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The global Polyethylene Terephthalate (PET) Market is estimated to be valued at US$ 46.46 Bn or Million in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyethylene terephthalate or PET is a thermoplastic polymer resin of the polyester family that is clear, hard, and tough. It is widely used for packaging food and beverages due to its strength, transparency, and moisture and gas barrier properties.
Market key trends:
Growing economic prosperity across the globe along with rising urban population has fueled the demand for packaged food and beverages, which in turn has driven the PET market growth. There has been a significant rise in recycled PET bottle production in recent years owing to stringent environment regulations regarding plastic waste management. Advances in recycling technology has improved the quality and yield of recycled PET resin. In addition, recycled PET offers over 25% cost savings compared to virgin PET, which is another factor propelling its adoption. Rising health awareness has also increased the consumption of bottled water, which is a major end-use industry for recycled PET.
Segment Analysis:
The global polyethylene terephthalate (PET) market is segmented based on product, application, and region. By product, the market is divided into bottles, films & sheets, and others. The bottles segment dominates the market as PET bottles are extensively used for packaging of beverages such as water, soft drinks, juices, and alcoholic drinks. PET bottles offer properties such as lightweight, recyclable, durable, and non-toxic nature, making them ideal for beverage packaging.
Key Takeaways:
The Global Polyethylene Terephthalate (PET) Market is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand for packaged beverages and food items.
Regional analysis: Asia Pacific region is expected to be the fastest as well as dominating region in the PET market. Countries like China, India, Taiwan, and South Korea have witnessed highest growth in beverage industries which drives the PET market in this region.
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. These players are focusing on expansion of production facilities and new product development to strengthen their market position.
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