Over the forecast period of 2022 to 2032, the worldwide polyethylene terephthalate market is predicted to expand at a steady CAGR of 3.4%. The global market is anticipated to grow from US$ 27.1 billion in 2021 to US$ 28.6 billion in 2022. Furthermore, by 2032, the business is expected to generate close to US$ 40 billion.
Polyethylene Terephthalate popularly known as PET is a thermoplastic polymer resin produced due to the reaction of raw materials such as mono ethylene glycol (MEG) and purified terephthalic acid. This material is known to exhibit exceptional barrier properties towards moisture and water. Polyethylene Terephthalate finds applications across diverse industries such as automotive, food, and beverage packaging, and electronics, among others.
Over the recent years, Reliance Industries have announced an opening in Dahej, Gujrat, for making polyester plastic. Furthermore, the company is also expected to commission a 650KTA polyethylene terephthalate (PET) resin capacity and purified terephthalic acid (PTA) plant. It will increase their global share by almost four percent and would also lower the operational cost and achieve full chain margins.
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Key Takeaways
- Surging demand for polyethylene terephthalate is predicted to come from the food and beverage packaging sectors such as carbonated soft drinks packaging, increased demand for packaged food due to the 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.
- In addition, increasing urbanization, innovative packaging, and high economic growth are rapidly contributing to increasing the demand for polyethylene terephthalate regardless of geographical location.
Competitive Landscape
Some of the key participants present in the global demand of the polyethylene terephthalate market are focusing on research and development activities along with other strategic steps such as mergers and acquisitions in order to get an edge over the global landscape.
Key Companies Profiled
- Indorama Ventures Public Company Limited
- Alpek SAB de CV
- Sinopec Group
- Far Eastern New Century Corporation
- CR Chemical Materials Technology Inc.
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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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