Polyethylene Terephthalate (PET) Resin Market to Boost in Coming Years – Projected to Reach Worth 114.7 Million Tons in 2028
Published | 28 March 2022
The growth of the polyethylene terephthalate (PET) resin market can be primarily attributed to expanding food and beverage industry, rise in PET collection coupled with augmenting recycling rates in Europe as well as demand for recyclable and sustainable materials…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Polyethylene Terephthalate (PET) Resin Market was 80.9 million tons in 2021 and is projected to reach 114.7 million tons by the year 2028, growing at a CAGR of 5.2% over the analysis period of 2022-2028. The expansion in the polyethylene terephthalate (PET) resin market can be primarily attributed to the large array of properties exhibited by PET resins. These are very lightweight in nature and are colorless. These plastics are known to be re- usable owing to the fact that they don’t percolate any chemicals. Moreover, they are safe for the human which makes them most appropriate material for manufacturing food packaging products. Thus, the global PET resin market is likely to register substantial during the forecast period 2022-2028.
Rapid Growth of Food and Beverage Industries in The Asia-Pacific Driving the Global Market Growth
The rising urbanization, high population growth, rise in disposable income, the on-the-go consumption and takeaway culture and the increasing demand for fast-moving consumer goods have caused a surge in the expansion of the food and beverage industry throughout the world, specifically on the emerging countries of India as well as China. The growing food and beverage industry has created a heavy demand for polyethylene terephthalate (PET) resin as the food packaging material. Moreover, the employment of PET products is increasing at a remarkable rate due to their advantages over the conventional packaging plastics. These factors are likely to propel the growth rate of the PET resin market during the forecast period 2022-2028.
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PET Bottles Accounted for The Largest Market Share and Likely to Grow with The Highest CAGR
According to IBWA, bottles accounted the largest beverage category by volume in 2020. Moreover, around 23% of the bottles are being used for water storage purposes in the United States. PET bottles find various other applications. Such as PET bottles filled with fly ash, sand, dirt, or other substances like domestic plastic garbage, on being adequately compacted, are used as a construction material as a substitute for conventional bricks. Furthermore, PET bottles are used for disinfection purposes as they allow ultraviolet rays to pass through them. All these factors play a proactive role in the greater adoption of PET bottles thus accounting for their larger market share.
Impact of COVID-19 On The Global Polyethylene Terephthalate (PET) Resin Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The global polyethylene terephthalate (PET) resin market has also been brutally impacted by the emergence of the COVID-19 pandemic. Several governments around the world imposed rigorous lockdowns thus vividly hampering the building and, transportation, packaging, electrical, and electronics industries, which are the most important end-user industries for the polyethylene terephthalate (PET) resin market. Nevertheless, with the improving market circumstances in the post COVID era, the growth of the polyethylene terephthalate (PET) resin market is likely to recover during the forecast period.
Asia-Pacific Region Is Expected to Grow with The Highest CAGR in The Global Polyethylene Terephthalate (PET) Resin Market.
In terms of regional analysis, the global Polyethylene Terephthalate (PET) Resin market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, the Asia-Pacific region is expected to be the largest growing market in the global polyethylene terephthalate (PET) resin owing to the existence of a large packaging sector in the region. Moreover, China is the largest consumer of PET bottles as well as PBT electronic products. Additionally, an evolving middle class, rising economic growth, surging OEM production and fast-paced urbanization are the propelling factors for the Asia-Pacific polyethylene terephthalate (PET) resin market.
Competitive Landscape
The global polyethylene terephthalate (PET) resin market is a semi-consolidated market. The key players operating in the global polyethylene terephthalate (PET) resin market are Alpek S.A.B. de C.V., Indorama Ventures Public Company Limited, JBF Industries Ltd, LOTTE Chemical CORPORATION, Far Eastern New Century Corporation, China Petrochemical Corporation., SABIC, Reliance Industries Limited., RTP Company, Vikas Ecotech Ltd., TEIJIN LIMITED, Hitachi, Ltd., NEO GROUP, UAB; DuPont de Nemours, Inc, Filatex India Limited, Polyplex, Retal Industries LTD., Persian Gulf Petrochemical Industries Co., the Mitsubishi Chemical and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research, and development activities, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers, and collaborations.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global polyethylene terephthalate (PET) resin market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global polyethylene terephthalate (PET) resin market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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