The global Polyethylene Terephthalate Market is anticipated to grow at a stable CAGR of 3.4% over the projection period from 2022 to 2032. The global market is predicted to forecasted to reach US$ 28.6 Billion in 2022, up from US$ 27.1 Billion in 2021. Furthermore, the industry is poised to reach nearly US$ 40 Billion by 2032.
Polyethylene Terephthalate (PET) is a versatile and widely used thermoplastic polymer that has gained immense popularity in various industries due to its exceptional properties and applications. PET is synthesized from terephthalic acid and ethylene glycol and is known for its excellent combination of strength, transparency, and recyclability. It has found extensive utilization in packaging, textiles, automotive, electronics, and more.
Over the recent years, Reliance Industries have announced an opening in Dahej, Gujrat, for making polyester plastic. Furthermore, the company is also expected to commission a 650KTA polyethylene terephthalate (PET) resin capacity and purified terephthalic acid (PTA) plant. It will increase their global share by almost four percent and would also lower the operational cost and achieve full chain margins.
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Key Takeaways
- Surging demand for polyethylene terephthalate is predicted to come from the food and beverage packaging sectors such as carbonated soft drinks packaging, increased demand for packaged food due to the rise in consumption of frozen and processed food, rise in demand for electronics and automotive applications/industries, and eco-friendly substitution are the most important driving force in the Polyethylene Terephthalate market.
- In addition, increasing urbanization, innovative packaging, and high economic growth are rapidly contributing to increasing the demand for polyethylene terephthalate regardless of geographical location.
Competitive Landscape
Some of the key participants present in the global demand of the polyethylene terephthalate market are focusing on research and development activities along with other strategic steps such as mergers and acquisitions in order to get an edge over the global landscape.
Key Companies Profiled
- Indorama Ventures Public Company Limited
- Alpek SAB de CV
- Sinopec Group
- Far Eastern New Century Corporation
- CR Chemical Materials Technology Inc.
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Key Segments Covered in the Polyethylene Terephthalate Market Research Report
Application:
- Polyethylene Terephthalate for Sheets/Films
- Polyethylene Terephthalate for Packaging
- Polyethylene Terephthalate for Consumer Goods
- Polyethylene Terephthalate for Other Applications
End User:
- Polyethylene Terephthalate for Automotive Industry
- Polyethylene Terephthalate for Electronics
- Polyethylene Terephthalate for Food & Beverages
- Polyethylene Terephthalate for Other End Users
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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