NEW YORK, Nov. 16, 2016 /PRNewswire/ -- Polyethylene terephthalate (PET) is the most common thermoplastic polymer resin of the polyester family. PET is made from terephthalic acid (TPA) and ethylene glycol (EG). Both terephthalic acid and ethylene glycol are derived from oil feedstocks. PET is classified as a semi-crystalline polymer, but when heated to above 72°C, it changes from a rigid/glass-like state to a rubbery elastic form. The GCC crystalline PET market has been segmented on the basis of country and application. Based on country, the market has been segmented into Saudi Arabia, UAE, Oman, Qatar, Kuwait, and Bahrain. In terms of application, the market has been segmented into food packaging, beverage packaging, and others. Others include pharmaceutical and medical applications, home cleaning products, cosmetics, personal care, and detergents. The GCC crystalline PET market is estimated to be valued at USD 324.2 million in 2016 and is projected to reach USD 713.1 million by 2021, at a CAGR of 14.6% during the forecast period, 2016 to 2021. The key players operating in the GCC crystalline PET market have adopted expansions, mergers & acquisitions, supply contracts, new product developments, and innovations as their key strategies to meet the increased demand for crystalline PET as well as to penetrate the market. Some of the major companies operational in this market are Far Eastern New Century Corporation (Taiwan), OCTAL (Oman), JBF RRK LLC (UAE), The Dow Chemical Company (U.S.), Saudi Basic Industries Corporation (Saudi Arabia), and Indorama Ventures Public Company Limited (Thailand), among others.
OBJECTIVES OF THE STUDY