The globalpolyethylene terephthalate (PET) market has been predictedby Transparency Market Research (TMR) to bear a significantly fragmentedcharacteristic due to the presence of several industry players. According to amarket research publication penned by TMR, five companies, viz. DAK Americas,Octal, Jiangsu Sanfangxiang, M&G Chemicals, and Indorama Ventures, hadsecured an aggregate approximate share of only 39.0% in the recent 2015. In thenext few years, the market could testify an intense level of competition duethe enormous count of PET resin suppliers and low switching expenses.
As per theTMR report, the global PET market has been anticipated to earn around US$39.16bn by 2024 from US$23.73 bn in 2015 at a 5.80% CAGR for the forecast timeframe2016–2024. By application, beverages could remain as a dominant market for PET.By region, Asia Pacific has been foreseen to rise with a higher share,considering its over 35.0% share achieved in 2015.
Playersoperating in the global PET market have been expected to make continuousefforts to introduce new offerings for cementing their position with a handsomeshare in future. Furthermore, expansion could be a prime strategy adopted forachieving full chain margins, lowering operational expenses, and improvingglobal capacity share. For instance, in 2015, Reliance Industries Ltd. (RIL)had publicized the commissioning of PET resin plant of 650 KTA capacity andpurified terephthalic acid (PTA) capacity of 1,150 KTA in Gujarat. These plantscould apparently be put to operation for preparing polyester plastic used inplastic bottles, foods and beverages, packaging, and clothing.
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PETPackaging Replacing Traditional Glass Packaging Strengthens Market
The worldPET market has been projected to exhibit a highly dynamic nature throughout thecourse of the forecast period. The growth of the market could be impactedpositively with the latest trend of the replacement of conventional glasspackaging with PET packaging. According to the authors of the report, themarket could gain a telling impetus on the back of the high recyclability ofPET. Products such as raincoats and carpets which do not require virgin PEThave been forecasted to make the best use of the 100.0% recyclable property ofPET packaging. Most of these packaging could be reused by manufacturers.
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In thisregard, companies have been envisaged to receive high profit margins in thecoming years. Moreover, the demand for PET products could augment further,especially in emerging regions, ensuring a strong market growth in the nearfuture.
Strict Government RegulationsPertaining to PET Application Break Momentum
Theinternational PET market has been envisioned to face restrictions in its growthwith the implementation of tight government regulations and intense volatilityin the prices of crude oil.
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However,there could be attractive business opportunities birthing from the surgingdemand for packaged food bolstered by the growing consumption of processed andfrozen food. The demand for PET in the food and beverage sector on the part ofcarbonated soft drinks packaging has been prognosticated to bode well for themarket. Factors such as eco-friendly substitution and the elevating demand forautomotive and electronics applications could unveil new avenues for players.Besides these, strong economic growth, innovative packaging, and rapidurbanization have been prophesied to drive the growth of the market.
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