| A01831 | Pages: 270 | May 2017 | 20501 Views | ||
| Author(s) : Sumiran Satsangi | Tables: 108 | Charts: 28 |
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Request Now !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.
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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
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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
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Segment Review
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 (%)
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Geography Review
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.
Key Benefits
Key Market Segments & Key Market Players
| Segments | Sub-segments |
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| By Application |
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| By End Use Industry |
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| By Geography |
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| Key Market Players |
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Polyethylene terephthalate also abbreviated as PET is a strong and stiff synthetic fiber, which belongs to the polyester family of polymers. PET has several applications in packaging, electrical & electronics, consumer goods, automotive, and others and is blow molded into disposable bottles, spun into fibers for fabrics, and extruded into magnetic recording tape and photographic film.
High demand from packaging and electrical & electronics application segments boosts the growth of the market. Moreover, increase in demand from the developing countries, such as China and India, owing to rapid urbanization and rise in consumer spending capabilities, drives the global market growth.
The European PET market offers numerous opportunities for the manufacturers, owing to enhanced production of PET resins in Germany, France, Russia, and UK and increase in number of manufacturers. In addition, growth in demand for efficient and cost-effective packaging materials and rise in disposable income in the developing economies, such as Poland and the Netherlands, drive the European market. Asia-Pacific is estimated to account for the largest market share, followed by Europe.
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