PET Market | Polyethylene Terephthalate Industry 2020-2030 Outlook and Forecasts Report

LONDON, Feb. 10, 2020 /PRNewswire/ -- TheBusinessResearchCompany.com offers 2020 Global Polyethylene Terephthalate Market Size, Price, Share, Analysis  Report from its research collections. The report is spread in 150 pages covering by Product Types, By End User industry and Applications. Browse Complete Report on Polyethylene Terephthalate Market @ https://www.thebusinessresearchcompany.com/report/polyethylene-terephthalate-global-market-report .

Increasing Production of Eco-Friendly Products in the $44 Billion Polyethylene Terephthalate (PET) Market:

Major companies in the global polyethylene terephthalate (PET) market are increasingly manufacturing bio-based PET using partially recyclable materials. Bio-based PET is light weight, recyclable, biodegradable, and reusable bioplastic material derived from biomass. It consists of 30% of plant derived ethanol glycol and 70% of terephthalic acid derived from fossils. This is also used for packaging of soft drinks, alcoholic beverages, food products, cosmetics, pharmaceutical products, and edible oils. The desire to use environmentally friendly products and stringent regulations have encouraged the use of bio-friendly products in industries and has resulted in the increased demand of bio-based PET.

The polyethylene terephthalate market covered in this report is segmented by product type into virgin , recycle. It is also segmented by end-use industry into packaging, electrical & electronics, automotive, construction, others (material handling and strapping) and by application into beverages, sheets & films, consumer goods, food packaging, others (cosmetic bottles and household products). Strict regulations on use of plastic is a major challenge in the polyethylene terephthalate market. Governments across the world are imposing restrictions on plastic products such as bottles, and single-use plastics and are bringing awareness on recycling plastic materials.

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Major companies are increasingly manufacturing bio-based PET using partially recyclable materials. Bio-based PET is light weight, recyclable, biodegradable, and reusable bioplastic material derived from biomass. It consists of 30% of plant derived ethanol glycol and 70% of terephthalic acid derived from fossils. This is also used for packaging of soft drinks, alcoholic beverages, food products, cosmetics, pharmaceutical products, and edible oils. The desire to use environmental friendly products and stringent regulations have encouraged the use of bio-friendly products in industries and has resulted in the increased demand of bio-based PET.

Major players in the market are Far Eastern New Century Corporation, Hengli Group Co. Ltd, Indorama Ventures Public Company Limited, JBF Industries Ltd, Jiangsu Sanfangxiang Group, Lotte Chemical Corporation, Octal, Reliance Industries Ltd, Saudi Basic Industries Corporation (SABIC), Sinopec Group.

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Polyethylene Terephthalate, Low-Density Polyethylene, and High-Density Polyethylene Market Forecasts And Market Drivers

The global polyethylene terephthalate market is expected to grow at a compound annual growth rate (CAGR) of 11% and reach $68.33 billion by 2023. The PET market will be driven by its increasing demand in food and beverages packaging such as carbonated soft drinks packaging.

The global low-density polyethylene manufacturing market is expected to grow at 8.6% CAGR and reach $72.29 billion by 2023. LDPE is being increasingly used for food packaging and non-food items packaging. Use of LDPE in packaging decreases cost of packaging. Also, LDPE has properties of good tensile strength and flexibility, which makes the process of packaging easy.

Production Of Bio-Derived Low-Density Polyethylene

The production of bio-derived polyethylene is being widely adopted by companies in the low-density polyethylene (LDPE) market as well, as a substitute to chemically synthesized polyethylene. Low-density polyethylene, like other plastics, is chemically synthesized and releases harmful toxins in the environment when burned; it is difficult to decompose, thus harming the environment. Companies involved in the LDPE market are investing towards finding sustainable options to replace chemical plastics, called as bioplastics. These bio-plastics mimic the robustness and durability of conventional plastics such as LDPE and degrade in open air. For instance, Braskem, a Brazilian petrochemical company headquartered in São Paulo, launched its I'm greenTM Polyethylene under its campaign "I'm greenTM." I`m greenTM Polyethylene is a bio-derived polyethylene produced from sugarcane and is 100% renewable. In 2019, the company added more products to its I'm greenTM campaign, including Post-Consumer-Recycled (PCR) resins, a mixed bio-based plastic, and other PCR solutions.

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Increased Sustainability Of High-Density Polyethylene

The global high-density polyethylene market is expected to grow at 8% CAGR and reach $148.53 billion by 2023. The unique set of properties of PE-HD (high-density polyethylene) such as lightweight, impact resistance, flexibility, and ability to resist low temperatures serve as the most important drivers for the PE-HD market.

Companies involved in the high-density polyethylene (PE-HD) market are also investing heavily to increase the sustainability of PE-HD. Companies are putting efforts to use raw materials that are environmentally safe, and simultaneously maintain the quality and safety standards of their products. Following the trend, in 2017, SCG Chemicals proposed the use of lightweight EL-LeneTM HDPE H568JA for carbonated soft drink bottle caps. EL-LeneTM HDPE H568JA is an insoluble, recyclable high-density polyethylene (PE-HD) grade that consumes low raw materials and energy for production. The product has been certified by the European Union (EU) Food Contact Commission and the US Food and Drug Administration (USFDA) as well.

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