Polyethylene terephthalate also known as PET, is the common thermoplastic polymer resin of the polyester family. This type of PET is largely used in the production of fibers which finds wide applications in the manufacture of containers, clothing and thermoforming. PET are of two types, virgin and recycle. Rapidly growing popularity of PET among consumers due to rise in preference for packaged and convenience food across the world is increasing, which in turn is propelling the growth of polyethylene terephthalate market. Light weight and unbreakable properties of PET is dominating the market in the over the following decade. According to Coherent Market Insights the market for PET is expected to grow at a CAGR of 9.7% in terms of revenue during 2017-2025.
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Increasing demand for bottled water is projected to be the key driver for PET market growth. With the rise in health awareness and easy availability of bottled water, the consumption of bottle water is increasing. PET water bottles are easy to handle, non-breakable and light weight and can be recycled to variety of products such as door panels, winter coats, sheets, industrial strapping, automobile parts and fibers. Technological advancement coupled with increase in demand from various end use industries, such as packaging, automobiles and electronics has fueled the growth of the polyethylene terephthalate market in the following years. Asia Pacific is dominating the market for polyethylene terephthalate in 2016, according to Coherent Market Insights, due to the rise in economy and per capita income of middle class people, is in turn increasing inclination of the masses towards ready to eat food. China and India is expected to emerge as the fastest growing region during the forecast period. For instance--- in May 16, 2016, Graham Packaging, based in Lancaster, Pennsylvania, received the highest accolade, the Diamond Award, for its ThermaSet Blow Molded PET Container for pasteurized and hot-fill food. This offers consumers an easy to hold, shatter-resistant, safe, recyclable container that significantly reduces manufacturing and shipping costs for the brand owner.
Food and beverages is the largest application industry in the global polyethylene terephthalate market. Polyethylene terephthalate are widely utilized in food and beverages packaging, used in domestic and commercial applications. Growing demand for convenience food in North America and Europe is expected to fuel growth of the market of food packaging, which in turn is expected to boost the market for PET in the following years. Moreover, increasing awareness of food borne diseases and health consciousness in Europe and North America is expected to propel the market growth. The increasing preference of auto manufacturers towards the use of polyethylene terephthalate due to the considerable cost reductions, light weight, low operational costs, excellent performance and other benefits offered by these products fuels growth of the polyethylene terephthalate market.
In 2016, the global polyethylene terephthalate market size was pegged at US$ 26.57 billion (revenue) and 27,749.22 kilo tons (volume), The market is expected to expand at a CAGR of 9.7% in terms of revenue and 7.6% in terms of volume during the forecast period.
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Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends, which are expected to shape the industry in the near future. Major players in the global Polyethylene Terephthalate market include Alpek S.A.B de C.V., RTP company, BASF SE, The Dow Chemicals Company, Jiangsu Sanfangxiang Group, Indorama Ventures, M&G Chemicals, Nan Ya Plastics Corporation, Far Eastern New Century, and Quadrant AG among others.
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