The Global Polyethylene Terephthalate Market was valued at US$ 26.57 billion in 2016, according to a new report published by Coherent Market Insights. The increasing demand for bottled water and carbonated soft drinks are expected to dominate the market for PET during 2017-2025. PET bottles are gaining traction in food & beverages industry, due to its light weight, easy to handle, non-breakable and can be recycled into various products such as rain coats, door panel, fibers, industrial strapping among others. Favorable government regulations in Asia Pacific is expected to boost the market for PET during 2017-2025. For instance, in 2015, the Government of India allowed use of PET for pharmaceuticals packaging under Drugs & Cosmetics Act (1940), Schedule M, and Section 16.10. Major players in the market focus on new product development and integrating new technologies in existing product portfolio to meet rising demand of its customer base. For instance, in 2014, SIDEL introduced NEW RIGHTWEIGHT 0.5 liter bottle for still water weighs just 7.95 grams, yet offers a superior consumer experience and a top-load performance of 33 kilograms, without the need for nitrogen dosing, using standard 26/22 closures.
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Polyethylene terephthalate (PET), which finds wide applications in the food and beverages industry, is primarily manufactured from petroleum derivatives. However, the manufacturing process of PET packaging material is associated with GHG emissions and volatile prices due to its instability in prices of its raw material. These factors in turn, pose as major threats to the PET market. Manufacturers in this market are thus, shifting production to bio-based PET products, which in turn is expected to be the key challenges for petroleum-based PET. Players in the food & beverages industry are rampantly investing in the development of environmentally friendly and bio-based packaging materials for food and beverages. For instance, in June 2012, The Coca Cola Company, Heinz & Co., Ford Motors, Nike Co., and Proctor & Gamble signed Plant PET Technology Collaborative (PTC), intended for development and use of 100% bio-based PET in their product offerings. This development in bio-based PET is expected to boost growth of the market for polyethylene terephthalate market during the forecast period.
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