PET Compounding Market to Witness Notable Growth by Forecast Period | 2029
Data Bridge Market Research analyses that the polyethylene terephthalate (PET) compounding market is expected to undergo a CAGR of 4.80 % during the forecast period. This indicates that the market value, which was USD 5,130.00 million in 2021, would rocket up to USD 7464.62 million by 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Market Definition
Polyethylene terephthalate (PET) is a thermoplastic polyester engineering resin and Compounding refers to the melting and mixing of polymers with several additional substances. When used as an injection molding compound, PET must be protected with glass and/or minerals. The compounding process changes the plastic's physical, electrical, thermal, and aesthetic properties. Thus, polyethylene terephthalate (PET) compounding process is used widely in masterbatch plastics and engineering plastics.
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Some of the major players operating in the polyethylene terephthalate (PET) compounding market are:
- AVERY DENNISON CORPORATION (U.S.)
- Dupont (U.S.)
- Dow (U.S.)
- 3M (U.S.)
- H.B. Fuller Company (U.S.)
- Sealed Air (U.S.)
- SABIC (Saudi Arabia)
- Arkema (France)
- LyondellBasell (Netherlands)
- Exxon Mobil Corporation (U.S.)
- Mitsui Chemicals Inc., (Japan)
- Braskem (Brazil)
- TotalEnergies (France)
- Novamont SpA (Italy)
- SOLVAY (Belgium)
- DAIKIN (Japan)
- Biome Bioplastics (UK)
- PTT Global Chemical Public Company Limited (Thailand)
- KURARAY CO., LTD. (Japan)
Drivers
- Growing demand of PET compounding in food industry
Polyethylene terephthalate (PET) compounding is widely used for packaging several food and refreshments because this PET compounding are light in weight, clean, solid, retain the freshness of the contents and are dimensionally stable than other compounding. Polyethylene terephthalate (PET) compounding is resistant to chemical substances, water, and non-harmful materials that can be recycled due to this it is highly used in the food industry which are expected to drive the growth rate of this market.
- High usage of PET compounding in electronic sector
Polyethylene terephthalate (PET) compounding is also used in the electrical and electronics industry due to excellent properties such as easy processing, flexibility and transparency, and barrier properties. This compound is also used to manufacture sockets, enclosures, and wiring components, which are anticipated to increase the demand for polyethylene terephthalate (PET) compounding in the market.
- Increasing demand of PET compounding in construction industry
The demand for PET compounding increases in the construction sector with the products ranging from pipe fittings and insulation to construction equipment and materials. These compounds are adjusted to meet their specific needs. The rising demand of PET compounding in construction industry are expected to drive the market growth rate during the forecast period.
Opportunities
- Developments and Environmental Regulations
Moreover, the strict environmental regulations to endorse the use of bio-friendly PET compounding products in industries will extend the profitable opportunities to the major market players during the forecast period of 2022 to 2029. Also, the technological developments in polyethylene terephthalate (PET) compounding will further expand the future growth of the polyethylene terephthalate (PET) compounding market.
Furthermore, the traditional use of recycled plastics in packaging’s, such as non-food product wrapping and bottling will create lucrative opportunities for the polyethylene terephthalate (PET) compounding market and improved logistics networks, such as post-recycling supply and improved garbage collection will also create immense opportunities for market growth.
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PET Compounding Market Regional Analysis/Insights
The PET Compounding market is analyzed and market size insights and trends are provided by country, material type, end user and application as referenced above.
The countries covered in the PET Compounding market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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