Global Polyethylene Terephthalate Market is Expected to Generate Huge Profits by 2032
The global polyethylene terephthalate market is anticipated to grow at a stable CAGR of 3.4% over the projection period from 2022 to 2032. The global market is predicted to forecasted to reach US$ 28.6 Billion in 2022, up from US$ 27.1 Billion in 2021. Furthermore, the industry is poised to reach nearly US$ 40 Billion by 2032.
Polyethylene Terephthalate popularly known as PET is a thermoplastic polymer resin produced due to the reaction of raw materials such as mono ethylene glycol (MEG) and purified terephthalic acid. This material is known to exhibit exceptional barrier properties towards moisture and water. Polyethylene Terephthalate finds applications across diverse industries such as automotive, food, and beverage packaging, and electronics, among others.
Over the recent years, Reliance Industries have announced an opening in Dahej, Gujrat, for making polyester plastic. Furthermore, the company is also expected to commission a 650KTA polyethylene terephthalate (PET) resin capacity and purified terephthalic acid (PTA) plant. It will increase their global share by almost four percent and would also lower the operational cost and achieve full chain margins.
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Key Companies Profiled
Indorama Ventures Public Company Limited
Alpek SAB de CV
Sinopec Group
Far Eastern New Century Corporation
CR Chemical Materials Technology Inc.
Competitive Landscape
Some of the key participants present in the global demand of the polyethylene terephthalate market are focusing on research and development activities along with other strategic steps such as mergers and acquisitions in order to get an edge over the global landscape.
Key Segments Covered in the Polyethylene Terephthalate Market Research Report
Application:
Polyethylene Terephthalate for Sheets/Films
Polyethylene Terephthalate for Packaging
Polyethylene Terephthalate for Consumer Goods
Polyethylene Terephthalate for Other Applications
End User:
Polyethylene Terephthalate for Automotive Industry
Polyethylene Terephthalate for Electronics
Polyethylene Terephthalate for Food & Beverages
Polyethylene Terephthalate for Other End Users
More Insights into the Polyethylene Terephthalate Market
The food and beverage sector is expected to account for robust growth within the Asia Pacific region. The rising income levels along with the swelling population levels are some of the major factors that have been steering the growth of the food industry in the province.
Attributing to enhanced living standards, the food and beverage sector in China is experiencing a significant boost. Consequently, there is an increasing demand for packaged, ready-to-cook, and ready-to-eat food, as well as an array of beverages.
Over the span of time, consumption of packaging material has significantly swelled, and a shift is predicted to sustainable and recyclable material is likely to drive the market in the coming future. Moreover, with enormous scope for growth in the region, novel investments are being observed in the food and beverage sector, envisioned to set up individual confectionaries, food processing, and beverage-making facilities.
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