Press release
Polyethylene Terephthalate Market Size to Be Valued at USD 52.94 billion in 2024 to USD 109.63 billion by 2032, recording a CAGR of 9.5% | PET Industry Share, Growth, Report, 2024
Polyethylene Terephthalate (PET) Market
Polyethylene terephthalate (PET) is an amorphous, semi-crystalline thermoplastic that comes from the polyester family. It is made using various raw materials including ethylene glycol and terephthalic acid. PET is lightweight and recyclable, which makes it a suitable material in the packaging sector. The rising preference for high-quality packaging in pharmaceutical and food & beverage industries are also expected to augment the product adoption. Furthermore, growing research & development (R&D) activities and innovations in the production of polymers will fuel the polyethylene terephthalate market growth during the forecast period.
Fortune Business Insightsโข presents this information in a report titled, "Polyethylene Terephthalate (PET) Market Size Report, 2024-2032."
๐ฎ๐๐ ๐ ๐ญ๐๐๐ ๐บ๐๐๐๐๐ ๐น๐๐๐๐๐๐๐ ๐น๐๐๐๐๐ - https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/polyethylene-terephthalate-pet-market-101743
Polyethylene Terephthalate (PET) Market Segmentation:
Virgin PET to be Widely Used in Packaging Industry for Its Antimicrobial Properties
Based on type, the market is divided into virgin and recycled PET. The virgin segment held a large polyethylene terephthalate (PET) market share in 2022. This resin is produced from a petrochemical feedstock, such as crude oil and natural gas. The demand for virgin PET is growing across the food & beverage packaging sector to make containers and bottles. Furthermore, virgin plastic products can resist bacteria or microorganisms, which will enhance their consumption in the packaging sector.
Rising Demand for Containers from Food Industry to Boost Adoption of Rigid Packaging
In terms of application, the market is bifurcated into rigid packaging, sheets & straps, film, and others. The rigid packaging segment is predicted to account for the largest market share during the forecast period. Customers are increasing their spending on online shopping, which has surged the demand for high-quality packaging materials. The consumption of packaged foods has also grown considerably, thereby fueling the usage of rigid packaging products to meet stringent hygiene standards, further driving the segment growth.
Report Coverage:
The polyethylene terephthalate market report offers an in-depth analysis of the industry and focuses on vital aspects, such as product types, leading companies, and applications. It also provides valuable quantitative data regarding volume & value, research methodology for market data, market analysis, and insights into the latest market trends. The report highlights key developments in the market and the overall competitive landscape as well. Apart from these factors, the report encompasses various other factors that have contributed to the market's growth over the years.
Drivers and Restraints:
PET Finds Extensive Use in Packaging Industry
PET is typically used to manufacture plastic containers and bottles to pack beverages and personal care, consumer, and food products. This polymer comes at a low cost and provides excellent insulation, robust strength, and lightweight properties. These features make PET a suitable packaging product for deliveries. PET containers and sheets are being widely used to pack various goods that customers order from online stores. The e-commerce sector is also expanding due to lower product prices, attractive discounts, easy accessibility of online products, and supportive shipping & return policies. People are becoming more conscious about the environment and opting for recyclable packaging, which will expand the polyethylene terephthalate (PET) market size during the forecast timeframe.
Wide Availability of Substitutes Might Hinder Market Growth
Substitute polymers, such as polypropylene, polyethylene, and polystyrene are widely available, which might restrain the consumption of PET products. These substitutes offer the same benefits as PET, such as low thermal conductivity, high flexibility, lightweight, great stress-bearing capacity, and cost-effectiveness. Moreover, governments are imposing strict regulations on the production and sales of plastics as the production process of plastic increases pollution levels and severely affects the environment. As per the ClinMed International Library, long-term use of and high-temperature exposure to plastics can release harmful chemical compounds into food, beverages, and water. The indiscriminate dumping of plastics on land and open-air burning can cause some serious health problems due to air pollution. These factors will hamper the market growth.
