According to a report, Polyethylene Terephthalate (PET) Compounding Market Analysis By Application (Packaging, Electrical & Electronics, Industrial Machinery, Automotive, Construction, Material Handling) And Segment Forecasts To 2024“,The global polyethylene terephthalate (PET) compounding market is expected to reach USD 7.82 billion by 2024, Rising polymer demand in end-use industries such as packaging, automotive, electrical & electronics and constructions is expected to remain a key driving force for PET compounding market growth.
In the recent years, production processes across matured markets have begun to adopt industry automation methods in order to cut down on excess workforce & associated costs, improve output and reduce turn-around times.
The trend towards industry automation has ushered in the critical concepts such as digitalization and robotics into everyday industrial processes. Manufacturers across automotive, construction, electrical & electronics and even textiles are gradually incorporating robotic systems. This has led to a huge rise in the sales of automated dispensing systems
Key Takeaways from the report:
The global polyethylene terephthalate (PET) compoundingmarket demand was over 2,000 kilo tons in 2014 and is expected to exceed 3,500 kilo tons by 2024, growing at a CAGR of 6.9% from 2016 to 2024
Increasing substitution for glass, metals, wood, natural rubber and man-made materials by PET is driving the global market
Developing recycling processes that utilize lesser input in terms of fluids, energy, and machinery is crucial for production improvisation
Government regulations restricting petrochemical derived polymers consumption in applications such as food packaging, and medical devices are expected to further boost bio-based PET production
China accounted for nearly half of the Asia Pacific compounding volume in 2015. The country is characterized by high demand for PET compounds in packaging & electronic applications
BASF and Avantium Dutch technology firm formed a joint venture company to focus on polyethylene furanoate (PEF) and furandicarboxylic acid (FDCA), a bio-based polymer to replace polyethylene terephthalate
Polyethylene terephthalate (PET) compounding market is highly fragmented among multinational players and small domestic companies
Key industry participants in the market include Dow Chemical Company, RTP Company, SABIC, LyondellBasell, BASF SE, DuPont, SRF Plastics, A. Schulman, Polyvisions, Covestro, Washington Penn Plastics and PET Processors LLC
U.S. polyethylene terephthalate (PET) compounding market revenue by application, 2014 – 2024 (USD Million)
Packaging Was The Leading Application Segment For PET Compounds in 2015
Packaging emerged as the dominant application segment where PET compounds are utilized in large quantities for the production of bottles, particularly carbonated beverages and nutritional drinks.
Advancements in packaging technologies and subsequent development in specifications for plastics in packaging applications is expected to emerge as a crucial determinant for shaping market dynamics over the forecast period. Packaging segment was leading application segment in 2014 and is expected to grow at an estimated CAGR of over 7% from 2016 to 2024.
It is extensively used in the electrical & electronics industry owing to superior characteristics such as flexibility, easy processing, and transparency along with barrier properties. Electrical & electronic housing, sockets, wiring components, enclosures, and switches are few of the products generating significant demand for PET compounds.
Industrial machinery components such as processing equipment, heavy duty machinery, and the related tools mostly contain plastic which is used in conjunction with metals. The favorable environment in Asia Pacific in terms of tax incentives for foreign companies is expected to result in an increasing number of manufacturing utilities in the region, thereby prompting the need for industrial machinery.
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Asia Pacific Was The Leading PET Compound Market Followed By Europe in 2015
Asia Pacific market accounted for over 35% of the global volume share in 2015. Growing consumer interest in recyclable and sustainable products coupled with the growth of key end-use industries including packaging, automotive and electrical & electronics is anticipated to drive regional market growth.
Expanding food & beverage processing industry, along with an increasing consumer preference toward processed and convenience food is anticipated to boost Latin America market. Developing countries such as Mexico and Brazil are witnessing strong industrial growth along with the surge in demand for polymers. Huge investments in construction and automotive sectors in aforementioned countries are anticipated to augment growth.
North America and Europe market are highly regulated by numerous legislations from environmental agencies such as REACH (Registration, Evaluation, Authorization and Restriction) and EPA (Environment Protection Agency) have compelled manufacturers to shift focus toward bio-based polymers.
Recovery of automotive and construction industries in Europe is another recent development expected to fuel demand in the region. Technological advancements have paved the way for innovative packaging options in processed foods across various categories, thus driving growth in the region.
Grand View Research has segmented the PET compounding market on the basis of application and region:
Global Polyethylene Terephthalate (PET) Compounding Application Outlook (Volume, Kilo Tons; Revenue, USD Million 2014 – 2024)
Electrical & Electronics
Global Polyethylene Terephthalate (PET) Compounding Regional Outlook (Volume, Kilo Tons; Revenue, USD Million 2014 – 2024)
Middle East & Africa
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