Polyethylene Terephthalate is a high gloss, crack-resistant plastic produced by a reaction between mono ethylene glycol and purified terephthalic acid; the final product, i.e., polyethylene terephthalate or PET, has excellent mechanical, thermal, chemical, and dimensional stability. According to BlueQuark Research & Consulting, the global polyethylene terephthalate market is expected to grow during the forecasted period significantly. Factors such as increasing consumption of textiles, packaging materials, increasing recycling and collection rate of PET in Europe, and increasing demand for sustainable and recyclable products globally are the reasons behind the expected growth of the polyethylene terephthalate market. Its use in the automotive, construction, and electronics industry is also expected to see massive growth. Despite its numerous uses and applications, the fact that it is related to the plastic family is one of the major hindrances in the market growth, with many countries banning materials like straws, food packaging materials, and pet bottle made from polyethylene terephthalate, which could restrain its further market growth.
Polyethylene Terephthalate is used majorly in the packaging industry due to its inert nature. It is preferred over the use of glass due to its glass-like transparency, ability to retain fizz in soft drinks, freshness, and excellent toughness to weight ratio, making it easy to manufacture, lightweight, and break-resistant, adding to its cost-effectiveness.
According to the World Health Organization (WHO), the world population is expected to surpass 8.2 billion by 2026, increasing the food, textile, construction, and automobile demand globally at a rapid pace, all of which are the industries heavily influenced by polyethylene terephthalate. The primary driver for the industry is the rising demand from the food PET packaging sector, with almost every food item, water, beverage packaging, and even cosmetics being packaged in polyethylene terephthalate. Further, with the growing inclination of people towards packaged food, the need for PET has grown in recent years. The growth of the PET market was not slowed down during the Covid 19 impact which was attributed to the increased use of PET in face shield and transportation of necessary foods across countries, further, the properties of PET makes the face shields made by it cheap, lightweight and durable. Since the wearing of personal protective equipment has not been slowed, the demand for the global polyethylene terephthalate PET market is expected to grow during the forecast period.
Some of the key players in the global market are Dow Chemical, Lyondell Basell, Lotte Chemicals, Indorama Ventures, M&G Chemical, DAK Americas, among others.
The Asia Pacific region is the leader in the production and consumption of Polyethylene Terephthalate in the global market, amounting to almost half of the global production. The reason behind the production and subsequently the increased consumption in the region is due to the fact that the Asia Pacific region is home to over 60% of the world's population. The region's large population, mainly consisting of countries like China, India, Malaysia, Japan, Vietnam, and Australia, consumes a lot of soft drinks, and the unavailability of pure water resources makes the population incline towards plastic water bottles for day to day use, driving the sales for the global polyethylene terephthalate PET market. The growing population's food, water, clothes, and the demand for consumer goods has been increasing since the last decade; further, since PET is cheap, it is preferred by developing countries over expensive alternatives like glass making polyethylene terephthalate an essential part of the Asia Pacific region's growth.
In June 2021, Indorama Ventures announced a USD 82 million expansion of its Nagpur plant in India, which will add the capacity to produce 700 metric tonnes of Polyethylene terephthalate in a day.
PET recycling has made considerable growth due to its increasing demand due to legal requirements, and voluntary commitments of leading brand manufacturers demand a higher use of recyclates in the end products. Companies have started to use and adopt systems that work even on the declining quality of the input PET material, giving recycled material that matches the stringent quality checks.
Global Polyethylene Terephthalate Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Polyethylene Terephthalate market by segmenting based on the Processing Conditions (Blow Moulding, Injection Moulding, Extrusion, and 3D Printing), Applications (Beverages, Sheet & Films, Consumer Goods, Others), End-User Industry (Packaging, Electrical & Electronics, Automotive, Construction, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, market share, developments, opportunities, market dynamics, and challenges in the industry. This report covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.