Global Polyethylene Terephthalate Market to Surpass US$ 60.73 Billion by 2025, Buoyed by Rampant Growth in Food and Beverage Industry
The Global Polyethylene Terephthalate Market was valued at US$ 26.57 billion in 2016, according to a new report published by Coherent Market Insights. The increasing demand for bottled water and carbonated soft drinks are expected to dominate the market for PET during 2017-2025. PET bottles are gaining traction in food & beverages industry, due to its light weight, easy to handle, non-breakable and can be recycled into various products such as rain coats, door panel, fibers, industrial strapping among others. Favorable government regulations in Asia Pacific is expected to boost the market for PET during 2017-2025. For instance, in 2015, the Government of India allowed use of PET for pharmaceuticals packaging under Drugs & Cosmetics Act (1940), Schedule M, and Section 16.10. Major players in the market focus on new product development and integrating new technologies in existing product portfolio to meet rising demand of its customer base. For instance, in 2014, SIDEL introduced NEW RIGHTWEIGHT 0.5 liter bottle for still water weighs just 7.95 grams, yet offers a superior consumer experience and a top-load performance of 33 kilograms, without the need for nitrogen dosing, using standard 26/22 closures.
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Petroleum derivatives are used as the primary feedstock in the manufacture of polyethylene terephthalate. Growing demand for PET packaging material from various food & beverages industries, in turn, propel the demand for PET. However, volatility of crude oil prices and growing GHG emission concerns has compelled the manufacturer to shift in focus towards bio based PET product, which in turn is expected to be the key challenges for petroleum based PET. Market leading food & beverages industry are continuously investing to develop environment friendly and bio based packaging material for food & beverages. For instance, in June 2012, The Coca Cola Company, Heinz & Co., Ford Motors, Nike Co. and Proctor & Gamble have signed Plant PET Technology Collaborative (PTC), intended for development and use of 100% bio-based PET in their product offerings. This development in bio based PET is expected to boost the market for PET during the forecast period.
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Key takeaways of the market:
- Asia-Pacific is projected to be the largest region in global polyethylene terephthalate market. It accounted for around 59.8% of overall polyethylene terephthalate market revenue in 2016. The market in this region is expected to be primarily driven by the rampant growth of end-use industries in China, India, and ASEAN countries. The growing food & beverages industries, rising economy, growing per capita income of middle-class people are some of the key drivers for the growth of polyethylene terephthalate in the Asia-Pacific region.
- The market in Latin America is expected to register a significant growth rate over the forecast period. The rise in discretionary income along with increasing ready to eat food are expected to create lucrative growth opportunities for the players in this region.
- The automotive industry is one of the key industries for the use of polyethylene terephthalate. A strong automobile sale in Asia-Pacific and Europe is expected to enhance the growth of polyethylene terephthalate in the forecast period. The automotive applications such as headlamp retainer, wiper arm and gear housings, engine cover, connector housings are the key automotive application for the use of polyethylene terephthalate. According to India Brand Equity Foundation (IBEF), is a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, South Korea’s Kia Motors Corp is close to finalizing a site for its first factory in India, slated to attract US$1 billion (Rs 6,700 crore) of investment. It is deciding between Andhra Pradesh and Maharashtra. The target for operationalizing the factory is the end of 2018 or early 2019.
- 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. are few of the key players in Global Polyethylene Terephthalate market.
- There are various organic, and inorganic growth strategies which are being followed by the leading market players in the market. Technological advancement is leading to the key innovation in the new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market.
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