The Global Polyethylene Terephthalate Market Is Exhibiting A Cagr Of 6.7% During The Forecast Period (2021 To 2027)

Polyethylene Terephthalate


Polyethylene terephthalate (PET) is the most common polyester plastic resin formed by the combination of two monomers. Polyethylene terephthalate, also known as PET or PETE, is a remarkable low-cost and energy-efficient packaging material that possesses versatility, strength, and recyclability, allowing it to be used in a variety of end-use industries such as packaging and textile. Growing environmental pollution from the chemical and petrochemical industries, on the other hand, is expected to be one of the primary concerns for the PET market. Despite various environmental concerns about PET use, it is far superior to steel, aluminium, glass, and other packaging materials due to its high weight bearing capacity and light weight, which reduces transportation costs by utilising less space and weight.

 

The global Polyethylene Terephthalate Market is estimated to surpass us$ 60.59 bn by the end of 2027 in terms of revenue, exhibiting a cagr of 6.7% during the forecast period (2021 to 2027). Because of the increased demand for PET materials for efficient and environmentally friendly packaging alternatives globally, as well as the rise in demand for packaged and processed food, the packaging segment offers the most market potential in the PET market. Furthermore, an increase in consumer preference for efficient and easily recyclable beverage containers, as well as an increase in usage as an eco-friendly substitute, drive the growth of this segment. Because of the constant growth in per capita disposable income and the rise in demand for lightweight materials, the use of PET in electrical and electronics has seen significant developments.

 

The global polyethylene terephthalate market is divided into three sections: application, end-use industry, and geography. Beverages, sheet & films, consumer goods, food packaging, and others are the application segments. The market is divided into end-use industries such as packaging, electrical & electronics, automotive, construction, and others. During the forecast period, the packaging segment is expected to grow at a rapid pace. Geographically, the market is examined in North America, Europe, Asia-Pacific, and Latin America and the Caribbean. 

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