The polyethylene terephthalate market effectively consists of sales of polyethylene terephthalate and connected services. It is broadly used in several applications such as automotive, food and beverage packaging, and electronics. The Polyethylene terephthalate is a great gloss, crack-resistant transparent plastic. They are universal resolution thermoplastic polymers introduced by the reaction of monoethylene glycol (MEG) and purified terephthalic acid (PTA) and are well-known for their excellent amalgamation of mechanical, thermal, chemical and dimensional stability.
According to the report analysis, ‘Polyethylene Terephthalate Global Market Report 2020’ states that in the polyethylene terephthalate global market there are several companies which presently functioning more effectively for leading the highest market growth and registering the handsome value of market share around the globe during the short span of time while delivering the better consumer satisfaction, decreasing the linked prices, advancing the applications of such, implementing the profitable strategies, employing the young work force, studying and observing the strategies and policies of the government and competitors, and improving the specifications of the production technologies includes Far Eastern New Century Corporation, Hengli Group Co. Ltd, Indorama Ventures Public Company Limited, JBF Industries Ltd, Jiangsu Sanfangxiang Group, Lotte Chemical Corporation, Octal, Reliance Industries Ltd, Saudi Basic Industries Corporation (SABIC), Sinopec Group and several others.
The worldwide polyethylene terephthalate market was worth USD 43.81 billion in 2019. It is projected to grow at a compound annual growth rate (CAGR) of 11% and reach USD 68.33 billion by 2023.
The effective growth in the demand of polyethylene terephthalate in food and beverages packaging likewise carbonated soft drinks packaging underwritten to the growth of the polyethylene terephthalate market. The growing requirement for bottled drinks and glass and metal ampoule replacements finds no better substitutes to polyethylene terephthalate, owing to its resourcefulness in shape and size. For instance, during 2017, according to ‘Plastics Insight’, China dominated the worldwide polyethylene terephthalate production and registered for 30.8% of the total production, which was 30.3 million tons and involved bottled drinks segment and films and sheets. China is not only the greatest producer of polyethylene terephthalate but also the greatest consumer of the world. The growing demand in food and beverages packaging industry augmented the demand for polyethylene terephthalate throughout the historic period, propelling the market.
The major corporates are gradually manufacturing bio-based PET utilizing partially recyclable materials. Bio-based PET is light weight, recyclable, biodegradable, and returnable bioplastic material resultant from biomass. It consists of 30% of plant consequential ethanol glycol and 70% of terephthalic acid consequential from fossils. This is also utilized for packaging of soft drinks, alcoholic beverages, food products, cosmetics, pharmaceutical products, and edible oils. The desire to usage environmental friendly products and rigorous regulations have reinvigorated the usage of bio-friendly products in industries and has resulted in the augmented requirement of bio-based PET. For instance, during 2018, according to ‘Bioplastics News’, PepsiCo joined Danone and Nestle Waters in introducing bio-based polyethylene terephthalate bottles (PET). A demonstration plant with a projected capacity of 18,000 tons of biomass will be built in Ontario (Canada), and will begin by 2020 to introduce 100% bio-based PET bottles.
During March 2018, Plastiche SA, a Belgium-based specialty chemical products corporate, controlled by Roussis family holdings obtained Bamberger Polymers Corp. for an undisclosed amount. The acquisition suggested Plastiche SA in expanding Roussis family holdings in the plastics manufacturing industry, in which they are already included. Bamberger Polymers Corp. is a USA-based plastics manufacturing corporate and concentrates in products such as polyethylene terephthalate. Therefore, in the coming years, it is predicted that the market of polyethylene terephthalate will increase around the globe more effectively over the upcoming duration.
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Ankur Gupta, Head Marketing & Communications