Polyethylene terephthalate is the most common plastic resin of polyester made from the combination of two monomers. Polyethylene terephthalate, also referred to as PET or PETE, is a remarkable cost and energy efficient packaging material, which possesses properties of versatility, strength, and recyclability, thus being used in various end-use industries such as packaging and textile. Despite various environmental concerns of PET use, it is much favorable in comparison to steel, aluminum, glass and other materials used for packaging, due to its high weight bearing capacity and light weight, which in turn reduces the transportation cost by utilizing less space and weight.
PET is biologically inert material, which does not react with any food or beverages and offers high resistance to micro-organism. For instance, in December 1992, the U.S. Food and Drug Administration (FDA) announced the use of recycled PET bottles, as safe from any kind of microbial contamination and reaction with the packed food or beverages.
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Technological advancement for developing lightweight, high strength and energy-efficient PET bottles is expected to boost the market growth.
In 2016, the global polyethylene terephthalate market size was pegged at US$ 26.57 billion (revenue) and 27,749.22 kilo tons (volume), The market is expected to expand at a CAGR of 9.7% in terms of revenue and 7.6% in terms of volume during the forecast period.
Polyethylene terephthalate can be recycled and reused for manufacturing door panels, rain coats, industrial sheets and carpets. The closed loop recycling of used polyethylene terephthalate bottles into new grade PET is expected to subsequently decrease the environmental pollution by a decreasing the demand for raw material, consequently increasing the profit margin of the PET bottle manufacturer.
Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends, which are expected to shape the industry in the near future. Major players in the global Polyethylene Terephthalate market include Alpek S.A.B de C.V., RTP company, BASF SE, The Dow Chemicals Company, Jiangsu Sanfangxiang Group, Indorama Ventures, M&G Chemicals, Nan Ya Plastics Corporation, Far Eastern New Century, and Quadrant AG among others.
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