The packaging segment accounted for the largest share in 2022, contributing to nearly three-fourths of the global polyethylene terephthalate market revenue, and is projected to maintain its lead position during the forecast period. Polyethylene Terephthalate (PET) is widely used for producing sheets & films owing to its physical, optical, thermal, mechanical, and chemical properties. Non-oriented PET sheets can be thermoformed to produce packaging blisters and trays. Other packaging applications include bottles, microwavable containers, rigid cosmetic jars, and transparent films. The construction segment on the other hand, is projected to display the highest CAGR of 6.6% during the forecast period.
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The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around one-third of the global polyethylene terephthalate market revenue and is likely to dominate the market during the forecast period. The same region is projected 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 demand for ready-to-cook, packaged, ready-to-eat food, and a range of beverages. Polyethylene terephthalate is an essential material utilized for packaging these food & beverages.
This makes it important to understand the practical implications of the Polyethylene terephthalate (PET) market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.
The virgin segment accounted for the largest share in 2022, contributing to around three-fourths of the global polyethylene terephthalate market revenue, and is projected to maintain its lead position during the forecast period. Virgin polyethylene terephthalate is made from a petrochemical feedstock, including crude oil or natural gas, which has never been used or processed before. It offers exceptional properties, such as it is non-reactive to food and water and is shatterproof, due to which it is extensively used in flexible packaging applications. The rising technological innovations in packaging applications are anticipated to drive the demand for virgin polyethylene terephthalate during the forecast period. Moreover, the recycled segment would cite the fastest CAGR of 6.3% from 2023 to 2032.
KEY MARKET PLAYERS:
The report provides the SWOT analysis of the key market players BASF SE, DSM, DuPont, Indorama Ventures Public Company Limited, LANXESS, LOTTE Chemical CORPORATION, LyondellBasell Industries Holdings B.V., NAN YA PLASTICS CORPORATION, RTP Company, and SABIC. which gives the business overview, financial analysis, and portfolio analysis of products and services. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.
The global polyethylene terephthalate market is driven by factors such as the surge in demand for packaged food and beverages along with the rising demand for sustainable packaging. However, the increase in crude oil prices used to produce virgin plastics coupled with the fluctuation in raw material prices, are expected to hamper the global PET market’s growth.
NEED FOR THE REPORT:
The current situation of pandemic makes it very important for the stakeholders in the Polyethylene terephthalate (PET) market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.
According to the report, the global polyethylene terephthalate (PET) industry generated $30.3 billion in 2022, and is anticipated to generate $54.4 billion by 2032, witnessing a CAGR of 6.1% from 2023 to 2032.
KEY OFFERINGS OF THE REPORT:
- Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.
- Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.
- Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.
- Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.
- Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.
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