๐ฎ๐๐ ๐ ๐ธ๐๐๐๐ - https://www.fortunebusinessinsights.com/enquiry/get-a-quote/polyethylene-terephthalate-pet-market-101743
Regional Polyethylene Terephthalate (PET) Market Insights:
Asia Pacific to Hold the Largest Share in Polyethylene Terephthalate Market
The Asia Pacific polyethylene terephthalate (PET) market was valued at USD 16.98 billion in 2022. Plastic production in the region is undergoing some important advancements to make it more sustainable. China has captured the leading market share and is the fastest-growing country in the region. This rapid growth is credited to the increased recycling of plastics, growing R&D activities, and expanding packaging, electrical, and electronics industries.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
Indorama Ventures (Thailand)
Far Eastern New Century (Taiwan)
DAK Americas (U.S.)
Nan Ya Plastics Corporation (Taiwan)
SABIC (Saudi Arabia)
Dupont (U.S.)
Lotte Chemical Corporation (South Korea)
Reliance Industries (India)
Octal Petrochemicals (U.S.)
Jiangsu Sanfangxiang Group Co., Ltd. (China)
Competitive Landscape:
Companies to Expand Their Business Operations to Maintain Market Leadership
Key producers involved in the market include Sabic, Indorama Ventures, Reliance Industries, and Dupont. These organizations are engaged in capacity improvement, acquisitions, product innovations, and collaborations. For example, Indorama Ventures produces polymers and has nearly 19 PET production plants across four continents in 11 countries. The company claims that at least one in five PET bottles supplied across the world is made from Indorama's resins. The firm's plastic products are used as a raw material to make sheets, bottles, fibers, films, and filaments. It has adopted a wide range of growth strategies, such as expansions and acquisitions to improve its business competence.
Polyethylene Terephthalate (PET) Market Industry Development:
July 2021: Indorama Ventures Public Company Limited (IVL), established a factory in Karawang, West Java, to recycle 1.92 billion polyethylene terephthalate (PET) plastic bottles each year. Through this plan, the company aims to support the governments' aim to reduce ocean trash.
๐น๐๐๐ ๐ด๐๐๐ ๐ฐ๐๐๐๐๐๐๐๐๐๐ - https://www.fortunebusinessinsights.com/industry-reports/polyethylene-terephthalate-pet-market-101743
Detailed TOC of Global Polyethylene Terephthalate (PET) Market Research Report, 2024-2032
1 Polyethylene Terephthalate (PET) Market Overview
2 Market Upstream and Downstream Analysis
3 Polyethylene Terephthalate (PET) Market Players Profiles
5 Global Polyethylene Terephthalate (PET) Market Sales, Revenue, Price Trend by Type
6 Global Market Analysis by Application
7 Global Sales and Revenue Region Wise (2017-2022)
8 Global Market Forecast (2024-2032)
9 Industry Outlook
10 Research Findings and Conclusion
11 Appendix
Continued...
Contact Us:
Fortune Business Insightsโข Pvt. Ltd.
9th Floor, Icon Tower,
Baner, Pune-411045,
Maharashtra, India.
Phone:
U.S.: US +1 833 909 2966 (Toll Free)
UK +44 808 502 0280 (Toll Free)
APAC +91 744 740 1245
Email: sales@fortunebusinessinsights.com
๐๐๐จ๐ฎ๐ญ ๐๐ฌ:
Fortune Business Insightsโข offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Polyethylene Terephthalate Market Size to Be Valued at USD 52.94 billion in 2024 to USD 109.63 billion by 2032, recording a CAGR of 9.5% | PET Industry Share, Growth, Report, 2024 here
News-ID: 3686038 • Views: โฆ
More Releases from Fortune Business Insights
Blood Testing Market Size, Growth, Opportunities 2024-2032 | Abbott Diagnostics, โฆ
The blood testing market is a crucial segment of the broader healthcare diagnostics industry, encompassing a variety of tests used to analyze blood samples for the diagnosis, monitoring, and prevention of diseases. This market is driven by the increasing prevalence of chronic diseases, such as diabetes and cardiovascular conditions, as well as the growing emphasis on preventive healthcare and early diagnosis. Advances in technology, including the development of point-of-care testingโฆ
Interventional Cardiology Devices Market Size, Trends, Growth, Opportunities 202 โฆ
The global interventional cardiology devices market size was valued at USD 15.61 billion in 2023. The market is projected to grow from USD 16.69 billion in 2024 to USD 29.32 billion by 2032, exhibiting a CAGR of 7.3% during the forecast period (2024-2032).
