The polyethylene terephthalate (PET) market is foreseen to grow on the back of increasing demand for chemicals with lower-toxicity, as people are becoming more aware regarding the ill-effects of toxic chemicals on the environment. Moreover, various initiatives are being adopted by government authorities, including strict guidelines for chemical manufacturers, in order to reduce chemical pollution, which is also anticipated to drive the market growth in the coming years. It was observed that industries have released approximately 3 million tons of toxic chemicals, as of 2021
Along with this, it is estimated that industrial facilities released close to 300kgs of lethal chemicals into the environment, including the water resources, air, and land, every second. Apart from this, the polyethylene terephthalate market is further estimated to witness growth on account of increasing export and import of chemical substances across the globe. In 2019, the European Union was registered as the largest exporter of chemicals, while United States was the largest importer in the same year, followed by the European Union.
Recent report published by research nester titled “Global Polyethylene Terephthalate (PET) Market Analysis & Opportunity Outlook 2027″ delivers detailed overview of the global polyethylene terephthalate market in terms of market segmentation by product type, by industry and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Geographically, Asia-Pacific accounted for the major share in the global market of polyethylene terephthalate packaging during 2009 to 2013 owing to the rise in investments by major key players and rising personal disposable income, which is further anticipated to benefit the expansion of the global polyethylene terephthalate packaging market in this region with noteworthy revenue by the end of the forecast period. After Asia Pacific, North America accounted for around 23.1% of market share while Europe accounted for around 19.6% of market share in global polyethylene terephthalate packaging market during 2014.
The global polyethylene terephthalate markethas been segmented by industry into food & beverages, healthcare & medical, cosmetics and FMCG industries. Among these segments, the food & beverage industry is anticipated to dominate the overall Polyethylene Terephthalate Market owing to the expanded demand from the beverages industries.
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The global market of polyethylene terephthalate (PET) packaging was valued at USD 50.5 Billion in 2015 and is projected to reach USD 63.4 Billion by the end of 2027 by expanding at a compound annual growth rate of 5.15% over the period. Features of polyethylene terephthalate such as flexibility, non-toxic nature and light in weight among other safety features are some of the major factors that are driving the growth of polyethylene terephthalate market around the globe.
Growing Demand from Packaged Goods Industry
The polyethylene terephthalate (PET) packaging is easy to use, easy to handle with unbreakable capability. These capabilities are expected to benefit the growth of the market over the forecast period. In addition to that, advancement in technology and rapid growth in consumer packaged goods industry is believed to supplement the expansion of polyethylene terephthalate (PET) packaging market over the forecast period.
However, environmental issues while recycling and difficulties with supply of raw material are projected to restrain the growth of the global polyethylene terephthalate market in the near future.
This report also provides the existing competitive scenario of some of the key players of the global Polyethyleneterephthalate market which includes company profiling of Amcor, Gepack, Gerresheimer, Graham Packaging, PET Power and others.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global polyethylene terephthalate market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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