Polyethylene Terephthalate (PET) Market Overview:
Global Polyethylene Terephthalate (PET) Market was valued at $23,891 million in 2016, and is expected to reach $38,014 million by 2023, registering a CAGR of 6.9% from 2017 to 2023. PET is produced by the polymerization of ethylene glycol and terephthalic acid and is globally recognized as a non-toxic, safe, lightweight, strong and flexible material, which is 100% recyclable. It is used in various applications, such as beverage packaging, consumer goods, sheets & films, food packaging, automotive, and construction. Rise in demand for PET containers especially from food & beverage sector and increase in demand for frozen & processed food are some major factors driving the growth of the global market.
The global polyethylene terephthalate market is segmented based on application, end-use industry, and geography. The application segment is categorized into beverages, sheet & films, consumer goods, food packaging, and others. On the basis of end-use industry, the market is classified into packaging, electrical & electronics, automotive, construction, and others. The packaging segment is anticipated to register a significant CAGR during the forecast period. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Polyethylene Terephthalate Industry Segmentation
Top Investment Pockets, By End-use Industry
The packaging segment offers maximum market potential in the PET market, owing to increase in demand for PET materials for efficient and environment-friendly packaging alternatives globally and rise in demand for packaged & processed food. Moreover, increase in inclination of consumers toward efficient & easily recyclable beverage containers and growth in usage as an eco-friendly substitute further boost the growth of this segment. The use of PET in electrical & electronics has witnessed major developments, owing to constant growth in per capita disposable income and rise in demand for lightweight materials. The packaging segment is expected to register a CAGR of 7.1% during the forecast period. However, stringent environmental regulations and threat of substitutes are expected to affect the overall market growth in the developed and the developing countries. Furthermore, investments in R&D activities to produce innovative and less hazardous PET materials are expected to provide opportunities for growth in the future.
Global Polyethylene Terephthalate Market: Top Investment Pockets, By End-Use Industry
The beverages application segment dominated the global market in 2016, and is anticipated to maintain its dominance throughout the forecast period, growing at a CAGR of 7.1%.
Polyethylene Terephthalate Market Share, By Application, 2015 (%)
Asia-Pacific accounted for more than 30% share of the total revenue in 2016, followed by Europe and North America. The developing countries in Asia-Pacific are anticipated to register steady growth rate, owing to increase in growth of the overall economy. Moreover, rise in investments by key manufacturers is another key aspect that fuels the market growth.
Key players have economically invested heavily in R&D activities to develop advanced products to cater to the requirements of the market. These players operating in the industry include RTP Company, BASF, DuPont, DSM, M&G Group, Indorama Ventures, PET Processors LLC., Lanxess Corporation, Nan Ya Plastics, and Lyondell Basell Industries N.V.
The other players in the value chain (profiles not included in the report) 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.
- The report provides extensive qualitative & quantitative analysis of the current trends and future estimations of the global polyethylene terephthalate market from 2016 to 2023 to determine the prevailing opportunities.
- It offers comprehensive analysis of key regions, such as North America, Europe, Asia-Pacific, and LAMEA, to understand the regional trends.
- In-depth analysis of factors that drive and restrict the growth of the market is provided.
- Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- It offers key insights on strategic analysis of various companies and the value chain analysis of polyethylene terephthalate.
Polyethylene Terephthalate (PET) Market Key Segments:
- Sheets & Films
- Consumer Goods
- Food Packaging
- Others (Cosmetic Bottles and Household Products)
By End-Use Industry
- Electrical & Electronics
- Others (Material Handling and Strapping)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA