Crystalline Polyethylene Terephthalate Market size is forecast to reach $18.88 billion by 2026, after growing at a CAGR of 9.2% during 2021-2026. It is among the plastics which is most used in present days. It is a very important polymer used in fabric films, packaging, molding the parts of automotive and electronics, making bottles and containers and many others. The growth in the market is due to the increase in the usage of polyethylene terephthalate for various applications in sectors like, food & beverages, pharmaceutical, automotive, and others.
COVID-19 Impact
The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. Currently the crystalline polyethylene terephthalate market has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. According to World Trade Organization (WTO), global trade volumes are projected to decline between 13-32% in 2020. The pandemic has impacted the industrial segment and majorly the food and beverage industry due to temporary shutdown. This in turn has restricted the growth in year 2020 and a few months in 2021.
Crystalline Polyethylene Terephthalate Market Segment Analysis - By Manufacturing Process
Molding process held the largest share in the crystalline polyethylene terephthalate market in 2020. This growth is mainly attributed to the increasing demand for Polyethylene terephthalate in varied applications such as making of bottles and containers, tapes, transparent films and sheets and others. The polyethylene terephthalate is produced by the polymerization of ethylene glycol and terephthalic acid. The terephthalic acid and ethylene glycol are the building block for it. The types of molding used are blow molding and injection molding for the transparent bottles.
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Crystalline Polyethylene Terephthalate Market Segment Analysis - By Application
Packaging held the largest share in the crystalline polyethylene terephthalate Market in 2020. The crystalline polyethylene terephthalate is used in packaging because of its extreme rigidity and the capability to resist high temperature ranging from -400 F to 4000 F. It is non-toxic and very safe for the packaging of food and beverages. Polyethylene Terephthalate is an excellent water and moisture barrier material, plastic bottles made from PET are widely used for mineral water and carbonated soft drinks. Other packaging applications include rigid cosmetic jars, microwavable containers, transparent films, transparent sheets etc. The rise is mainly due to the growing demand for the smart packaging techniques worldwide. According to plastic recyclers Europe, 15 mega tons of flexible films are annually used, out of which 9 mega metric ton are the polyethylene and 2.5 are the polypropylene films.
Crystalline Polyethylene Terephthalate Market Segment Analysis - By End Use Industry
Food and Beverage Industry dominates the crystalline polyethylene terephthalate market growing in 2020 at a CAGR of 14.2%. As consumer today are finding shortcut for their desired food needs. The earlier days and old trend packaging of metal, aluminum cans, glass bottles and cardboard cartons are replaced by polyethylene terephthalate and with newer version of concepts. Everyday 7.8 billion people eat and consume million tons of food. The change in trend of delivering food has raised drastically and now one-third of the consumer prefer to get their food delivered at home. The new changing technology of delivery at doorstep is increasing at multiple rates. According to Indian Brand Equity Foundation (IBEF) Indian food processing industry comprise of 32% of the country’s total food market. The online food delivery grew up to 150% with estimated GMW of $300 million in 2017.The new applications have made it easier and has derived the market positively. Furthermore, R&D in crystalline polyethylene terephthalate market and to develop a new sustainable and ecofriendly material will support the growth of the Crystalline Polyethylene Terephthalate Market.
Crystalline Polyethylene Terephthalate Market Segment Analysis - By Geography
Asia Pacific region held the largest share in the crystalline polyethylene terephthalate market in 2020 with a market share of 40%, owing to the increasing food and beverage industry in the region. The Asia Pacific region drive the demand from countries like China, Japan, and India. Not only food and beverages but the increase in the pharmaceutical industries in this region is driving the growth. This in turn, positively impacted the Crystalline Polyethylene Terephthalate Market in the Asia Pacific region. Currently the Crystalline Polyethylene Terephthalate Market has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. It in turn has affected the demand and supply chain as well which has been restricting the growth in year 2020.
Crystalline Polyethylene Terephthalate Market Drivers
Rise in Demand for Sustainable Packaging material
Industrialization has led to the increase in demand for crystalline polyethylene terephthalate market in various industries for different purposes. The rise in demand for sustainable packaging is due to the rising demand and changing day to day need. People today are finding shortcuts for their desired needs; they want to save environment but do not want to put any extended effort. The polyethylene terephthalate can easily be recycled and is flexible. The flexible packaging accounts for 30% of the total packaging world. This is because of its increasing usage in food and medical industries.
Superior Properties of crystalline Polyethylene Terephthalate
The superior properties of crystalline polyethylene terephthalate are driving the market. The most superior one is that it can be easily recycled. In Europe, the plastic packaging recycling rate is 40%, which is highest of all. Mostly the plastic used goes into the incineration and landfills. The recyclability makes it to decrease in the pollution and accumulation in the landfills.
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Crystalline Polyethylene Terephthalate Market Challenges
Fluctuation in the price of Raw material
Innovation is the key to developing new products buy the changing price of raw material is causing problem to the manufacturers. The raw material comprises of ethylene glycol, dimethyl terephthalate or terephthalic acid. The prices are dependable on the price of the crude oil and the prices change every day and in December 2020 the price per barrel was $47.92. According to Independent Commodity Intelligence Service the change in price is due to the demand in the different regions and the consumption pattern in the food packaging industry.
Threats of Substitutes
The strict regulations are being imposed in countries across the world to use renewable and biodegradable material. The new age technological materials are replacing the old traditional method of using plastics because of its harmful effects on the environment. The polymers like Polyethylene Furanoate (PEF), Polyhdroxyalkanoate (PHA) and other biopolymers are the new age polymers which are environment friendly and renewable.
Crystalline Polyethylene Terephthalate Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Crystalline Polyethylene Terephthalate Market. Major players in the Crystalline Polyethylene Terephthalate Market are CAPCO, BASF SE, DOW Chemicals, DAK America, Clariant AG, BP Chemicals, Eastman Chemical Company, and Others.
Key Takeaways
Asia Pacific dominates the crystalline polyethylene terephthalate market owing to rapid increase in food and beverages sector especially packaged foods.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end use industry in Crystalline Polyethylene Terephthalate Market and their specific segmented revenue.
Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Composite testing related industries has been negatively affected, thus hampering the growth of the market.
Related Reports :
A. Amorphous Polyethylene Terephthalate Market
https://www.industryarc.com/Report/15534/amorphous-pet-market.html
B. Dimethyl Terephthalate Market
https://www.industryarc.com/Report/16026/dimethyl-terephthalate-market.html
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