by Polyethylene terephthalate or PET is a thermoplastic polymer resin of the polyester family that is clear, tough, and has high melting point. PET is utilized in packaging of food and beverages owing to its superior qualities like durability, lightweight, shatter resistance and barrier protection. PET products include soft drink and water bottles, food packaging, clothing, home furnishing fabrics and thermal insulation materials. The growth in shipping and e-commerce sectors has bolstered the packaging industry which in turn drives the demand for PET. The global PET Market is estimated to be valued at US$ 46.46 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The packaging industry is witnessing considerable growth over the years primarily due to changing consumer patterns and rapid expansion of the e-commerce industry. According to statistics, the global packaging industry was valued at $967 billion in 2019 and is projected to reach $1.1 trillion by 2024, growing at a CAGR of 4.3%. PET films and bottles are extensively used in food and beverage packaging, which accounts for over 60% of the total demand. Thus, the exponential growth of the packaging market worldwide is a major factor boosting the PET market. The superior barrier and lightweight properties of PET make it a preferred choice for packaging a wide range of food and non-food products.
Segment Analysis
The global polyethylene terephthalate (PET) market is dominated by beverage packaging segment. PET is extensively used for packaging of carbonated soft drinks and bottled water owing to its recyclability, clarity, stiffness, and barrier protection against flavors, gases, and moisture. PET is a preferred material for packaging beverages as it helps in maintaining the qualities of liquid products and extends their shelf life.
Key Takeaways
The Global Polyethylene terephthalate (PET) Market is expected to witness high growth over the forecast period of 2023 to 2030. Rapid urbanization, rising disposable incomes, and increasing consumption of packaged food and beverages are fueling the demand for PET globally.
Regional analysis: Asia Pacific currently dominates the global PET market and is expected to witness the fastest growth during the forecast period. This can be attributed to the growing packaging industry in countries such as China, India, Indonesia, and Japan. The increasing population and improving living standards in Asia Pacific are propelling the demand for packaged food and beverage products, driving the PET market.
Key players: Key players operating in the polyethylene terephthalate (PET) market include Medtronic, Abbott Laboratories, Boston Scientific, Biotronik, Koninklijke Philips, Nihon Kohden, Fukuda Denshi, Hill-Rom Holdings, Mindray Medical, Schiller AG, Spacelabs Healthcare, GE Healthcare, Cardiac Science Corporation, Lifewatch AG, Beijing Choice Electronic Tech Co, Vivaquant, Preventice Solutions, iRhythm Technologies, Applied Cardiac Systems, BioTelemetry. Medtronic and Abbott Laboratories capture a major share of the market owing to their wide product portfolio and global presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
