Polyethylene terephthalate is the most common plastic resin of polyester made from the combination of two monomers. Polyethylene terephthalate, also referred to as PET or PETE, is a remarkable cost and energy efficient packaging material, which possesses properties of versatility, strength, and recyclability, thus being used in various end-use industries such as packaging and textile. The polyethylene terephthalate market is projected to boost an excellent sustainability during the forecast period .
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Polyethylene terephthalate can be recycled and reused for manufacturing door panels, rain coats, industrial sheets and carpets. The closed loop recycling of used polyethylene terephthalate bottles into new grade PET is expected to subsequently decrease the environmental pollution by a decreasing the demand for raw material, consequently increasing the profit margin of the PET bottle manufacturer.
In 2016, the global polyethylene terephthalate market size was pegged at US$ 26.57 billion (revenue) and 27,749.22 kilo tons (volume), The market is expected to expand at a CAGR of 9.7% in terms of revenue and 7.6% in terms of volume during the forecast period.
Among product type, carbonated soft drink segment is expected to hold dominant position in the polyethylene terephthalate market over the forecast period, at a CAGR of over 10.1% in terms of revenue, and 8.1% in terms of volume. According to Coherent Market Insights’ analysis, it is estimated that the carbonated soft drink segment will reach over 7.70 billion by 2017. Since PET bottles or packaging materials are used as an alternative to silica glass and acrylic materials due to its superior resistance to micro-organisms, the demand for PET will increase, thereby driving growth of the global PET market.
PET is biologically inert material, which does not react with any food or beverages and offers high resistance to micro-organism. For instance, in December 1992, the U.S. Food and Drug Administration (FDA) announced the use of recycled PET bottles, as safe from any kind of microbial contamination and reaction with the packed food or beverages.
Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends, which are expected to shape the industry in the near future. Major players in the global Polyethylene Terephthalate market include Alpek S.A.B de C.V., RTP company, BASF SE, The Dow Chemicals Company, Jiangsu Sanfangxiang Group, Indorama Ventures, M&G Chemicals, Nan Ya Plastics Corporation, Far Eastern New Century, and Quadrant AG among others.
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