The Global Polyethylene Terephthalate (PET) Market size is prognosticated to rise remarkably owing to the increasing demand for polyethylene terephthalate from the food and beverage sector. In a recent report by Fortune Business Insights™ titled, “Polyethylene Terephthalate (PET) Market Size, Share & Industry Analysis, By Grade (Textile, Bottle, Film), By End-Use Industry (Packaging, Textiles, Automotive, Electrical, and electronics) and Regional Forecast, 2019-2026,” the market is discussed in details.
List of the Best Companies polyethylene terephthalate (PET) market manufacturers include:
- Rangsheng Petrochemicals
- DAK Americas
- Indorama Ventures
- Zhengbang Fibre
- M&G Chemicals
- Lotte Chemicals
- Imperial chemical industry PLC
- Nan Ya Plastics
- Octal Petrochemicals
- SABIC
- DuPont
Gain More Insights into the Polyethylene Terephthalate (PET) Market Research Report
Asia Pacific to Dominate Market on Account of Increasing Demand for Ready-to-eat Food Products
The global polyethylene terephthalate market size to widespread in about five regions, namely Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. The report predicts Asia Pacific to have a dominant polyethylene terephthalate market share, followed by North America. This dominance enjoyed by Asia Pacific is based on the low cost of PET production in the region.
China is considered one of the largest consumers of polyethylene terephthalate, owing to the abundant availability of raw materials in the nation. Apart from this, there is a rise in demand for convenience and ready-to-eat food, which ultimately boosts the demand for PET from the food packaging industry in China. The aforementioned factor is likely to help accelerate the Asia Pacific polyethylene terephthalate market growth in the future.
On the other side, North America market is gaining traction on account of the presence of established electronic and automobile industries. On the other side, the Europe market is expected to grow remarkably on account of the presence of its own automotive industry.
In addition, there is a surge in the use of polyethylene terephthalate in vehicles for reducing its total weight and keep control of carbon emissions to the atmosphere. Additionally, Saudi Arabia is among the largest market in the Middle East and Africa region attributable to the increasing demand for sustainable packaging as a result of the rise in food consumption.
New Operational Setting up of Industries to Intensify Competition
Polyethylene terephthalate (PET) market manufacturers are investing huge sums into processing plants and petrochemical projects. Besides this, companies are also adopting strategies such as merger and acquisitions, company collaborations, and others for gaining a competitive edge in the market.
