A recent study by Triton Market Research titled ‘Global Polyethylene Terephthalate (PET) Market,’ covers the Global Analysis and Forecast for 2021-2028 by Application (Food and Beverage; Automotive; Electrical and Electronics; Healthcare; Consumer Goods; Other End-users), by Material (Glass; Plastic; Metal; Paperboard; Others), by Type (Cups; Cans; Bottles; Pouches; Others), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
Polyethylene terephthalate is a resin produced by utilizing raw materials such as monoethylene glycol and terephthalic acid. It is used in a number of applications, like thermoforming for manufacturing, fibers for clothing, containers for foods, as well as glass fibers.
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Triton’s report on the global polyethylene terephthalate (PET) market shows that it will accumulate a revenue worth $41768.32 million by 2028, and expand at a CAGR of 7.15% (revenue) over the forecasting years from 2021 to 2028. Also, it will accumulate 32560.63 kilotons in terms of volume, while recording a CAGR of 6.53% (volume) in the same period.
Advanced technologies are being used to make PET containers so as to increase protection and eliminate the risk of harmful substances that may enter these containers. The plasma coating process is one such technology, in which the containers are coated with protective layers that make them less permeable. These films are also easy to recycle. Thus, the advancements in technology and the recyclable nature of PET are among the major factors bolstering the growth of the PET market in the forecast period.
However, high-density polyethylene (HDPE) is widely used as a substitute for PET. HDPE-derived products are very safe to use and are do not transmit any chemicals into foods or drinks. They are also recyclable. The material has a soft, waxy surface, and is being used to make a number of products, such as bottles, snack food boxes, buckets, garden furniture, toys, rigid pipes, plant pots, crates, wheeled refuse bins, plastic wood, compost containers, etc. Therefore, the growing application of HDPE is likely to restrict the studied market’s growth over the course of time.
The market for polyethylene terephthalate is trifurcated into application, material, and type. The first segment, application, is divided into food and beverage; automotive; electrical and electronics; healthcare; consumer goods; and other end-users. While the second segment, material, consists of glass; plastic; metal; paperboard; and others. The third segment, type, is categorized into cups; cans; bottles; pouches; and others.
The Asia-Pacific region is expected to dominate the global market over the forecast period. It holds the highest share, and is expected to grow the fastest globally in the coming years. There is a growing demand for bottled water, as well as other beverages, such as soft drinks, in APAC countries. PET is a major constituent of the packaging used for such products. This is driving the industry growth. Further, the rapidly growing population, thriving economies, and the enhanced disposable income of consumers are strengthening the studied market’s growth in the Asia-Pacific.
JBF Industries Ltd, Lotte Chemical Corporation, M&G Chemicals, China Resources Chemical Materials Technology Ltd, Saudi Basics Industries Corp, and Octal, Sinopec Group, Alpek SAP DE CV, Indorama Ventures Public Company Ltd, BASF SE, Jiangsu Sanfangxiang Group, Hengli Group Ltd, Reliance Industries, Royal DSM, and Far Eastern New Century Corporation are some of the major players in the PET market.
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Question & Answer: Polyethylene Terephthalate (PET) Market
Question 1: What are the factors bolstering the growth of the PET market?
Answer: Advanced technologies are being used to make PET containers so as to increase protection and eliminate the risk of harmful substances that may enter these containers. The plasma coating process is one such technology, in which the containers are coated with protective layers that make them less permeable. These films are also easy to recycle. Thus, the advancements in technology and the recyclable nature of PET are among the major factors bolstering the growth of the PET market in the forecast period.
Question 2: What factor is likely to restrict the polyethylene terephthalate (PET) market growth?
Answer: High-density polyethylene (HDPE) is widely used as a substitute for PET. HDPE-derived products are very safe to use and are do not transmit any chemicals into foods or drinks. They are also recyclable. The material has a soft, waxy surface, and is being used to make a number of products, such as bottles, snack food boxes, buckets, garden furniture, toys, rigid pipes, plant pots, crates, wheeled refuse bins, plastic wood, compost containers, etc. Therefore, the growing application of HDPE is likely to restrict the studied market’s growth over the course of time.
Question 3: How is the Asia-Pacific region influencing the growth of the PET market?
Answer: The Asia-Pacific region is expected to dominate the global market over the forecast period. It holds the highest share, and is expected to grow the fastest globally in the coming years. There is a growing demand for bottled water, as well as other beverages, such as soft drinks, in APAC countries. PET is a major constituent of the packaging used for such products. This is driving the industry growth. Further, the rapidly growing population, thriving economies, and the enhanced disposable income of consumers are strengthening the studied market’s growth in the Asia-Pacific.
Question 4: Which are some of the major players in the PET market?
Answer: JBF Industries Ltd, Lotte Chemical Corporation, M&G Chemicals, China Resources Chemical Materials Technology Ltd, Saudi Basics Industries Corp, and Octal, Sinopec Group, Alpek SAP DE CV, Indorama Ventures Public Company Ltd, BASF SE, Jiangsu Sanfangxiang Group, Hengli Group Ltd, Reliance Industries, Royal DSM, and Far Eastern New Century Corporation are some of the major players in the PET market.
Related Report:
Global Biodegradable Plastics Market
The global biodegradable plastics market is expected to exhibit growth with a CAGR of 10.54% in the forthcoming years from 2019 to 2027. It is also expected to generate revenue worth $6153.50 million by 2027.
The growing scope of biodegradable plastics in a number of end-user segments is expected to offer growth opportunities to the market. These end-use segments are packaging, medical devices, agriculture, automotive, and consumer electronics, among others. Biodegradable plastics offer a wide range of packaging applications.
In fact, they are swiftly replacing conventional plastic packaging materials due to the rising bans on non-degradable plastics by governments across the world. Further, there has been an immense growth in the production of bioplastics to cater to the increasing demand from various applications, such as packaging, textiles, automotive, and others. This increased production is opening up new avenues for market growth in the forecast duration.
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