According to Stratistics MRC, the Global Polyethylene Teraphthalate Market is valued at $36.13 billion in 2015 and is expected to reach $65.4 billion by 2022 growing at a CAGR of 8.84% between 2015 and 2022. Rising demand of polyethylene teraphthalate from food and beverage sector, increasing demand for packaged food, rise in demand for electronics and automotive applications and eco friendly substitution are the major driving factors of the market. Furthermore, factors such as rapid urbanization, innovative packaging and high economic growth are favoring the market. However, factors such as growing environmental concerns and strict regulations imposed by governments are hampering the growth of the market. Moreover, economic fluctuations and volatility of crude oil prices is also likely to hinder the market.
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Growing construction industry is anticipated to enhance the demand for PET which is used in the manufacturing of carpets. PET is also extensively used in the manufacturing of bottles requisite for the packaging of several beverages. The increasing demand for carbonated soft drinks and bottled water is estimated to fuel the polyethylene terephthalate market demand. Asia Pacific has been identified as the largest and fastest developing PET market globally. However, China is the major consumer as well as manufacturer of the PET market.
Some of the major players of the global market include Abu Dhabi Polymers Ltd, Aclo Compounders, Eastman Chemical Company, Dow Chemical Company, Indorama Ventures, Chevron Phillips Chemical Company LLC, Saudi Basic Industries Corporation, Global Polymers Inc, Bayer AG, BASF Corporation, Sanfangxiang Group, DAK Americas, Sinopec, Dragon Special Resin, Far Eastern New Century, Lotte Chemical Corp, and Invista.
Alcoholic and hot beverages
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