The global polyethylene terephthalate market size is anticipated to reach USD 47.46 billion by 2025 and register a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. Polyethylene terephthalate is produced by the polymerization of ethylene glycol and terephthalic acid. Features such as increased strength and flexibility, lightweight, and non-toxic nature have made the material a preferred choice for packaging. PET finds wide uses in applications such as beverage packaging, consumer goods, and food packaging as it can efficiently be reused after recycling.
The globally increasing demand for efficient and eco-friendly packaging solutions coupled with the rising consumption of packaged & processed food has resulted in an increased demand for PET in food packaging applications. Moreover, the shifting trend of consumers toward the use of recyclable containers for food packaging is further boosting the demand for PET. Various other properties offered by the material also make it ideal for use in films and sheets, which are highly demanded by the medical packaging industry.
Various advancements are being made in PET to efficiently meet the needs of consumers and brand owners, which include enhanced food safety, improved sustainability, and reduced cost. Manufacturers of PET are focusing on product innovations and expansion of their production capacity to cater to the growing demand for sustainable and bio-based PET. This is one of the key drivers expected to propel the PET market growth over the forecast period.
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Further key findings from the study suggest:
- The polyethylene terephthalate market was valued at USD 25,246.8 million in 2018 and is expected to register a CAGR of 5.6% from 2019 to 2025
- The rising demand for environment-friendly and energy-saving products and solutions for packaging is expected to drive the market growth
- The packaging segment accounted for the largest revenue share in 2018 on account of its increasing use in food and non-food packaging applications
- The films & sheets segment accounted for a market share of 12.89% in 2018 and is projected to register a CAGR of 5.6% over the forecast period
- The focus of various governments on improving indoor air quality and establishing stringent environmental regulations is anticipated to drive the demand for PET-based packaging
- Key players active in the polyethylene terephthalate market include BASF SE, M&G Chemicals, SABIC, Arkema, Evonik Industries, and The Sherwin-Williams Company.
Key Topics Covered
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Segmental Outlook
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Lineage Outlook
3.1.1. Global Plastics Market
3.1.2. Global Polyethylene Terephthalate (PET) Market
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Raw Material Trends
3.3.2. Manufacturing Trends
3.4. Technology Overview
3.5. Regulatory Framework
3.6. Market Dynamics
3.6.1. Market Driver Analysis
3.6.2. Market Restraint Analysis
3.7. Industry Analysis – Porter’s
3.8. PESTEL Analysis
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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