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.

Comments

Post a Comment

Popular posts from this blog

Forging has significant application in creation of various metal for wide range of applications

Image
Forging refers to any process that produces metal from scratch by subjecting it to an external force. Metal forgers can be persons or machines. This techniques may involve grinding (for example, to produce alloyed steel) or may involve the application of pressure to apply heat to the metal piece until it is malleable. The actual process depends on various factors, including the material being forged, its shape, and the degree of stress that is placed on it. Forged grain is the product of Forging with grains of metals pushed against each other through a forge-like tool and into the cladding that forms the final shape of the metal after it has been done. It is the principal production process in most metals. It uses local or repetitive thrusts delivered by a hammer or die to apply mechanical blows to the metal piece until it becomes malleable. It is frequently classified according to the speed at which it's done: fast, cold, or hot. There are many types of forgers available today...
Read more

Ginseng Market Outlook, Analysis and forecast up to 2028

Image
  Ginseng Market Ginseng is a slow-growing perennial plant with green oval-shaped leaves and meaty roots that can persist for more than a century. Ginseng is classified into two types: American ginseng and Asian ginseng. Panax quinquefolius is the scientific name for American ginseng, whereas Panax ginseng is the scientific name for Asian ginseng. Ginseng is widely used as a herb to increase the body's energy levels. Ginseng's antioxidant and anti-inflammatory qualities serve to enhance the immune system, lowering the risk of viral and microbial infections. Ginseng also helps to lower the risk of diseases such as lung cancer, skin cancer, and liver cancer. Other health advantages of ginseng include lower blood sugar levels and improved cognitive functions such as memory and conduct. Ginseng is mostly grown in the United States, Canada, and South Korea. Ginseng has been used as a herbal medicine in China for generations, and the country is one of its largest users. Asia Pacifi...
Read more

The Vaccine Contract Manufacturing Industry to Flourish Due to Urgent Need to Develop Reliable and Cost-Effective Vaccines against Covid-19

Image
Germany Vaccine Contract Manufacturing industry is expected to witness significant growth in the near future, due to emergence of Covid-19. In Germany, from 3 January 2020 to 4:06pm CEST, 18 August 2021, there have been 3,835,375 confirmed cases of COVID-19 with 91,921 deaths, reported to WHO. As of 15 August 2021, a total of 97,884,043 vaccine doses have been administered. The increasing demand for safe and cost-effective vaccines due to unmatchable quality, consistent delivery, and unparalleled security, have contributed to the increasing growth and scope of this industry. The increasing demand for vaccines and resulting profit potential have led to significant growth in the number of contract manufacturing plants located across the world. A major focus of such plants is developing cost effective, high quality vaccines that could be made available to public health organizations and other medical organizations. Several new and innovative technologies are also being developed to man...
Read more