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:
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:
Key Takeaways of the Market:
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.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.