NEW
YORK, June 20, 2024 /PRNewswire/ -- The
global polyethylene terephthalate market size is
estimated to grow by USD 21.70
billion from 2024-2028, according to Technavio. The market
is estimated to grow at a CAGR of over 8.11% during the
forecast period. Increase in consumption of packaging
material is driving market growth, with a trend
towards increase in use of bio-based pet products.
However, volatility in crude oil prices poses a
challenge. Key market players include Alpek SAB de CV, BASF SE,
Covestro AG, Dhunseri Tea and Industries Ltd., DuPont de Nemours
Inc., Eastman Chemical Co., EasyPak LLC, Far Eastern New Century
Corp., Formosa Plastics Corp., Indorama Ventures Public Co. Ltd.,
Jiangsu Sanfangxiang Group Co. Ltd., Koninklijke DSM NV, Lanxess
AG, Mitsubishi Chemical Corp., NEO GROUP UAB, Plastipak Holdings
Inc., Reliance Industries Ltd., Saudi Arabian Oil Co., Toray
Industries Inc., and Verdeco Recycling Inc..
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Polyethylene
Terephthalate Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
8.11%
|
Market growth
2024-2028
|
USD 21.70
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
7.34
|
Regional
analysis
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 50%
|
Key
countries
|
US, China, Japan,
Germany, and India
|
Key companies
profiled
|
Alpek SAB de CV, BASF
SE, Covestro AG, Dhunseri Tea and Industries Ltd., DuPont de
Nemours Inc., Eastman Chemical Co., EasyPak LLC, Far Eastern New
Century Corp., Formosa Plastics Corp., Indorama Ventures Public Co.
Ltd., Jiangsu Sanfangxiang Group Co. Ltd., Koninklijke DSM NV,
Lanxess AG, Mitsubishi Chemical Corp., NEO GROUP UAB, Plastipak
Holdings Inc., Reliance Industries Ltd., Saudi Arabian Oil Co.,
Toray Industries Inc., and Verdeco Recycling Inc.
|
Market Driver
ai_trending_factor_new
The Polyethylene Terephthalate (PET) market is shifting towards
eco-friendly packaging materials due to rising environmental
concerns. Key industries like electronics, construction, rail,
aerospace, and furniture are adopting recyclable and biodegradable
PET for cable sheathing, connectors, insulation, and other
components. Government policies and consumer preferences push for
the use of rPET flakes and pellets in place of virgin plastics. PET
recycling facilities are crucial in reducing non-biodegradable
plastic waste and its impact on soil and animals. Technological
advancements in resin manufacturing and nanotechnology contribute
to the development of 100% recycled PET foam. Suppliers play a
vital role in providing sustainable PET solutions for thermal
insulation products and various industries during the Coronavirus
period.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
•
ai_dominating_segment_factor_new
• The PET market
faces challenges from fluctuating raw material prices, particularly
polymers and resins, due to geopolitical tensions and oil price
volatility. PET, a petroleum derivative, is affected by natural gas
and crude oil prices. Key applications include food, electronics,
medical devices, and flexible packaging in forms like pouches,
sachets, and wrappers. Other sectors include cosmetics, toiletries,
and personal care products. PET offers benefits such as
transparency, versatility, and recyclability.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This polyethylene terephthalate market report extensively covers
market segmentation by
- Product
- 1.1 Fibers
- 1.2 Resins
- 1.3 Others
- Type
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Fibers- The Polyethylene Terephthalate (PET)
market holds a significant presence in the production of non-food
items, particularly in blister packaging, labels, thermal
lamination, and various applications in the textile sector. PET
fibers offer advantages such as ample availability, cost
efficiency, and superior performance characteristics, making them a
preferred choice for cosmetics, toiletries, personal care products,
lotions, creams, hair care products, perfumes, and more.
Additionally, PET is used in cartons, boxes, insulating tapes,
cable sheathing, connectors, electrical insulation components, and
various industrial applications. Key electrical properties include
dielectric strength and dielectric constant, while mechanical
properties are essential for switches, relays, sensors, capacitors,
and other components. The industry relies on virgin plastics as raw
materials, but raw material prices and environmental concerns have
led to increased interest in PET recycling through facilities that
produce rPET flakes and pellets. However, the non-biodegradable
nature of PET packaging raises concerns regarding toxins, soil, and
animal and population health. Consumer preferences continue to
shape the market's growth, with ongoing research focusing on
improving PET's sustainability and reducing its environmental
impact.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
In the Coronavirus period, the government's emphasis on
environmental policies has led to a surge in demand for thermal
insulation products in various industries, including furniture,
construction, rail, aerospace, and marine. PET (Polyethylene
Terephthalate) foam, a key component in insulation, is sourced from
suppliers using advanced manufacturing techniques such as fusion
technology and nanotechnology. The circular economy plays a crucial
role in the PET market, with recyclers transforming 100% recycled
PET foam into new products. However, technical limitations and
material losses during washing and grinding pose challenges.
Stringent regulations require R&D efforts to address these
issues. Machinery suppliers provide innovative solutions, such as
woven plastic packaging for beverage producers, while circular
innovations in marine applications offer opportunities for growth.
Crude oil prices also impact the PET market, making sustainable
alternatives increasingly attractive.
Market Research Overview
The Polyethylene Terephthalate (PET) market is a significant
segment of the global plastics industry. PET is a type of polyester
resin, widely used in producing fibers for clothing, industrial
fabrics, and textured filaments, as well as in packaging
applications. The demand for PET is driven by its versatility,
durability, and recyclability. The market for PET is influenced by
several factors, including the increasing trend towards sustainable
packaging, the growing demand for PET in the textile industry, and
the rising consumption of bottled water and carbonated soft drinks.
The Asia Pacific region dominates
the global PET market due to its large population base and growing
economies. The European and North American markets also contribute
significantly to the growth of the PET industry. The production of
PET involves the use of crude oil and natural gas, making it an
essential commodity in the global energy market. The market for PET
is expected to continue its growth trajectory in the coming years,
driven by increasing consumer demand and technological advancements
in the industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Type
-
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio