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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Petroleum derivatives are used as the primary feedstock in the manufacture of polyethylene terephthalate. Growing demand for PET packaging material from various food & beverages industries, is in turn propel the demand for PET. However, volatility of crude oil prices and growing GHG emission concerns has compelled the manufacturer to shift in focus towards bio based PET product, which in turn is expected to be the key challenges for petroleum based PET. Market leading food & beverages industry are continuously investing to develop environment friendly and bio based packaging material for food & beverages. For instance, in June 2012, The Coca Cola Company, Heinz & Co., Ford Motors, Nike Co. and Proctor & Gamble have 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 the market for PET during the forecast period.
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