Polyethylene terephthalate (PET) is thermoplastic polyester vastly used in diverse textile fibers, films, bottles, and other moulded products. The primary reason for the extensive use of PET is the possibility of producing many different grades over a greater range of molecular weights in a single multiproduct polymerization plant.
THE PACKAGING APPLICATION EMERGED AS THE LARGEST SEGMENT IN 2020, ACCOUNTING FOR A MARKET SHARE OF OVER 30%.
Polyethylene terephthalate has become the world’s choice in the packaging sector. It is used for the packaging of many products used in our day to day life. It is prominently used for food and beverages packaging as it is lightweight, hygienic, and strong, retains the product's freshness, and does not shatter. It is most commonly used for the packaging of water and carbonated soft drinks.
THE ASIA PACIFIC DOMINATED THE POLYETHYLENE TEREPHTHALATE MARKET IN 2020, ACCOUNTING FOR A MARKET SHARE OF 40%.
The Asia Pacific is not only the world's biggest consumer but also the biggest producer. China and India primarily drive the Asia Pacific. The driving factor for the use of PET in the Asia Pacific is the ever-expanding consumer base, growing disposable income, and changing lifestyle. PET is consumed more due to increased demand for on-the-go packaging, which is lightweight, easy to use, and smaller.
PROMINENT PLAYERS IN THE MARKET:
The global polyethylene terephthalate market is dominated by Indorama Ventures, MG Chemical, Zhejiang Yisheng Petrochemical Co., Sang Fang Xiang, and DAK America. Other prominent players are Toray Industries, Jiangsu Sanfangxiang Group, Far Eastern New Century, Quadrant AG, Tray-Pak Corporation, and Eastman Chemical Company.
The global polyethylene terephthalate market size was valued at USD 25000 million in 2021 and is expected to grow at a CAGR of over 7.5% during 2022 to 2028.
Polyethylene terephthalate (PET or PETE) is a naturally transparent and semi-crystalline polymer. It is synthesized by the polymerization of ethylene glycol and terephthalic acid. PET has become the most widely used, versatile, and believed polymer materials globally. It is regarded as a safe, strong, lightweight, flexible, and non-toxic material easily recycled. PET offers good heat resistance, low creep at elevated temperatures, good stability, excellent resistance towards chemicals, and good color stability and wear properties.
Market Dynamics
The global polyethylene terephthalate market is anticipated to grow at a healthy pace during the forecast period. Booming end-use industries and expanding consumer base are steering demand for polyethylene terephthalate globally. Polyethylene Terephthalate is broadly used across industries due to its superior properties. The majority of PET is consumed in packaging, household, domestic products, electrical and electronic goods. There is also significant consumption of PET for the building and construction industry and automotive industry. Over the recent years, the number of different PET products has been increasing due to the glass and metal containers replacement with PET, resulting in more significant PET volume calls. However, competitor substitutes and stringent environmental regulations are expected to impact the market negatively.
The report covers Porter's Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of polyethylene terephthalate.
Market Segmentation
The entire Polyethylene Terephthalate market has been sub-categorized into application, end-use industry. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By Application
- Beverages Packaging
- Sheets & Films
- Consumer Goods
- Food Packaging
- Non-Food Packaging
- Others
By End-Use Industry
- Packaging
- Electrical & Electronics
- Automotive
- Construction
- Others
Regional Analysis
This section covers regional segmentation which accentuates on current and future demand for polyethylene terephthalate market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Polyethylene Terephthalate Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the Polyethylene Terephthalate market include Toray Industries, M&G Group, Jiangsu Sanfangxiang Group, Far Eastern New Century, Quadrant AG, Tray-Pak Corporation, Verdeco Recycling Inc., Eastman Chemical Company, lpek S.A.B de C.V., Reliance Industries Ltd., and Dhunseri Petrochem Ltd. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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