The international polyethylene terephthalate (FAMILY PET) market covered significant sectors by Type (Virgin and Recycled), Application (Rigid Packaging, Film, Sheets & Straps, and Others), and areas
Pune, India, May 08, 2023 (WORLD NEWSWIRE) — The international polyethylene terephthalate (PET) market share reached USD USD 44.30 billion in 2022 and is forecasted to be valued at USD 48.43 billion in 2023 to USD 91.37 billion by 2030, taping a CAGR of 9.5% throughout the analysis timeframe of 2023-2030.
Polyethylene terephthalate (FAMILY PET) is an amorphous, semi-crystalline thermoplastic that originates from the polyester family. It is used numerous basic materials consisting of ethylene glycol and terephthalic acid. Animal is light-weight and recyclable, that makes it an ideal product in the product packaging sector. The increasing choice for top quality product packaging in pharmaceutical and food & drink markets are likewise anticipated to enhance item adoption. Furthermore, growing research study & advancement (R&D) activities and developments in the production of polymers will sustain the polyethylene terephthalate market development throughout the projection duration.
Get a Free Sample Research Report:
Fortune Business Insights™ provides this info in a report entitled, “Polyethylene Terephthalate (FAMILY PET) Market, 2023-2030.”
List of Key Players Profiled in the Polyethylene Terephthalate (FAMILY PET) Market
-
Indorama Ventures (Thailand)
-
Far Eastern New Century (Taiwan)
-
DAK Americas (U.S.)
-
Nan Ya Plastics Corporation (Taiwan)
-
SABIC (Saudi Arabia)
-
Dupont (U.S.)
-
Lotte Chemical Corporation (South Korea)
-
Reliance Industries (India)
-
Octal Petrochemicals (U.S.)
-
Jiangsu Sanfangxiang Group Co., Ltd. (China)
Report Scope & Segmentation:
|
Report Attributes |
Details |
|
Forecast Period |
2023-2030 |
|
Forecast CAGR |
9.5% |
|
2030 Value Projection |
USD 91.37 billion |
|
Market Size in 2022 |
44.30 billion |
|
Historical Data |
2019-2021 |
|
No. of Pages |
290 |
|
Report Coverage |
Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
|
Segments Covered |
|
|
Regions Covered |
|
|
Polyethylene terephthalate Market Growth Drivers |
FAMILY PET Finds Extensive Use in Packaging Industry |
|
Wide Availability of Substitutes Might Hinder Market Growth |
Browse Detailed Summary of Research Report with TOC:
Segmentation:
Virgin FAMILY PET to be Widely Used in Packaging Industry for Its Antimicrobial Properties
Based on type, the marketplace is divided into virgin and recycled family pet. The virgin sector held a big polyethylene terephthalate (FAMILY PET) market share in 2022. This resin is produced from a petrochemical feedstock, such as petroleum and gas. The need for virgin family pet is growing throughout the food & drink product packaging sector to make containers and bottles. Furthermore, virgin plastic items can withstand germs or microbes, which will boost their usage in the product packaging sector.
Rising Demand for Containers from Food Industry to Boost Adoption of Rigid Packaging
In regards to application, the marketplace is bifurcated into stiff product packaging, sheets & straps, movie, and others. The stiff product packaging sector is forecasted to represent the biggest market share throughout the projection duration. Customers are increasing their spending on online shopping, which has actually risen the need for top quality product packaging products. The usage of packaged foods has actually likewise grown significantly, consequently sustaining the use of stiff product packaging items to fulfill strict health requirements, even more driving the sector development.
COVID-19 Impact:
Packaging Industry Witnessed Robust Expansion During COVID-19 Pandemic, Fueling Demand for FAMILY PET Products
The COVID-19 pandemic triggered numerous federal governments throughout the world to enforce motion and travel constraints to include the spread of the infection. This forced numerous clients to purchase groceries and other items from online shops. This circumstance enhanced the need for product packaging and covering movies throughout the e-commerce market. Online purchase of vital items consisting of groceries, medications, loaded foods, and drinks grew significantly throughout this duration, which sustained the requirement for product packaging products in the pharma and durable goods sectors. The e-commerce and health care markets likewise saw robust development in their sales, even more magnifying the adoption of family pet product packaging items. The product packaging sector has actually now gone back to pre-COVID-19 levels and is running completely capability. This has actually favorably affected the polyethylene terephthalate (FAMILY PET) market development.
Get a Quote Now:
Report Coverage:
The polyethylene terephthalate market report provides an extensive analysis of the market and concentrates on essential elements, such as item types, leading business, and applications. It likewise supplies important quantitative information concerning volume & worth, research study approach for market information, market analysis, and insights into the latest market patterns. The report highlights crucial advancements in the market and the general competitive landscape also. Apart from these elements, the report incorporates numerous other elements that have actually added to the marketplace’s development for many years.
