North America Polyethylene Terephthalate (PET) Market - Segmented by Product Type, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The North America polyethylene terephthalate (PET) market is expected to witness a CAGR of approximately 4% during the forecast period (2018-2023). The market is majorly driven by increasing demand for sustainable and recyclable material, which is experiencing huge demand from the food & beverage packaging industry.
PET Recyclable Properties Driving 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 that PET can 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 environment-friendly and sustainable packaging material. Around 28% of post-consumed PET bottles is being recycled currently in the United States.
Healthcare Industry is Likely to Drive the Market Growth
The North America polyethylene terephthalate (PET) market, based on the end-user industry, can be broadly segmented into food & beverage, automotive, electrical & electronics, healthcare, consumer appliances, etc. The healthcare industry is likely to grow at a faster pace in the consumption of PET resins, with increasing demand from the medical device sector to maintain and improve health as the life expectancy increases. The United States accounted for the largest medical device market, globally, with a market size of around USD 140 billion in 2016. The increased funding of private medical devices start-ups and new technologies is likely to further drive the market. DAK America is the major supplier of medical devices manufactured from PET in North America.
Food & Beverage Industry Largest Demand in the United States
In terms of consumption in 2017, the United States held the largest market, accounting for more than two-third market share in the North American region. PET’s demand from the food & beverage packaging industry is contributing to the highest share in the United States. Moreover, the demand from the healthcare industry is likely to drive the market growth in the country. Mexico is expected to be an emerging market during the forecast period with increase in foreign direct investment in the food & beverage industry.
March 2018: The Canadian government has withdrawn a preliminary anti-dumping duty of 5.5% imposed on the import of polyethylene terephthalate (PET) from Pakistan.
Major Players: Nan Ya Plastics Corporation, DAK Americas LLC, SABIC, Indorama Ventures USA, Inc., and DowDuPont, amongst others.
Reason to Purchase the Report
To understand the impact of various product types 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 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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