Europe Polyethylene Terephthalate (PET) Market - Segmented by Product Type, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The Europe Polyethylene Terephthalate (PET) Market is expected to witness a CAGR of approximately 4% during the forecast period, 2018 - 2023, majorly driven by the increase in PET recycling and collection rates. Many eco-conscious bakers are also considering PET as an excellent choice, which is expected to stimulate the Europe PET market.
Increase in PET Recycling and Collection Driving the Market
PET is recycle-friendly, as its polymer chains break down at a low temperature, resulting in minimal degradation of the polymer chain during the recycling process. This ensures PET to be recycled numerous times before it becomes unfeasible for further recycling. There were 3.15 million ton PET bottles produced in the European Market in 2016. Out of this, around 60% of the bottles were collected and 1.73 million tons were mechanically recycled. The collection rates have increased by 7.4% and the recycling rates have also grown by 7.3%. This increase in PET bottles recycling and collection is likely to drive the market during the forecast period.
Food & Beverage Industry Dominated in Market
The Europe PET market, based on the end-user industry, can be broadly segmented into food & beverages, automotive, electrical & electronics, healthcare, consumer appliances, and others. The food & beverage industry dominates the Europe PET market, owing to a huge demand of PET resins for the manufacturing of bottles for soft drinks and other beverages. The food & beverages industry is a major contributor to Europe’s economy, ahead of other manufacturing sectors, such as the automotive industry. In 2016, the food & beverages production was the highest since 2008. Moreover, many eco-friendly bakers are considering PET as an excellent choice for packaging applications, which is expected to further drive the market.
Germany Contributing the Largest Share in Europe
Germany is the leading consumer of PET in the European region, due to the increased demand from the automotive and electrical & electronic industries. About 72% of the PET resin demand was from the bottle application, driven by the beverage bottles for mineral water, carbonated soft drinks, ready to drink tea, dairy, and energy drinks. It is expected that light-weight PET bottle trend will continue in the future, as it is a cost-saving measure. The country is also among the major markets for PET bottles collection and recycling.
Notable Developments in the Market
October 2017: The European polyethylene terephthalate (PET) industry association, Petcore Europe, announced the launch of a project called DEMETO focusing on chemical recycling of PET.
Major Players: Indorama Ventures PCL, Neo Group, BASF SE, BP PLC, and Lotte Chemical UK Ltd, among others.
Reason to Purchase this Report
To understand the impact of various product type on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating product type and end-user industry in the market
Countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel).
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