The Polyethylene Terephthalate (PET) Market Is Driven By Growing...

The Polyethylene Terephthalate (PET) Market Is Driven By Growing Demand For Recycled PET

Сообщение 2024-03-07 10:19:51

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The polyethylene terephthalate (PET) market has seen increasing demand in the recent years owing to its wide range of applications in beverage bottles, food packaging, non-food containers, and others. PET is a lightweight yet durable plastic resin that possesses good moisture and gas barrier properties which makes it suitable for packaging of various products. PET offers excellent strength, flexibility, and transparency which helps in marketing the packaged products effectively. It is lightweight and cost-effective as compared to glass and other plastics. PET has high resistance to decomposition and can be recycled multiple times while maintaining the quality.

The global polyethylene terephthalate (PET) market is estimated to be valued at US$ 53.53 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.

Key players operating in the Polyethylene Terephthalate (PET) Market Demand are Medtronic, Abbott Laboratories, Boston Scientific, Biotronik, Koninklijke Philips, Nihon Kohden, Fukuda Denshi, Hill-Rom Holdings, Mindray Medical, Schiller AG, Spacelabs Healthcare, GE Healthcare, Cardiac Science Corporation, Lifewatch AG, Beijing Choice Electronic Tech Co, Vivaquant, Preventice Solutions, iRhythm Technologies, Applied Cardiac Systems, BioTelemetry.

The demand for PET is growing steadily owing to the increasing consumption of packaged beverages, food products, personal care goods. PET helps product manufacturers provide premium packaging at affordable prices. Furthermore, PET resin manufacturers are focusing on developing bio-based PET resins from renewable sources such as sugarcane to cater to the growing demand for sustainable packaging materials.

The PET market is witnessing high expansion in the developing economies of Asia Pacific and South America due to rapid urbanization, growing disposable income, and changing lifestyles. Furthermore, investments in PET recycling facilities are increasing globally to reduce carbon footprint and contribute toward circular economy.

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