethylene Terephthalate Glycol (PETG) Market: The global polyethylene terephthalate glycol (PETG) market size is set to exhibit a CAGR of 3.3% in the forecast period from 2023 to 2033.

Linear Low Density Polyethylene Market: The demand for linear low density polyethylene is likely to increase in the paper & paperboard packaging industry during the forecast period.

Chlorinated Polyethylene Resins and Elastomers (CPE) Market: The chlorinated polyethylene resins & elastomers market is forecast to reach US$ 600 Million by 2022, expected to flourish at a CAGR of 8% to reach US$ 1,297 Million by 2032.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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The post Polyethylene Terephthalate Market Set to Soar, Anticipated to Reach Nearly US$ 40 Billion by 2032 appeared first on Future Market Insights.

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