The Growing Demand Of Online Food Delivery Has Led To The Rising Use Of Flexible Packaging Which Boosts The Polyethylene Terephthalate Market Growth

 

Polyethylene Terephthalate

Polyethylene Terephthalate Market is segmented by Product Type (Bottles, Films and Sheets, and Other Product Types), End-user Industry (Food and Beverage, Automotive, Electrical and Electronics, Healthcare, Consumer Goods, and Other End-user Industries) by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Polyethylene Terephthalate (PET) Market is estimated to surpass US$ 72.88 Bn by the end of 2030 in terms of revenue, exhibiting a CAGR of 6.7% during the forecast period (2023 to 2030), as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Polyethylene Terephthalate is a kind of polyester formed from ethylene glycol and terephthalic acid often known as purified terephthalic acid. The raw materials for Polyethylene Terephthalate are extracted from natural gas and crude oil. Polyethylene terephthalate, is the chemical name for polyester. Polyethylene Terephthalate is a clear, robust, and frivolous plastic that is vastly utilized for packaging foods and drinks, particularly comfortable-sized carbonized drinks, fluids and water.

Competitive Landscape:

Key players involved in the growth of global Polyethylene Terephthalate Market are Sinopec Group, Alpek SAB de CV, Indorama Ventures Public Company Limited, SABIC, and Far Eastern New Century Corporation and others.

Market Key Drivers:

The growing demand of online food delivery has led to the rising use of flexible packaging which is further expected to boost the growth of the global Polyethylene Terephthalate Market. For instance, as per the facts and figures, around 1.96 billion users employ food delivery apps for online orders in 2021

The strict regulations to be followed by the manufacturers to only use approved and granted food grade materials for packaging is projected to propel the growth of the global Polyethylene Terephthalate Market. For instance, many F&B packaging producers supplying and working worldwide use the American FDA 177.2600 standards. 

Covid-19 Impact Analysis:

The Covid-19 impact analysis has adversely affected the growth of global Polyethylene Terephthalate Market due to the strict imposition of lockdown and shutdown policies by the regulatory. The disruption in supply chain and the closure of manufacturing and production units led to the delay in making of the product. The restriction on transportation of things from one place to another has impeded the market growth.

Key Takeaways:

The global Polyethylene Terephthalate Market is anticipated to exhibit a CAGR of 9.0 % during the forecast period owing to the rise in e-commerce sector. For instance, as per IBEF, Indian e-commerce market was 21.5%, accounting for US$ 74.8 billion and projected to cross US$ 350 Million by 2030.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in global Polyethylene Terephthalate Market due to rise in F&B sector, increasing consumption of ready-to-eat meals, rising online delivery, growing strict government rules and the rising food exports. For instance, in 2021, the exports of Japanese food crossed US$ 9.13 billion with main food products, consisting processed meat, bottled drinks, and others.