According to forecasts, the global polyethylene terephthalate market would increase from US$ 27.1 billion in 2021 to US$ 28.6 billion in 2022. Additionally, the industry is anticipated to grow at a CAGR of 3.4 percent to reach almost US$ 40 billion by 2032.
Polyethylene Terephthalate, which is also called PET is a thermoplastic polymer resin produced by the reaction of raw materials monoethylene glycol (MEG) and purified terephthalic acid. The material exhibits exceptional barrier properties towards moisture and water. Polyethylene Terephthalate finds applications across diverse industries such as automotive, food, and beverage packaging, electronics, among others.
Increasing demand for Polyethylene Terephthalate from the food and beverage packaging sector like in carbonated soft drinks packaging, increased demand for packaged food due to 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.
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How is Europe Contributing to the Growth of the Polyethylene Terephthalate Market?
The plastics industry is critical to Europe’s economy and recovery strategy. Plastic raw material producers, plastic converters, plastic recyclers, and machinery manufacturers form a value chain that employs over 1.5 million people in Europe, with over 55,000 enterprises, the majority of which are SMEs, operating in all European nations.
The PET market will adopt creative concepts to provide sustainable solutions as a result of strong collaborations between an interconnected plastics value chain and substantial investments by all local and global businesses.
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, along with a new calculation method of recycling performances. Thus, the increment in the adoption of recycling of plastic waste is burgeoning the demand for the PET market.
Polyethylene Terephthalate Market: Competitive Evaluation
The FMI’s Polyethylene Terephthalate market report provides a comprehensive analysis on key players operating in the Polyethylene Terephthalate market. Some of the key players are:
- Indorama Ventures Public Company Limited
- Alpek SAB de CV
- Sinopec Group
- Far Eastern New Century Corporation
- CR Chemical Materials Technology Inc.
With a detailed analysis on positioning of top companies across the globe, emerging players, strategic players and innovators, the FMI’s study presents the strengths, weaknesses, growth prospects and challenges of key players over the forecast period.
Key Segments Covered in the Polyethylene Terephthalate Market Research Report
Application:
- Polyethylene Terephthalate for Sheets/Films
- Polyethylene Terephthalate for Packaging
- Polyethylene Terephthalate for Consumer Goods
- Polyethylene Terephthalate for Other Applications
End User:
- Polyethylene Terephthalate for Automotive Industry
- Polyethylene Terephthalate for Electronics
- Polyethylene Terephthalate for Food & Beverages
- Polyethylene Terephthalate for Other End Users
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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Why Buy FMI’s Report?
- Extensive analysis on high growth niche markets across major regions
- Detailed assessment on key segments and sub-segments
- Recent and upcoming strategies tracked of manufacturers for the Polyethylene Terephthalate market
- Reliable information on new product launches, technological advancements, and more
- Valuable insights on the impact of regulatory framework on the global Polyethylene Terephthalate market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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