The global polyethylene terephthalate (PET) market is witnessing significant growth in its valuation, thanks to the increasing trend of replacing conventional glass packaging with PET packaging. The enhanced recyclability of PET is also driving this market substantially. Going forward, polyethylene terephthalate is experiencing a high demand in developing economies, which is likely to boost this market remarkably in the near future. However, the market may be hampered to some extent over the next few years due to the volatility in prices of crude oil and the increasing implementation of strict government norms and regulations regarding the application of polyethylene terephthalate.
The 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.
Beverage Packaging to Remain Key Contributing Application Segment
Polyethylene terephthalate is predominantly utilized in beverage packaging, films, food packaging, and various other applications, such as cosmetic bottles and household products. The demand for polyethylene terephthalate is greater in the beverage packaging segment and is expected to remain so over the next few years due to its extensive usage in the manufacturing of water bottles, soft drink bottles, juice bottles, and bottles for liquid dairy products.
Films are another prominent application area of polyethylene terephthalate. In this segment, it is used for the production of boil-in bags and lids of yogurt and the packaging of frozen meat, snacks, and jars. In food packaging, polyethylene terephthalate is utilized to manufacture egg trays, trays for vegetable packaging, biscuit packing, and microwave safe packaging.
Leadership to Remain With Asia Pacific through 2024
Regionally, the worldwide market for Polyethylene terephthalate has been classified into Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. Asia Pacific, among these, dominated the overall market with a share of more than 35% in 2015 due to the busy lifestyle and the rising disposable income of consumers hailing from the middle class in Asian economies. The regional market is likely to remain on top over the forthcoming years, thanks to the lucrative opportunities it will be offering to market players. In Asia Pacific, China is likely to take the lead and closely followed by India, Japan and ASEAN countries in the near future.
Amongst other regional markets, the Middle East and Africa is anticipated to witness a significant rise in its market share, thanks to the increasing footfall of tourists in the Middle East, surging consumption of packaged food and beverages, advancements in the retail infrastructure and the growth of the formal retail in Africa. The Latin America market for polyethylene terephthalate is projected to be driven by the soaring demand for soft drinks and packaged drinking water in the region, whereas, the markets in Europe and North America are predicted to exhibit sluggish growth in the years to come due to maturation.
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The global polyethylene terephthalate market is highly fragmented and competitive in nature. Far Eastern New Century, SK Chemicals, Neo Group, Octal, M&G Chemicals, DAK Americas, Egyptian Indian Polyester Co., Jiangsu Sanfanxiang Group Co., Reliance Industries Ltd., Dhunseri Petrochem Ltd., and Indorama Ventures Public Co. are some of leading players in this market.