Polyethylene terephthalate (PET) is an amorphous glass-like material in its purest form. It converts to crystals under the influence of direct modifying additives. Crystallinity can also be developed when the polymer melt is heat treated. Being a thermoplastic recyclable polymer, PET is the number one choice for many applications; thereby, satisfying the requirement for a greener and eco-friendlier alternative to commonly used plastics such as polyethylene.
Technavio’s analysts forecast the global PET market to grow at a CAGR of 7.466% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global PET market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of PET in the global market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global PET Market 2017-2021
Technavio recognizes the following companies as the key players in the global PET market: DuPont, FENC, Indorama Ventures, Jiangsu Sanfangxiang, M&G Chemicals, and SABIC
Other Prominent Vendors in the market are: Covestro, DAK Americas, Quadrant, Seda De Barcelona, and NEOGROUP
Commenting on the report, an analyst from Technavio’s team said: “People in many countries are raising environmental and sustainability concerns with packaging manufacturers. Many consumer product manufacturers prefer using eco-friendly packaging materials as they provide an opportunity to promote environmental sustainability. The increased environmental concerns and the need to reduce pollution have led to more emphasis on the sustainability of the environment. In packaging, plastic and resins derived from renewable resources are being emphasized. These factors are expected to encourage the packaging vendors to research and develop new materials or incorporate new eco-friendly designs that encourage minimal use of non-biodegradable materials in packaging. Therefore, they prefer to use recyclable and biodegradable packaging materials.”
According to the report, PET is preferred as a packaging material due to some of its recyclability, strength, and versatility. Out of the total oil production in the world, 0.5% is used for the production of PET. Though it is petroleum based, it is energy efficient, and its environmental impact is lesser than aluminum, glass, and other packaging materials.
Further, the report states that many mills in North American and Europe will continue to face tough challenges such as capacity rationalization, market maturity, competition from imports, and business shifting to nations that benefit from lower production costs. Countries like China offer low labor cost, which brings down the overall production cost. However, Central and South America, Eastern Europe, the Middle East, and Africa are expected to continue experiencing market growth that is albeit slower than Asia. Brazil and Turkey, in particular, should continue to evolve into major markets for manufacturing PET during the forecast period.
DuPont, FENC, Indorama Ventures, Jiangsu Sanfangxiang, M&G Chemicals, SABIC, Covestro, DAK Americas, Quadrant, Seda De Barcelona, NEOGROUP.
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