The Business Research Company’s Polyethylene Terephthalate Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
Strong Future Growth Anticipated
The polyethylene terephthalate market is projected to continue its strong growth, reaching $67.13 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to rising demand from the packaging industry, increasing demand for ready-to-eat products, and rising urbanization will drive the growth.
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Growth Driver Of The Polyethylene Terephthalate Market
The increasing demand from automobiles is expected to propel the growth of the polyethylene terephthalate market going forward. The automotive industry refers to a vast and multifaceted sector that encompasses the design, development, manufacturing, marketing, and sales of motor vehicles. Polyethylene terephthalate (PET) is a versatile thermoplastic polymer used in automobiles due to its versatility, durability, and resistance to various environmental factors. It plays a significant role in both the interior and exterior components of modern vehicles, contributing to their performance, safety, and aesthetic appeal.
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Major Players And Market Trends
Key players in the polyethylene terephthalate market include Indorama Ventures Public Company Limited, Far Eastern New Century Corporation, Alpek S.A.B de C.V, Reliance Industries Limited.
Major companies are increasingly manufacturing bio-based PET using partially recyclable materials. Bio-based PET is a lightweight, recyclable, biodegradable, and reusable bioplastic material derived from biomass. It consists of 30% plant-derived ethanol glycol and 70% terephthalic acid derived from fossils. This is also used for the 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 have resulted in an increased demand for bio-based PET.
Segments:
1) By Product Type: Virgin, Recycle
2) By Application: Beverages, Sheets And Films, Consumer Goods, Food Packaging, Other Applications
3) By End-User Industry: Packaging, Electrical And Electronics, Automotive, Construction, Other End Uses Industries
Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the polyethylene terephthalate market in 2023. North America was the second-largest region in the global polyethylene terephthalate market. The regions covered in the polyethylene terephthalate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Polyethylene Terephthalate Market Definition
Polyethylene terephthalate is a high-gloss, crack-resistant transparent plastic. These 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.
Polyethylene Terephthalate Global Market Report 2024 from The Business Research Company covers the following information:
•Market size data for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Polyethylene Terephthalate Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on polyethylene terephthalate market size, polyethylene terephthalate market drivers and trends, polyethylene terephthalate market major players, polyethylene terephthalate competitors' revenues, polyethylene terephthalate market positioning, and polyethylene terephthalate market growth across geographies. The polyethylene terephthalate market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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