Increasing Demand from Packaging Industry of Polyethylene Terephthalate Market
The Polyethylene Terephthalate (PET) market is estimated to be valued at US$ 46.46 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis :
· Strength: Polyethylene Terephthalate (PET) is known for its high durability, strength and versatility. It can withstand repeated usage and harsh conditions. PET can also be recycled numerous times without loss of quality. Due to its transparency, PET is widely used in packaging of beverages and other products. The manufacturing process of PET allows mass production and keeps the costs low.
· Weakness: PET is non-biodegradable in nature and takes hundreds of years to decompose. Thus, disposal of used PET products poses environmental challenges. The production of PET depends on crude oil prices which leads to volatility in raw material costs.
· Opportunity: Growing demand for packaged and convenience food and beverages is driving the usage of PET in the food and beverage industry. Increasing consumer awareness about sustainability and eco-friendly products is also an opportunity for recycled PET. Rapid urbanization in developing regions of Asia Pacific and Latin America will augment the market growth over the forecast period.
· Threats: Stringent government regulations regarding the usage of plastics due to rising pollution levels can hamper the market growth. Alternative eco-friendly packaging materials may emerge as substitutes to PET. Volatility in crude oil prices can impact the raw material costs.
Key Takeaways
The Global Polyethylene Terephthalate (PET) Market Size is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand for packaged food and beverages. The Asia Pacific region is currently the largest as well as the fastest growing market for PET globally. China dominates the Asia Pacific PET market due to presence of huge packaging industry in the country. North America is another major consumer of PET owing to well-established food and beverage industry in the US and Canada.
Regional analysis
The Asia Pacific region accounted for over 50% of the global PET market share in 2023. China is the leading producer and consumer of PET resins in Asia Pacific. Growing working population and changing lifestyle in countries like India and Indonesia is propelling the sales of packaged food and beverages, driving the PET demand. Presence of cost-competitive manufacturing base makes Asia Pacific an attractive market for PET producers.
Key players
Key players operating in the Polyethylene Terephthalate (PET) market are 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. The players are focusing on capacity expansion and integration across value chain to meet the growing PET demand.
Read More - https://www.articledistrict.com/polyethylene-terephthalate-market-is-estimated-to-witness-high-growth/
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