Global Polyethylene Terephthalate (PET) market is projected to evolve at a CAGR of 7.08% and 5.26% by revenue and volume over the forecast period of 2019-2027
NEW YORK, July 2, 2019 /PRNewswire/ --
KEY FINDINGS
Global Polyethylene Terephthalate (PET) market is projected to evolve at a CAGR of 7.08% and 5.26% by revenue and volume over the forecast period of 2019-2027. The market growth is majorly being propelled by growing applications of PET in bottled water, ready to eat foods and technological innovation and advancement in packaging through weight reduction.
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MARKET INSIGHTS
The growing demand for ready-to-eat foods is a major factor for the growth of the market.Growing population coupled with increasing disposable income is aiding the packaging industry.
The ongoing research and constant development in packaging methods by the manufacturers are fueling the growth of the PET market. However, factors like stringent rules and regulations and low PET recycling rates due to high contamination could restrict the market development.
REGIONAL INSIGHTS
North America, Asia Pacific, Europe and the Rest of World are the regions into which the global polyethylene terephthalate market is segmented.The Asia-Pacific PET market is expected to dominate the global market throughout the forecast period, owing to the high demand for bottled water in the region.
Premiumization of PET is also encouraging this market's progress.Furthermore, the availability of cheap labor and manufacturing at cheaper rates is further increasing the demand for PET in the region.
The Europe PET market is expected to show the significant growth over the forecast period. PET, generally finds application in packaging bottles for effervescent drinks in this region.
COMPETITIVE INSIGHTS
M&G Chemicals, JBF Industries Ltd., BASF SE, Jiangsu Sanfangxiang Group, Alpek SAP DE CV, China Resources Chemical Materials Technology Ltd., Hengli Group Ltd., Reliance Industries Ltd., Royal DSM, Sinopec Group, Far Eastern New Century Corporation, Indorama Ventures Public Company Ltd., Octal, Saudi Basics Industries Corp, and Lotte Chemical Corporation are the major companies operating in the market
Companies mentioned
1. ALPEK SAP DE CV
2. BASF SE
3. CHINA RESOURCES CHEMICAL MATERIALS TECHNOLOGY LTD.
4. FAR EASTERN NEW CENTURY CORPORATION
5. HENGLI GROUP LTD.
6. INDORAMA VENTURES PUBLIC COMPANY LTD.
7. JBF INDUSTRIES LTD.
8. JIANGSU SANFANGXIANG GROUP
9. LOTTE CHEMICAL CORPORATION
10. M&G CHEMICALS
11. OCTAL
12. RELIANCE INDUSTRIES LTD.
13. ROYAL DSM
14. SAUDI BASICS INDUSTRIES CORP
15. SINOPEC GROUP
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