The international polyethylene terephthalate market is driven by elements such as the increasing need for packaged food and drinks and the growing need for sustainable product packaging.
PORTLAND, Ore., June 9, 2023 /PRNewswire/ — Allied Market Research released a report, entitled, “Polyethylene Terephthalate (ANIMAL) Market By Type (Virgin, Recycled), By Application (Packaging, Automotive, Construction, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 “. According to the report, the international polyethylene terephthalate (PET) industry created $30.3 billion in 2022, and is expected to produce $54.4 billion by 2032, seeing a CAGR of 6.1% from 2023 to 2032.
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Prime factors of development
The international polyethylene terephthalate market is driven by elements such as the rise in need for packaged food and drinks in addition to the increasing need for sustainable product packaging. However, the boost in petroleum rates utilized to produce virgin plastics combined with the change in basic material rates, are anticipated to obstruct the international family pet market’s development. Nevertheless, technological improvements in polyethylene terephthalate production combined with increasing need for polyethylene terephthalate in the automobile and electrical & electronic devices market are anticipated to use profitable opportunities for market development in the coming years.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$30.3 billion |
|
Market Size in 2032 |
$54.4 billion |
|
CAGR |
6.1 % |
|
No. of Pages in Report |
250 |
|
Segments covered |
Type, Application, Region. |
|
Drivers |
Changing choices of customers. Surge in need for environment-friendly product packaging. |
|
Opportunities |
Rise in need for polyethylene terephthalate in automobile market. |
|
Restraints |
Hazardous results of plastic product packaging. Volatile basic material rates. |
Covid-19 Scenario
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The COVID-19 pandemic has actually had combined effect on the polyethylene terephthalate (ANIMAL) market. The international lockdowns and constraints carried out to manage the spread of the infection interrupted supply chains throughout markets, consisting of the family pet market. Restrictions on transport and logistics caused hold-ups in the shipment of basic materials, intermediate items, and ended up products. These interruptions impacted family pet makers, triggering production downturns and short-term closures of centers.
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Several sectors that are significant customers of family pet items, such as automobile, building, and non-essential durable goods, experienced a considerable decrease in need throughout the pandemic. With lockdown steps in location and customer spending minimized, the need for PET-based items in these sectors decreased. This had a negative effect on the family pet market.
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The pandemic caused a shift in customer habits, with increased focus on health, safety, and health. This led to a rise in need for vital products like packaged food, drinks, and personal care items. Animal is commonly utilized for product packaging these items, and the increased need for such products favorably affected the family pet market.
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The pandemic caused a rise in making use of single-use plastics, consisting of family pet bottles, due to issues about contamination and the requirement for sanitary product packaging. The need for mineral water, sanitizers, disinfectants, and other vital products packaged in family pet containers increased throughout the pandemic.
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While there was a short-lived rise in need for single-use plastics, the pandemic likewise increased awareness about the ecological effect of plastic waste. Governments, companies, and customers ended up being more mindful of sustainable practices and the requirement to minimize plastic contamination. This increased concentrate on sustainability might drive the advancement of alternative product packaging products in the long run, which might have an effect on the family pet market.
The virgin section to preserve its lead position throughout the projection duration
Based on type, the virgin section represented the biggest share in 2022, adding to around three-fourths of the international polyethylene terephthalate market profits, and is predicted to preserve its lead position throughout the projection duration. Virgin polyethylene terephthalate is made from a petrochemical feedstock, consisting of petroleum or gas, which has actually never ever been utilized or processed previously. It uses remarkable homes, such as it is non-reactive to food and water and is unbreakable, due to which it is thoroughly utilized in flexible packaging applications. The increasing technological developments in product packaging applications are expected to drive the need for virgin polyethylene terephthalate throughout the projection duration. Moreover, the recycled section would point out the fastest CAGR of 6.3% from 2023 to 2032.
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The product packaging section to preserve its lead position throughout the projection duration
Based on application, the product packaging section represented the biggest share in 2022, adding to almost three-fourths of the international polyethylene terephthalate market profits, and is predicted to preserve its lead position throughout the projection duration. Polyethylene Terephthalate (ANIMAL) is commonly utilized for producing sheets & movies owing to its physical, optical, thermal, mechanical, and chemical homes. Non-oriented family pet sheets can be thermoformed to produce product packaging blisters and trays. Other product packaging applications consist of bottles, microwavable containers, stiff cosmetic containers, and transparent movies. The building section on the other hand, is predicted to show the greatest CAGR of 6.6% throughout the projection duration.
Asia-Pacific to preserve its supremacy by 2032
Based on area, Asia-Pacific held the greatest market share in regards to profits in 2022, representing around one-third of the international polyethylene terephthalate market profits and is most likely to control the marketplace throughout the projection duration. The very same area is predicted to grow at a CAGR of 6.5% from 2023 to 2032. The polyethylene terephthalate market in Asia-Pacific is witnessing growth due to a rise in the food & beverage industry. Besides, there is an increasing need for ready-to-cook, packaged, ready-to-eat food, and a series of drinks. Polyethylene terephthalate is a vital product used for product packaging these food & drinks.
Leading Market Players: –
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RTP BUSINESS
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BASF SE
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DUPONT
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DSM
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LOTTE CHEMICAL CORPORATION
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INDORAMA VENTURES PUBLIC BUSINESS LIMITED
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SABIC
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LANXESS
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NAN YA PLASTICS CORPORATION
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LYONDELLBASELL INDUSTRIES HOLDINGS B.V.
The report offers an in-depth analysis of these essential gamers in the international polyethylene terephthalate market. These gamers have actually embraced various methods such as brand-new item launches, cooperations, growth, joint endeavors, contracts, and others to increase their market share and preserve dominant shares in various areas. The report is important in highlighting business efficiency, running sections, item portfolio, and tactical relocations of market gamers to display the competitive situation.
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