Polyethylene Terephthalate (PET)
The global polyethylene terephthalate market is driven by factors such as the surge in demand for packaged food and beverages.
PORTLAND, OREGON, UNITED STATES, June 20, 2023/EINPresswire.com/ — According to the report, the global polyethylene terephthalate (PET) industry generated $30.3 billion in 2022, and is anticipated to generate $54.4 billion by 2032, witnessing a CAGR of 6.1% from 2023 to 2032.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞: https://www.alliedmarketresearch.com/request-sample/2161
The global polyethylene terephthalate market is driven by factors such as the surge in demand for packaged food and beverages along with the rising demand for sustainable packaging. However, the increase in crude oil prices used to produce virgin plastics coupled with the fluctuation in raw material prices, are expected to hamper the global PET market’s growth. Nevertheless, technological advancements in polyethylene terephthalate production coupled with increasing demand for polyethylene terephthalate in the automotive and electrical & electronics industry are expected to offer lucrative opportunities for market growth in the coming years.
𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨
The COVID-19 pandemic has had mixed impact on the polyethylene terephthalate (PET) market. The global lockdowns and restrictions implemented to control the spread of the virus disrupted supply chains across industries, including the PET market. Restrictions on transportation and logistics led to delays in the delivery of raw materials, intermediate products, and finished goods. These disruptions affected PET manufacturers, causing production slowdowns and temporary closures of facilities.
Several sectors that are major consumers of PET products, such as automotive, construction, and non-essential consumer goods, experienced a significant decline in demand during the pandemic. With lockdown measures in place and consumer spending reduced, the demand for PET-based products in these sectors declined. This had a negative impact on the PET market.
The pandemic led to a shift in consumer behavior, with increased emphasis on hygiene, safety, and health. This resulted in a surge in demand for essential goods like packaged food, beverages, and personal care products. PET is widely used for packaging these products, and the increased demand for such items positively impacted the PET market.
The pandemic led to a surge in the use of single-use plastics, including PET bottles, due to concerns about contamination and the need for hygienic packaging. The demand for bottled water, sanitizers, disinfectants, and other essential items packaged in PET containers increased during the pandemic.
𝐓𝐡𝐞 𝐯𝐢𝐫𝐠𝐢𝐧 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
Based on type, the virgin segment accounted for the largest share in 2022, contributing to around three-fourths of the global polyethylene terephthalate market revenue, and is projected to maintain its lead position during the forecast period. Virgin polyethylene terephthalate is made from a petrochemical feedstock, including crude oil or natural gas, which has never been used or processed before. It offers exceptional properties, such as it is non-reactive to food and water and is shatterproof, due to which it is extensively used in flexible packaging applications. The rising technological innovations in packaging applications are anticipated to drive the demand for virgin polyethylene terephthalate during the forecast period. Moreover, the recycled segment would cite the fastest CAGR of 6.3% from 2023 to 2032.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝟐𝟓𝟎 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) @ https://bit.ly/3p314Zr
𝐓𝐡𝐞 𝐩𝐚𝐜𝐤𝐚𝐠𝐢𝐧𝐠 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝
Based on application, the packaging segment accounted for the largest share in 2022, contributing to nearly three-fourths of the global polyethylene terephthalate market revenue, and is projected to maintain its lead position during the forecast period. Polyethylene Terephthalate (PET) is widely used for producing sheets & films owing to its physical, optical, thermal, mechanical, and chemical properties. Non-oriented PET sheets can be thermoformed to produce packaging blisters and trays. Other packaging applications include bottles, microwavable containers, rigid cosmetic jars, and transparent films. The construction segment on the other hand, is projected to display the highest CAGR of 6.6% during the forecast period.
𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟐
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around one-third of the global polyethylene terephthalate market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 6.5% from 2023 to 2032. The polyethylene terephthalate market in Asia-Pacific is witnessing growth due to a rise in the food & beverage industry. Besides, there is an increasing demand for ready-to-cook, packaged, ready-to-eat food, and a range of beverages. Polyethylene terephthalate is an essential material utilized for packaging these food & beverages.
𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: –
RTP COMPANY
BASF SE
DUPONT
DSM
LOTTE CHEMICAL CORPORATION
INDORAMA VENTURES PUBLIC COMPANY LIMITED
SABIC
LANXESS
NAN YA PLASTICS CORPORATION
LYONDELLBASELL INDUSTRIES HOLDINGS B.V.
The report provides a detailed analysis of these key players in the global polyethylene terephthalate market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
𝐖𝐚𝐧𝐭 𝐭𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐚𝐥 𝐃𝐚𝐭𝐚 𝐚𝐧𝐝 𝐆𝐫𝐚𝐩𝐡𝐬, 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬’ 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬: https://www.alliedmarketresearch.com/polyethylene-terephthalate-market/purchase-options
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