According
to a new report published by Allied Market Research, titled, "Polyethylene
Terephthalate Market by Application and End-use Industry: Global Opportunity
Analysis and Industry Forecast, 2017-2023," the polyethylene
terephthalate market was valued at $23,891 million in 2016, and is projected to
reach $38,014 million by 2023, growing at a CAGR of 6.9% from 2017 to 2023. The
packaging segment accounted for nearly three-fourths share of the global
market, in 2016.
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Polyethylene terephthalate, mostly abbreviated as PET or PETE is
one of the most common thermoplastic polymer resin of the polyester family and
is widely used in fibers for food containers, liquid containers, clothing, and
thermoforming for manufacturing. PET is also used in combination with glass
fiber for the synthesis of engineering resins.
Increasing
trend of replacing traditional glass packaging with that of PET packaging is
one of the major factors driving the growth of the global market. In addition,
key characteristics, such as recyclability of PET also fuels the growth of this
market. Moreover, PET witnesses high demand in the developing countries, which
is expected to boost the overall market growth. However, volatility in prices
of crude oil and the increase in implementation of stringent government
regulations related the application of polyethylene terephthalate hamper the growth
of the global PET market.
Polyethylene
terephthalate is anticipated to register the highest growth in packaging
application, owing to increase in demand for efficient and rigid packaging
materials and growth in consumer preference toward high quality packaging
material. Furthermore, rapid urbanization and upsurge in demand for low cost
and waterproof packaging are expected to boost the market growth. PET possess
advantages, such as superior clarity, excellent barrier properties, and
recyclability, higher reliability, longer life cycle, and cost reduction.
The
packaging application segment accounted around three-fourths share, in terms of
volume, in 2016. In response to the perennial modifications in the packaging
industry, efficient PET formulations are in high demand globally. Thus,
increase in requirement of high-tech PET resins and rise in adoption of new PET
materials in consumer goods fuel the demand for PET globally.
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Key
Findings of the Polyethylene Terephthalate Market:
·
The packaging application
segment is anticipated to grow at the highest CAGR during the analysis period.
·
Asia-Pacific is projected to
maintain its lead position from 2017 to 2023, growing at a CAGR of 5.8%, in
terms of volume.
·
The packaging application
segment occupied around three-fourths of the total market, in 2016.
·
China occupied around one-third
share of the Asia-Pacific market, in 2016.
·
In terms of value, Germany is
expected to grow at a significant CAGR of 7.0% during the forecast period.
In
2015, Asia-Pacific and LAMEA collectively accounted for more than half of the
global market, in terms of volume, and are expected to continue this trend,
owing to increase in urbanization, specifically in China, India, Brazil, and
other developing countries. Moreover, rise in urban population with increased
per capita disposable income and growth in overall consumer expenditure drive
the growth of the Asia-Pacific market.
The
major companies profiled in the report include RTP Company, BASF, DuPont, DSM,
M&G Group, Indorama Ventures, PET Processors LLC., Lanxess Corporation, Nan
Ya Plastics, and Lyondell Basell Industries N.V.
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About Us
Allied Market Research (AMR) is a full-service
market research and business-consulting wing of Allied Analytics LLP based
in Portland, Oregon. Allied Market Research
provides global enterprises as well as medium and small businesses with
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decisions and achieve sustainable growth in their respective market domain.
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various companies and this helps us in digging out market data that helps us
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market forecasting. Each and every data presented in the reports published by
us is extracted through primary interviews with top officials from leading
companies of domain concerned. Our secondary data procurement methodology
includes deep online and offline research and discussion with knowledgeable
professionals and analysts in the industry.
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