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The global polyethylene terephthalate market was valued at US$ 38.48 billion in 2020, according to Global Polyethylene Terephthalate Market report, by Product Type (Carbonated Soft Drink, Bottled Water, Other Drinks, Sheets & Films, Food, and Non-Food), by Application (Food & Beverages, Automotive, Electronics, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East, and Africa), published by Coherent Market Insights.

The global polyethylene terephthalate market is expected to surpass US$ 60.59 Billion by 2027, exhibiting a CAGR of 6.7% during the forecast period (2021-2027). 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. PET provides a unique combination of properties such as low gas permeability, resistance to oil, grease, alcohols, various solvents, high strength, and moisture barrier properties which make it a popular choice for various industries like textile, packaging, automotive, and electronics are fueling the growth of PET market.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/polyethylene-terephthalate-market-279

Browse 50 market data tables* and 45 figures* on "Polyethylene Terephthalate Market” - Global Forecast to 2027.

Key Trends and Analysis of the Global Polyethylene Terephthalate Market:

  • Among regions, the polyethylene terephthalate market is estimated to grow significantly in the Asia Pacific region due to increasing demand from the food and beverage industry. Asia-Pacific accounted for more than 48% share of the total revenue in 2020, 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.
  • On the basis of product type, carbonated soft drink segment is expected to hold dominant position in the polyethylene terephthalate market over the forecast period, at a CAGR of over 10.1% in terms of revenue, and 8.1% in terms of volume. Since PET bottles or packaging materials are used as an alternative to silica glass and acrylic materials due to its superior resistance to micro-organisms, the demand for PET will increase, thereby driving growth of the global PET market.

Key Takeaways of the Market:

  • Besides packaging, PET is also used in the food industry for clamshells, deli containers, as well as microwave food trays. Growing population, increase in consumers’ disposable income and purchasing power, increasing demand for easily transportable and flexible food packaging, etc., are further expected to increase the demand for PET during the forecast period.
  • PET is a very strong and inert material that does not react with foods. It is resistant to attacks by micro-organisms and will not biologically degrade. Additionally, unlike glass, PET is extremely lightweight, easy and efficient to transport, re-sealable for efficient on-the-go hydration, environmentally safe, recyclable, and shatterproof. Owing to its chemical inertness and physical properties, especially glass-like transparency, lightweight, and rigidity, PET is widely used as a food packaging material.
  • The government is taking measures to boost the investment in its food processing industry. The government sanctioned about 39 Mega Food Parks (MFPs) to set up in the country under the Mega Food Park scheme. Among these, only 18 MFPs became operational, while the others are under development. The food processing industry is expected to potentially attract an investment of around USD 33 billion by 2024. This is also expected to drive the demand for PET in the market.
  • Major players operating in the global polyethylene terephthalate market include Alpek S.A.B de C.V., RTP Company, BASF SE, The Dow Chemicals Company, Jiangsu Sanfangxiang Group, Indorama Ventures, M&G Chemicals, Nan Ya Plastics Corporation, Far Eastern New Century, and Quadrant AG.

Global Polyethylene Terephthalate Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 had a negative impact on the market. Several countries went into lockdown as a result of the pandemic, causing supply chain problems, labor shortages, and work stoppages. Various end-user industries, including electrical and electronics, consumer products, food and beverage, and others, were badly hit as a result of this. This had a detrimental impact on polyethylene terephthalate demand. The global automotive production was estimated to fall by around 17% in 2020 compared to the previous year, majorly due to the COVID-19 pandemic, however, various other factors have also affected the production. According to the OICA, automobile production declined by 23% in the first three quarters of 2020. However, the condition is expected to recover in 2021, thereby restoring the growth trajectory of market studied.

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