Triton Market Research presents their global polyethylene terephthalate market report, segmented by applications (bottles, films and sheets, packaging) and by geographical region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - discussing Industry Value Chain Analysis, Porter's 5 Force Analysis, Drivers, Restraints, Vendor Profiles, Global Market Size, Forecasts & Analysis (2019-2027).
Triton Market Research expects the global polyethene terephthalate (PET) market to witness a compound annual growth rate of 7.06% during the forecast period 2019-2027. The market growth is being propelled by factors like technological advancement in PET manufacturing, a significant rise in the demand for bottled water and the easy recyclability of the PET materials.
The global PET market primarily finds its biggest application in bottling. PET bottles are sturdier, shatterproof and resilient than other common plastic or glass bottles. As a result, they find application in the packaging of a number of beverages and drinks. Increasing health awareness and changing consumer lifestyles are increasing the demand for bottled water. As a result, this segment is expected to showcase a considerable growth over the forecast period of 2019-2027 in the global PET market.
Geographically, the global polyethylene terephthalate market report encompasses regions like Europe, North America, Asia-Pacific, Latin America and the Middle East and Africa. Of these, by the end of 2027, the Asia-Pacific region is likely to exhibit the highest CAGR. Factors like lack of quality tap water, a rise in the number of international tourists and increasing awareness about the sustainability of the PET bottles is augmenting the market demand in this region. China, Japan and India are significant contributors to this region. Most of the global consumers are now looking for products that have high quality and extra benefits. As a result, several bottled water manufacturers are switching to PET bottles because of the clarity and transparency that they offer.
Lately, a shift from conventional plastic packaging materials to biodegradable plastics has been observed in the market. As a result, a lot of global players are moving towards biodegradable plastics like PET that are easily decomposed by microorganisms. Some of the leading plastic manufacturing companies that are taking step in this direction are Pet power B.V, Gerresheimer, Toray Industries, BASF SE, RTP company, Indorama ventures public company limited , Eastman chemical company, M&G chemicals., DIAB group, ARMACELL international S.A, Dow chemical company, LOTTE chemical, DU PONT, and Laxness corporation.
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