Polyethylene Terephthalate (PET) Resin Market – Growth, Trends, Impact of COVID-19 and Forecast (2022-2027)
New York, April 26, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Polyethylene Terephthalate (PET) Resin Market – Growth, Trends, Impact of COVID-19 and Forecast (2022 – 2027)” – https://www.reportlinker.com/p06271844/?utm_source=GNW
Several countries have been in lockdown due to the pandemic, causing supply chain issues, labor shortages and work stoppages. Various end-user sectors, including electrical and electronics, consumer products, food and beverages, etc., have been hit hard. Demand for polyethylene terephthalate resin also suffered. Auto manufacturing climbed 9.8% in the first nine months of 2021 from a year earlier, according to OICA. In 2022, the situation is expected to improve, restoring the growth trajectory of the market.
In the short term, growth in the food and beverage industry, increasing PET collection and recycling rates in Europe, and demand for sustainable and recyclable materials are expected to drive the market growth. The food industry has seen robust growth in the Asia Pacific and Middle East & Africa regions. Rising income levels and increasing population levels are the main factors for the growth of the food industry in these regions. With huge growth potential in these regions, new investments are seen in the food and beverage sector, which aims to set up individual confectionery, food processing and beverage production facilities.
On the other hand, stringent regulations regarding the use of PET and the increasing use of substitute products, such as high-density polyethylene, are expected to hinder the growth of the market studied.
The move towards flexible packaging and the advent of bio-based PET are likely to be market growth opportunities in the future.
The bottle segment accounted for the largest market share of over 50%. It is estimated to register a healthy CAGR during the forecast period.
Main market trends
The bottle segment is expected to dominate the market
As polyethylene terephthalate (PET) is an excellent water and moisture barrier material, PET plastic bottles are widely used for mineral water and soft drinks (low and high carbonated).
Apart from the above mentioned applications, PET bottles are also used for alcoholic beverages, agrochemicals, cosmetics and pharmaceuticals, edible oils, etc.
PET bottles are also recycled for various purposes. For example, they are used in solar water disinfection in developing countries, in which empty PET bottles are filled with water and left in the sun to enable disinfection by ultraviolet radiation. PET is useful for this purpose because many other materials (including window glass) that are transparent to visible light are opaque to ultraviolet radiation.
According to the IBWA, bottles were the largest beverage category by volume in 2020. About 23% of bottles are used for water storage purposes in the United States.
According to the Indian Journal of Science and Technology, PET bottles filled with sand, earth, fly ash or any other material such as plastic household waste, when properly compacted, can be used as construction instead of conventional bricks.
Thanks to the investments of polyethylene terephthalate manufacturers in Saudi Arabia, the production capacity of PET resin is expected to increase in the coming years. For example, in January 2019, Pan-Asia PET Resin (Guangzhou) Co., one of China’s leading PET bottle suppliers, launched a SAR 3.9 billion manufacturing facility in the country. , which produces PET and PTA used in packaging and fabrics. Industries. Such investments are likely to boost the demand for PET resins in the bottle segment.
All the above-mentioned factors are expected to increase the demand in the PET resin market over the forecast period.
The Asia-Pacific region is expected to dominate the market
The PET market in the Asia-Pacific region is driven by factors such as growing population, increasing disposable income, urbanization in developing economies, and growing demand for fast-moving consumer goods.
China is a major producer of PET resins, with PetroChina Group and Jiangsu Sangfangxiang being among the world’s largest manufacturers by volume, with capacities of over 2 million tonnes.
The use of engineering plastic products in the packaging sector (PET containers, bottles, etc.) is increasing at a rapid pace due to their advantages over the conventional packaging plastics used. Demand from industries such as food and beverage, consumer goods and others for packaging materials is growing in China, due to increased exports and domestic consumption.
China’s food and beverage consumption has evolved significantly over the past 40 years and has gradually shifted from an industry-driven market to a consumer-driven market.
The Asia-Pacific electronics industry has grown rapidly in recent years due to strong demand from countries like India and China. China is a strong and favorable market for electronics producers due to the country’s low labor cost and flexible policies.
Asian PET bottle markets remained under pressure due to a combination of abundant supplies and resistance to buying amid rising COVID-19 cases. However, the situation has changed since 2021, as flexible packaging is chosen by many industries due to hygiene concerns.
All the above-mentioned factors are expected to increase the demand for PET resin in the region during the forecast period.
The PET resin market is a semi-consolidated market. Major market players include Indorama Ventures Public Company Limited, Alpek SAB de CV, Sinopec Group, Far Eastern New Century Corporation, and CR Chemical Materials Technology Inc., among others.
The Market Estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06271844/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001