LONDON--(BUSINESS WIRE)--The polyethylene terephthalate (PET) market is expected to grow by USD 18.94 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Factors such as expanding population, rapid urbanization, and changing lifestyles have increased the consumption of packed food products. Also, the rising cost of living and growth in the number of working women, especially in developing countries such as China and India has increased the preference for convenience foods. This has increased the demand for packaging materials from the food and beverage industry, which in turn, is driving the growth of the global polyethylene terephthalate market.
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As per Technavio, the demand for sustainable and recyclable material will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Polyethylene Terephthalate Market: Demand for Sustainable and Recyclable Material
PET is high in strength, recyclable, energy-efficient, and its environmental impact is less when compared with aluminum, glass, and other packaging materials. It is light in weight and can accommodate a great number of products in less packaging space. This reduces transportation costs and fuel consumption in the supply chain. Therefore, the increasing demand for sustainable and recyclable materials is expected to drive the growth of the global polyethylene terephthalate market during the forecast period.
“Increase in demand from the textile industry and the growth of the packing and automotive industries will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Polyethylene Terephthalate Market: Segmentation Analysis
This market research report segments the polyethylene terephthalate market by Product (Fibers, Resins, and Others) and Geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the polyethylene terephthalate market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the emergence of China as the global hub for the manufacture of low-value mass-produced goods.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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