Polyethylene terephthalate, which is also called PET is a thermoplastic polymer resin produced by the reaction of raw materials monoethylene glycol (MEG) and purified terephthalic acid (PTA). The material exhibits exceptional barrier properties towords moisture and water. Polyethylene terephthalatefinds applications across diverse industries such as automotive, food and beverage packaging, electronics among the others.
Recently, Reliance Industries have announced to open two petrochemical plants in Dahej, Gujrat, for making polyester plastic and would also commissioned a 650 KTA polyethylene terephthalate (PET) resin capacity and purified terephthalic acid (PTA) plant. It will increase their global capacity share of almost 4 percent and would also lower the operational cost and achieve full chain margins.
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Polyethylene Terephthalate Market: Drivers & Restraints
Increasing demand of polyethylene terephthalate from food and beverage sector like in carbonated soft drinks packaging, increase demand for packaged food due to rise in consumption of frozen and processed food, rise in demand for electronics and automotive applications/industries and eco friendly substitution are the most important driving factors in the polyethylene terephthalate market. Also, rapid urbanization, innovative packaging and high economic growth is contribution in increasing the demand for polyethylene terephthalate regardless of the geographical location.
Stringent environmental rules and regulations by government and threat of substitutes, are acting as a barrier for polyethylene terephthalate market.
Polyethylene Terephthalate Market: Segmentation
Polyethylene terephthalate market are broadly classified on the basis of the following segments –
- Packaging (Bottles)
- Consumer Goods
By End User:
- Food and Beverages
Polyethylene Terephthalate Market: Overview
Polyethylene terephthalate market has grown substantially at a healthy CAGR due to an increase use of PET in food and beverages industry. With rapid technological advancement market and increasing demand from end user industries like automotive, packaging and electronics is expected to fuel the growth of the polyethylene terephthalate market. Asia Pacific represents the largest market for this product category. China and India will emerge as the fastest growing region for polyethylene terephthalate market.
Polyethylene Terephthalate Market: Region-wise Outlook
Polyethylene terephthalate market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions polyethylene terephthalate market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. Asia Pacific is the fastest growing market followed by Europe and North America. This is due to the increasing demand of polyethylene terephthalate and ethylene from these regions. There’s is a robust demand of polyethylene terephthalate from Africa and Middle East.
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Polyethylene Terephthalate Market: Key Players
Some of the key market players in polyethylene terephthalate market are Toray Industries, Badische Anilin- und Soda-Fabrik (BASF), DuPont, DSM, M&G Group, Indorama Ventures, Jiangsu Sanfangxiang Group, Lanxess Corporation, Nan Ya Plastics, Far Eastern New Century.