Global Polyethylene Terephthalate Market - Segmented by Application, Product Type and Geography - Growth, Trends and Forecast (2018 - 2023)
The Global Polyethylene Terephthalate market is estimated to register a significant CAGR during the forecast period. The Bottles segment is expected to hold the largest share among all the product types, in 2017. China is expected to dominate the global market in terms of demand, during the forecast period.
Environmental Benefits of Recycling PET to Propel Growth of the Market
PET is recycle-friendly as its polymer chains breakdown 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. This feature further improves PET’s sustainability for recovering and reusing resources and energy. This loop of recycling PET bottles into food-grade containers is one of the most desirable means of extending environmental benefits and the sustainability of PET as a packaging material. In general, recycled bottles are used to make lower grade products, carpets for example. Recycling of PET would help in reducing mankind’s dependence on oil & gas, reduces landfill waste and reduces greenhouse gas emissions.
Bottles hold the Largest Share of Product Type Segment
PET is the chosen polymer to pack a wide variety of products viz. food, beverages, cosmetics, pharmaceuticals, household chemicals, and toiletries. PET bottles are widely used as packaging materials for consumable products owing to their excellent moisture and water barrier characteristics. PET is also used to manufacture tough, clear industrial sheet, which can be thermoformed. Owing to these excellent material properties, PET is extensively used as a packaging material for beverages and is one of the most suitable materials for the packaging of natural mineral and spring water. As a result, the use of bottles manufactured from PET has increased drastically in the recent times.
Asia-pacific holds Majority of the Global Market
The PET market in the Asia-Pacific region is driven by the factors, such as population growth, rise in disposable income, urbanization in developing economies, and growing demand for fast moving consumer goods. China accounted for approximately 20% of the global market and the demand is expected to grow drastically during the forecast period. In China, the bottles segment dominated the regional market with the bottled water sector being the largest consumer of PET bottles. India, Japan and South Korea are also expected to witness significant growth during the forecast period.
Notable Developments in the Market
March 2018: Indorama was to acquire Brazilian PET manufacturer, M&G Polimeros Brazil S.A
January 2018: Indorama was in plans to buy M&G West Virginia PET plant
Major Players: Indorama, Alpek, China Resources Chemicals (Huarun), and Sinopec, among others.
Reasons to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating end-user and application in the market
Countries expected to witness the fastest growth during the forecast period
Identifying 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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