MOSCOW (MRC) -- The global polyethylene terephthalate (PET) market was valued at USD23,891 mln in 2016, and is projected to reach USD38,014 mln by 2023, growing at a CAGR of 6.9% from 2017 to 2023, as per Plastemart with reference to Allied Market Research.
The packaging segment accounted for nearly 75% share of the global market, in 2016.
PET is one of the most common thermoplastic polymer resin of the polyester family and is widely used in fibers for food containers, liquid containers, clothing, and thermoforming for manufacturing. PET is also used in combination with glass fiber for the synthesis of engineering resins.
Increasing trend of replacing traditional glass packaging with that of PET packaging is one of the major factors driving the growth of the global market. In addition, key characteristics, such as recyclability of PET also fuels the growth of this market. Moreover, PET witnesses high demand in the developing countries, which is expected to boost the overall market growth. However, volatility in prices of crude oil and the increase in implementation of stringent government regulations related the application of polyethylene terephthalate hamper the growth of the global PET market.
Polyethylene terephthalate is anticipated to register the highest growth in packaging application, owing to increase in demand for efficient and rigid packaging materials and growth in consumer preference toward high quality packaging material. Furthermore, rapid urbanization and upsurge in demand for low cost and waterproof packaging are expected to boost the market growth. PET possess advantages, such as superior clarity, excellent barrier properties, and recyclability, higher reliability, longer life cycle, and cost reduction.
The packaging application segment accounted around three-fourths share, in terms of volume, in 2016. In response to the perennial modifications in the packaging industry, efficient PET formulations are in high demand globally. Thus, increase in requirement of high-tech PET resins and rise in adoption of new PET materials in consumer goods fuel the demand for PET globally.
Key Findings of the Polyethylene Terephthalate Market:
- The packaging application segment is anticipated to grow at the highest CAGR during the analysis period.
- Asia-Pacific is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 5.8%, in terms of volume.
- The packaging application segment occupied around three-fourths of the total market, in 2016.
- China occupied around one-third share of the Asia-Pacific market, in 2016.
- In terms of value, Germany is expected to grow at a significant CAGR of 7.0% during the forecast period.
In 2015, Asia-Pacific and LAMEA collectively accounted for more than half of the global market, in terms of volume, and are expected to continue this trend, owing to increase in urbanization, specifically in China, India, Brazil, and other developing countries. Moreover, rise in urban population with increased per capita disposable income and growth in overall consumer expenditure drive the growth of the Asia-Pacific market.
As MRC informed before, global bio-based PET market is expected to reach 5,800 kilo tons by 2020, according to a study by Grand View Research, Inc.