The global polyethyleneterephthalate (PET) market hasbeen predicted by Transparency Market Research (TMR) to bear a significantlyfragmented characteristic due to the presence of several industry players.According to a market research publication penned by TMR, five companies, viz.DAK Americas, Octal, Jiangsu Sanfangxiang, M&G Chemicals, and IndoramaVentures, had secured an aggregate approximate share of only 39.0% in therecent 2015. In the next few years, the market could testify an intense level ofcompetition due the enormous count of PET resin suppliers and low switchingexpenses.
Asper the TMR report, the global PET market has been anticipated to earn aroundUS$39.16 bn by 2024 from US$23.73 bn in 2015 at a 5.80% CAGR for the forecasttimeframe 2016–2024. By application, beverages could remain as a dominantmarket for PET. By region, Asia Pacific has been foreseen to rise with a highershare, considering its over 35.0% share achieved in 2015.
Players operating in the global PET market havebeen expected to make continuous efforts to introduce new offerings forcementing their position with a handsome share in future. Furthermore,expansion could be a prime strategy adopted for achieving full chain margins,lowering operational expenses, and improving global capacity share. Forinstance, in 2015, Reliance Industries Ltd. (RIL) had publicized thecommissioning of PET resin plant of 650 KTA capacity and purified terephthalicacid (PTA) capacity of 1,150 KTA in Gujarat. These plants could apparently be putto operation for preparing polyester plastic used in plastic bottles, foods andbeverages, 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.
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.
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StrictGovernment Regulations Pertaining 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.
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.
Theinformation presented in this review is based on a TMR report, titled “PolyethyleneTerephthalate Market (Application - Beverages (Bottled Water, CarbonatedDrinks, and Juices and LDP), Films, Food Packaging, and Cosmetic Bottles andHousehold Products) - Global Industry Analysis, Size, Share, Growth, Trends,and Forecast 2016 - 2024.”
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The globalpolyethylene terephthalate market has been segmented as presented below:
GlobalPolyethylene Terephthalate Market: By Application
· Beverages
o Bottled Water
o Carbonated Drinks
o Juices and LDP
· Films
· Food Packaging
· Cosmetic Bottles and HouseholdProducts
GlobalPolyethylene Terephthalate Market: By Region
· North America
o U.S.
o Canada
· Europe
o Germany
o France
o U.K.
o Italy
o Russia
o Spain
o Rest of Europe
· Asia Pacific
o China
o India
o Japan
o Australia and New Zealand
o Rest of Asia Pacific
· Latin America
o Brazil
o Mexico
o Rest of Latin America
o Southern Global
· Middle East and Africa
o GCC Countries
o South Africa
o Rest of Middle East and Africa