Drivers and Restraints:
FAMILY PET Finds Extensive Use in Packaging Industry
family pet is normally utilized to make plastic containers and bottles to load drinks and personal care, customer, and food. This polymer comes at a low cost and supplies outstanding insulation, robust strength, and light-weight homes. These functions make family pet an ideal product packaging item for shipments. Animal containers and sheets are being extensively utilized to load numerous items that clients order from online shops. The e-commerce sector is likewise broadening due to lower item rates, appealing discount rates, simple availability of online items, and helpful shipping & return policies. People are ending up being more mindful about the environment and choosing recyclable product packaging, which will broaden the polyethylene terephthalate (FAMILY PET) market size throughout the projection timeframe.
Wide Availability of Substitutes Might Hinder Market Growth
Substitute polymers, such as polypropylene, polyethylene, and polystyrene are extensively available, which may limit the usage of family pet items. These replaces deal the exact same advantages as family pet, such as low thermal conductivity, high versatility, light-weight, terrific stress-bearing capability, and cost-efficiency. Moreover, federal governments are enforcing rigorous policies on the production and sales of plastics as the production procedure of plastic boosts contamination levels and significantly impacts the environment. As per the ClinMed International Library, long-lasting usage of and high-temperature direct exposure to plastics can launch damaging chemical substances into food, drinks, and water. The indiscriminate discarding of plastics on land and al fresco burning can trigger some severe illness due to air contamination. These elements will hinder the marketplace development.
Regional Insights:
Asia Pacific to Hold the Largest Share in Polyethylene Terephthalate Market
The Asia Pacific polyethylene terephthalate (FAMILY PET) market was valued at USD 16.98 billion in 2022. Plastic production in the area is going through some crucial improvements to make it more sustainable. China has actually caught the leading market share and is the fastest-growing nation in the area. This quick development is credited to the increased recycling of plastics, growing R&D activities, and broadening product packaging, electrical, and electronic devices markets.
Competitive Landscape:
Companies to Expand Their Business Operations to Maintain Market Leadership
Key manufacturers associated with the marketplace consist of Sabic, Indorama Ventures, Reliance Industries, and Dupont. These companies are taken part in capability enhancement, acquisitions, item developments, and cooperations. For example, Indorama Ventures produces polymers and has almost 19 family pet production plants throughout 4 continents in 11 nations. The business declares that a minimum of one in 5 family pet bottles provided throughout the world is made from Indorama’s resins. The company’s plastic items are utilized as a basic material to make sheets, bottles, fibers, movies, and filaments. It has actually embraced a large range of development methods, such as growths and acquisitions to enhance its business skills.
Ask for Customization:
Detailed Table of Content:
-
Introduction
-
Executive Summary
-
Market Dynamics
-
Market Drivers
-
Market Restraints
-
Market Opportunities
-
-
Key Insights
-
Key Emerging Trends – For Major Regions
-
Key Developments: Mergers, Acquisition, Partnership, and so on.
-
Latest Technological Advancement
-
Insights on Regulatory Scenario
-
Porters Five Forces Analysis
-
-
Qualitative Insights on Impact of COVID-19 on Global Polyethylene Terephthalate (FAMILY PET) Market
-
Supply Chain Analysis & Challenges due to Covid-19
-
Steps taken by Government / Companies to Overcome this Impact
-
Potential Challenges and Opportunities due to COVID-19 Outbreak
-
-
Global Polyethylene Terephthalate (FAMILY PET) Market Analysis, Insights and Forecast, 2019-2030
-
Key Findings / Summary
-
By Type (Value, and Volume)
-
By Application (Value, and Volume)
-
Rigid Packaging
-
Film
-
Sheets and Straps
-
Others
-
-
By Region (Value, and Volume)
-
North America
-
Europe
-
Asia Pacific
-
Latin America
-
Middle East & Africa
-
-
TOC Continued…!
Speak to Our Expert:
Notable Industry Development:
July 2021: Indorama Ventures Public Company Limited (IVL), developed a factory in Karawang, West Java, to recycle 1.92 billion polyethylene terephthalate (FAMILY PET) plastic bottles each year. Through this strategy, the business intends to support the federal governments’ objective to lower ocean garbage.
Read Related Insights:
Thermoformed Plastics Market to Reach USD 59.74 Billion by 2027; Rising Food Consumption to Brighten Business Opportunities, states Fortune Business Insights™
2023 Update: Plastics Market Size to Hit $643.37 Billion by 2029 | Fortune Business Insights™
About Us:
Fortune Business Insights™ provides precise information and ingenious business analysis, assisting companies of all sizes make proper choices. We tailor unique services for our customers, helping them to attend to numerous difficulties unique to their businesses. Our objective is to empower them with holistic market intelligence, offering a granular introduction of the marketplace they are running in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner,
Mahalunge Road, Baner, Pune – 411045,
Maharashtra, India.
Phone:
United States: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]
Follow Us: LinkedIn | Facebook | Twitter
