Hyderabad, March 17, 2023 (WORLD NEWSWIRE) — According to a brand-new marketing research report entitled “Polyethylene Terephthalate (PET) Resin Market – (2023 – 2028)”, it is expected to progress at a CAGR of 5%. According to the OICA, automobile manufacturing climbed by 3% by the end of 2021 compared to the previous year, and the market is expected to recover further in 2022. Over the short term, the consumption of food and beverage packaging, the demand for energy-efficient and sustainable packaging, and the recycling rate of PET have been growing significantly around the globe. The growing awareness regarding bio-based PET and the increasing R&D activities and investments in PET technology is likely to act as opportunities for the market’s growth in the future.
Some of the major factors and trends driving the Polyethylene Terephthalate (PET) Resin Market?
PET-based packaging products are mainly used for take-out containers, frozen foods, carbonated drinks and juices, ketchup, bottled water, jars, and baked goods containers. They are also used in the food industry for clamshells, deli containers, and microwave food trays.
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Stringent regulations regarding food-grade packaging and food compatibility require manufacturers to use approved food-grade materials.
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Major food and beverage packaging manufacturers operating around the globe follow the American FDA 177.2600 standards.
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Moreover, multinational players engaged in exporting food products must comply with regulations set by the European EU (VO) 1935/2004, or the Chinese GB 4806 and GB 9685.
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Food and beverage products manufactured for global consumption must have preferred packaging approved by the Hygienic Design Standards of the EHEDG.
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The growing popularity of online food delivery systems has provoked the utilization of flexible packaging products made from lightweight materials.
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PET-based packaging trays, containers, bottles, and others have witnessed a significant demand around the globe.
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PET-based bottles are widely used in beverage packaging because of their lightweight, moisture, and water barrier characteristics.
Moreover, microwave-compatible food trays are penetrating the processed and packaged food market due to the growing consumption from the end-user group.
How is the growth being addressed?
The Asia-Pacific PET market is being driven by factors such as population growth, rising disposable income, urbanization in developing economies, and rising demand for fast-moving consumer goods.
China is a major producer of PET resins, with PetroChina Group and Jiangsu Sangfangxiang being among the largest global manufacturers in terms of volume, with capacities of more than 2 million tons.
The Asia-Pacific electronics industry grew rapidly in the recent past due to the high demand from countries like India and China. China is a strong, favorable market for electronics producers due to the country’s low labor cost and flexible policies.
According to the IBEF, in 2022, the Indian e-commerce market is expected to grow by 21.5%, reaching USD 74.8 billion. The Indian e-commerce market is expected to reach USD 350 billion by 2030.
Indian food and beverages industry accounts for about 3% of the country’s GDP and is the single largest employer in the country, with more than 7.3 million workforces.
Who are the key players in the Polyethylene Terephthalate (PET) Resin Market?
The PET resin market is a consolidated market. The major players in the market include:
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Indorama Ventures Public Company Limited
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Far Eastern New Century Corporation
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Sinopec Group
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Alpek S.A.B. de CV
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SABIC
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CR Chemical Materials Technology Inc.
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Hengli Group Co. Ltd
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JBF Industries Ltd
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Lotte Chemical Corporation
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OCTAL
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Reliance Industries Limited
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SABIC
Recent developments in the Polyethylene Terephthalate (PET) Resin Market:
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In February 2022, Alpek signed an agreement to acquire OCTAL Holding SAOC (“Octal”). The acquisition is anticipated to help broaden Alpek’s worldwide position and increase its value-added production offerings in polyethylene terephthalate (ANIMAL) sheets.
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In January 2022, Indorama Ventures proposed to get NN, a Vietnamese family pet converter. The business is now in the procedure of acquiring shares in NN. The prepared acquisition is meant to help IVL in reinforcing its market position in the product packaging sector in the Asia-Pacific area.
In a nutshell, the Mordor Intelligence Polyethylene Terephthalate (ANIMAL) Resin Market Research Report is a must-read for start-ups, market gamers, financiers, scientists, experts, business strategists, and all those who are aiming to comprehend the polyethylene terephthalate (ANIMAL) resin market. Get a look at the
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