Crystalline polyethylene terephthalate (PET) is most commonly used for packaging purposes in the food and beverage industry. Its physical properties such as, strength and stiffness, clarity, lightweight, and lower absorption levels of flavor, among others make it ideal for use for packaging. With the rising demand for packaged food, the market for crystalline PET has also shown good growth the past few years.
Key Drivers and Restraints
The growth of the global crystalline PET market can be majorly attributed to the growth in the food packaging and beverage packaging industries, especially in Asia-Pacific coupled with increased usage of crystalline PET in different applications. Moreover, crystalline PET is also widely used across different industries like cosmetics, films & sheets, among others, which is likely to further boost its demand in the developing nations like India and China. Apart from this, the leading market players are now looking to establish their base in this region, owing to the cheap labor costs and easy availability of feedstock.
However, fluctuating costs of raw materials due to varying crude oil prices and higher prices of crystalline PET are expected to slow down the growth of this market over the projected period.
Market Forecasts
Projected to grow at a CAGR of 9.0% during the forecast period, the global crystalline polyethylene terephthalate market is expected to be valued at USD 12.16 Billion by the end of 2020. In 2014, Asia-Pacific held the largest market share, followed by Europe and North America. The markets in Asia-Pacific and Europe are further expected to witness good growth over the coming years, owing to increased usage of crystalline PET across various industries and increasing consumption of packaged food.
Among applications, the food packaging segment is poised to govern the market over the forecast period, followed by the beverage packaging segment, owing to the increasing demand from the packaged food industry.
Some of the companies operating the global market for crystalline PET are Eastman Chemical Company (U.S.), Bayer MaterialScience AG (Germany), La Seda De Barcelona (Spain), Petrotemex S.A. de C.V. (Mexico), Quadrant (Switzerland), Indorama Ventures Public Limited Company (Netherlands), and DAK Americas LLC (U.S.), among others.
Ask for PDF Brochure @ http://www.marketsandmarkets.com/pdfdownload.asp?id=170022064
Research Scope
The global market for crystalline polyethylene terephthalate has been studied and predicted on the basis of the following segmentation:
- Application: Food Packaging (including films/sheets, Lid, Trays, Cups, and others), Beverage Packaging (including bottles), Others
- Geography: Asia-Pacific, Europe, North America, RoW
