The Business Research Company’s Polyethylene Terephthalate Global Market Report 2021: COVID-19 Impact And Recovery
LONDON, GREATER LONDON , UK, August 18, 2021 /EINPresswire.com/ — According to the new market research report ‘Polyethylene Terephthalate Global Market Report 2021 – By Product Type (Virgin, Recycle), By End-Use Industry (Packaging, Electrical & Electronics, Automotive, Construction, Others (Material Handling And Strapping)), By Application (Beverages, Sheets & Films, Consumer Goods, Food Packaging), COVID-19 Impact And Recovery’ published by The Business Research Company, the polyethylene terephthalate market is expected to grow from $18.78 billion in 2020 to $22.66 billion in 2021 at a compound annual growth rate (CAGR) of 20.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $26.61 billion in 2025 at a CAGR of 4%. Rising demand of polyethylene terephthalate in food and beverages packaging such as carbonated soft drinks packaging contributed to the growth of the polyethylene terephthalate market.
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The polyethylene terephthalate market consists of sales of polyethylene terephthalate and related services. It is widely used in various applications such as automotive, food and beverage packaging, and electronics. Polyethylene terephthalate is a high gloss, crack-resistant transparent plastic. They are general purpose thermoplastic polymers produced by the reaction of mono ethylene glycol (MEG) and purified terephthalic acid (PTA) and are known for their excellent combination of mechanical, thermal, chemical and dimensional stability.
Trends In The Global Polyethylene Terephthalate Market
Major companies are increasingly manufacturing bio-based PET using partially recyclable materials. Bio-based PET is light weight, recyclable, biodegradable, and reusable bioplastic material derived from biomass. It consists of 30% of plant derived ethanol glycol and 70% of terephthalic acid derived from fossils. This is also used for packaging of soft drinks, alcoholic beverages, food products, cosmetics, pharmaceutical products, and edible oils. The desire to use environmentally friendly products and stringent regulations have encouraged the use of bio-friendly products in industries and has resulted in the increased demand of bio-based PET. For instance, in 2018, according to ‘Bioplastics News’, PepsiCo joined Danone and Nestle Waters in producing bio-based polyethylene terephthalate bottles (PET). A demonstration plant with an expected capacity of 18,000 tons of biomass will be built in Ontario (Canada), and will start by 2020 to produce 100% bio-based PET bottles.
Global Polyethylene Terephthalate Market Segments:
The global polyethylene terephthalate market is further segmented based on type and geography.
By Product Type: Virgin, Recycle
By End-Use Industry: Packaging, Electrical & Electronics, Automotive, Construction, Others (Material Handling and Strapping)
By Application: Beverages, Sheets & Films, Consumer Goods, Food Packaging, Others (Cosmetic Bottles and Household Products)
By Geography: The global polyethylene terephthalate market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Polyethylene Terephthalate Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides polyethylene terephthalate global market overviews, analyzes and forecasts market size and growth for the global polyethylene terephthalate market, polyethylene terephthalate market share, polyethylene terephthalate global market players, polyethylene terephthalate market segments and geographies, polyethylene terephthalate market’s leading competitors’ revenues, profiles and market shares. The polyethylene terephthalate global market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Read Polyethylene Terephthalate Global Market Report 2021 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country; Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries
Polyethylene Terephthalate Market Organizations Covered: Far Eastern New Century Corporation, Hengli Group Co. Ltd, Indorama Ventures Public Company Limited, JBF Industries Ltd, Jiangsu Sanfangxiang Group, Lotte Chemical Corporation, Octal, Reliance Industries Ltd, Saudi Basic Industries Corporation (SABIC), Sinopec Group, RTP COMPANY, BASF SE, Dupont, DSM, M&G Group, Lanxess Corporation, Nan Ya Plastics, Lyondell Basell Industries N.V., Toray Industries, Inc., Neo Group, Dhunseri Petrochem Ltd., Lotte Chemical Corporation.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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