Los Angeles, January 16, 2020 -QY Research has published a new report titled, “Global Polyethylene Terephthalate (PET) Resin Market Report, History Forecast 2014-2025,” which offers market trends, growth factors and provides other valuable insights. According to the report, the global Polyethylene Terephthalate (PET) Resin market is projected to value US$ 31.8 Bn by 2025 end from US$ 26.4 Bn in 2018. The global Polyethylene Terephthalate (PET) Resin is predicted to register a moderate CAGR of 4.2% from 2019 to 2025.
Polyethylene Terephthalate (PET) Resin – A Sustainable Solution to Usage of Plastic Bottles
● Polyethylene Terephthalate (PET) Resin market has wide applications in packaging across various industries such as electronics, food, and textile
● Polyethylene Terephthalate (PET) Resin is recycled and reused and has application in recycling plastic bottles also greatly reducing carbon emission, which is largely benefiting the beverage industry
● High demand for microwave-safe containers has resulted in largescale usage of Polyethylene Terephthalate (PET) Resin in manufacturing kitchenware due to its durability and lightweight features
Beverage Industry - A Lucrative Growth Opportunity for the Bottle Grade PET Segment
The product type of the segment is divided into Film Grade PET, Fiber Grade PET, and Bottle Grade PET. PET-based packaging has largescale applications in the beverage industry in bottled water, and carbonated drinks due to its unique properties such as waterproof nature and unbreakable, transparent material. This is likely to result in high demand for the Bottle grade PET leading to the growth of the segment.
The end-user segment of the market is bifurcated into textile fabrics, food and beverage packaging, electronics and electrical, textile fabrics, healthcare, automotive, architecture, and others.
Growing Food Packaging Sector to Drive the Growth of the Asia-Pacific Market
The Asia-Pacific is expected to be the prominent region of the global market due to the high consumption of packaged food and beverages with developing countries such as China and India witnessing growth in food consumption. These countries are also promoting sustainable development and are abiding by the international environmental regulatory norms to reduce carbon emission, which is expected to boost the preference for PET-based packaging.
PET Film and sheets used in construction for transparency, reflectivity, and insulation are likely to witness high demand in Europe due to Green building initiative and increasing focus on the environment.
Market Players – Focusing on Improving Resin Quality
Some of the key players operating in the Polyethylene Terephthalate (PET) Resin market are FENC, Alpec, JBF, Indorama Ventures, Since CR Chemicals, Octal, JBF, Sinopec Yizheng, Zhejiang Hengyi, Sanfangxiang Group, Rongsheng Petrochemical, Dhunseri Petrochem & Tea, Wnkain New Materials, SABIC, NEO Group, Nan Ya, Lotte Chemical, Sibur, and KoKsan. The market is highly competitive with a large number of players. The companies are involved in improving resin quality, integrating production and distribution to optimize cost reduction.
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