The interventional cardiology devices market is experiencing steady growth, driven by advancements in minimally invasive procedures for treating heart conditions. This press release explores the key industry developments,โฆ
Green Steel Market to Exhibit a CAGR of 55.6% over 2024 to 2032 | Green Steel In โฆ
Green steel means the steel produced without utilizing any fossil fuel. The push toward low-CO2 steel is slated to provide green signal to the product, propelling the market growth. Natural gas, which includes LNG, accounts for the lowest emission of CO2 of all fossil fuels.
The COVID-19 pandemic resulted in halts in several industries, including mining and metal industries. Carbon-free steel was regarded as a suitable solution to handle the massiveโฆ
Automated Suturing Devices Market Size, Growth, Opportunities 2024-2032 | Ethico โฆ
The automated suturing devices market is a rapidly evolving segment within the medical device industry, driven by advancements in surgical technology and the increasing demand for minimally invasive procedures. These devices are designed to streamline the suturing process during surgical interventions, enhancing precision and efficiency while reducing the risk of complications associated with manual suturing techniques. Automated suturing devices are particularly beneficial in high-stakes environments, such as robotic surgeries andโฆ
More Releases for PET
Pet Travel Services Market 2020 PetSino IPATA Happy Tails Travel Pet Travel PetR โฆ
With the slowdown in world economic growth, the Pet Travel Services industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Pet Travel Services market size to maintain the average annual growth rate of 15 from XXX million $ in 2014 to XXX million $ in 2019, BisReport analysts believe that in the next few years, Pet Travel Services market size willโฆ
Pet Veterinary Diets Market 2019 Industry Dynamics - Mars, Farmina Pet Foods, Ni โฆ
Recent market research study Global Pet Veterinary Diets Market 2019-2024 now available with Fior Markets provides a comprehensive market analysis based on past and current situation of the market. The report covers future trends, current growth drivers, thoughtful insights, facts, market valuation, competitive spectrum, regional share, and revenue predictions. The report shows the market size, share, business growth enhancers, and obstructers, prior and current trends being followed by the market.โฆ
Recycled PET Market Share, Recycled PET Market Size, Recycled PET Market Trends, โฆ
Scope of the Report:
This study provides an overview of the global recycled PET market, tracking one market segment across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years forโฆ
Pet Care Products Market is Booming Worldwide | Mars, Merrick Pet Care, Central โฆ
HTF MI released a new market study on Global Pet Care Products Market with 100+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand detailed analysis. At present, the market is developing its presence. The Research report presents a complete assessment of the Market and contains a future trend, current growth factors, attentive opinions, facts, and industry validated market data. The research study providesโฆ
Pet Furniture Market Is Booming Worldwide | Go Pet Club, North American Pet Prod โฆ
HTF MI recently introduced Global Pet Furniture Market study with in-depth overview, describing about the Product / Industry Scope and elaborates market outlook and status to 2023. The market Study is segmented by key regions which are accelerating the marketization. At present, the market is developing its presence and some of the key players from the complete study are Go Pet Club, North American Pet Products, MidWest Homes for Pets,โฆ
Pet Utility Products Market 2018- Advanced Pet Products, IRIS USA Inc, Costal Pe โฆ
This report studies the global market size of Pet Utility Products in key regions like North America, Europe, Asia Pacific, Central & South America and Middle East & Africa, focuses on the consumption of Pet Utility Products in these regions.
Request a Sample of this Report@ http://www.orbisresearch.com/contacts/request-sample/2304884
This research report categorizes the global Pet Utility Products market by players/brands, region, type and application. This report also studies the global market status, competitionโฆ
