The global Polyethylene Terephthalate (PET) market in terms of value was at $XX million in 2018 and is likely to rise to $493.95 million by 2027, growing at a CAGR of 7.08 % throughout the forecast period. The base year considered for the study is 2018, and the estimated period lies between 2019 and 2027. Also, the market, in terms of volume, is expected to grow at a CAGR of 5.26% during 2019-2027.

The major drivers responsible for the global PET market growth are:

• Rising consumption of ready-to-eat foods
• Technological advancements in PET market
• The growing interest in eco-friendly packaging
• Increased demand for bottled water

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The significant factor for the growth of the market is the surging demand for ready-to-eat foods on a global scale. The population rise accompanied by high disposable income is benefitting the packaging industry. The continuing research and development of innovative packaging methods by the manufacturers are further aiding the market growth of PET. Additionally, the growing use of retort pouches, which is used in the packaging of ready-to-eat foods coupled with a rise in metal-based PET, is driving the demand for PET.

Food and Beverages are the fastest as well as the largest growing segment in the PET market, with around 74% market share in 2018. The primary use of PET in food and beverage is for packaging purposes. In recent years, the high demand for food delivery and takeaway, coupled with the usage of thermoformed PET, is stimulating the demand of the PET market in the coming years. Furthermore, similar to glass, PET is durable and hygienic. It resists the attack from micro-organisms. Also, it does not react with products like foods or beverages and does not degrade biologically. Health authorities have recognized its safety for use in the food and beverage industry worldwide. But unlike glass, PET is extremely lightweight, easy to transport, and won’t break, and thus, it is preferred for packaging by the food and beverage industry. Also, the rise in the production of commodities in regions like Asia is escalating the demand for PET resin.

However, the strict regulations levied by the authorities is a major challenge for the PET market. In some countries, the regulations are tolerant, while in other countries such as the US, they are quite stringent. In the US, the FDA addresses concerns related to the safety of food packaging. Companies have to justify their use of certain packaging material for a particular food product. The growing regulations set up a high barrier for the entry of new players in the market, thereby affecting the market adversely.

The report scope of the global PET market covers segmentation analysis of application, type, materials, and geography.

Market by Type:

• Cups
• Bottles
• Pouches
• Cans
• Others

Market by Materials:

• Glass
• Paperboard
• Metal
• Plastic
• Others

Market by Application:

• Glass
• Paperboard
• Plastic
• Metal
• Others

Geographically, the global PET market has been segmented based on four major regions, which includes:

• North America: the United States & Canada
• Europe: Spain, United Kingdom, Germany, Italy, France, & Rest of Europe
• Asia-Pacific: South Korea, China, Australia, India, Japan, & Rest of Asia Pacific
• Rest of World: Latin America, Middle East & Africa

Geographically, Asia Pacific is the largest market with a market share of 53.13% in terms of revenue in 2018. The PET market is overlooking a steady growth in the region owing to the lineage of the production of plastic-based products in China, which is driving the growth of the PET market in the upcoming years. Many players in the region are major manufacturers of PTA and polyester chips, which acts as a base for the production of PET-based products. Furthermore, the availability of cheap labor and manufacturing at more affordable rates is further increasing the demand for PET in the region. Many key players are producing advanced products to reduce plastic waste and curb energy costs, which is supplementing the growth of the market in the Asia-Pacific region. Additionally, a majority of the retailers in the country have witnessed packaging waste, owing to which, the organizations are aiming to adapt to environment-friendly packaging, to curb these wastes.

Global PET market has been segmented on the basis of type, materials, and application. The type segment is segmented into cups, cans, bottles, pouches, and others. The material segment is sub-segmented into glass, plastic, metal, paperboard, and others. The application segment is segmented into food and beverage, automotive, electrical and electronics, healthcare, consumer goods, and other end-user industries.

The market has numerous players, and some of the prominent players included in the global PET market are:

• BASF SE
• Hengli Group Ltd.
• Indorama Ventures Public Company Ltd.
• JBF Industries Ltd.
• Jiangsu Sanfangxiang Group
• others

Company profiles of several renowned market players have been examined in detail in the report. These companies are seeking several organic & inorganic growth strategies to gain a competitive advantage over each other in this market. For instance, in March 2018, Reliance Industries Ltd., partnered with Applied DNA, GHCL, and Reliance Industries together, launched CertainT recycled PET products.

Key findings of the global PET market are:

• Surging demand for ready-to-eat foods is influencing the growth of the PET market during the forecast period

• Asia Pacific dominates the global PET market by capturing the significant market share of around 53.13% in 2018
• The increasing demand for eco-friendly products is augmenting the growth of the PET market
• Growing demand for Bio-based PET is fuelling the growth of the market in the forecast period