Crystalline Polyethylene Terephthalate Market

Global Crystalline Polyethylene Terephthalate Market: Overview

The Crystalline Polyethylene Terephthalate  size was worth around USD 9176.21 million in 2021 and is predicted to grow to around USD 12810.1 million by 2028 with a compound annual growth rate (CAGR) of roughly 7.89% between 2022 and 2028. The report analyzes the global crystalline polyethylene terephthalate market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the crystalline polyethylene terephthalate market.

Polyethylene terephthalate (PET), one of the most abundant thermoplastic polymer resins, when crystallized results in the formation of crystalline polyethylene terephthalate with wide application in the packaging industry especially in the food segment. PET is termed as an extremely versatile engineering-grade plastic possessing excellent chemical and thermal resistance along with enhanced mechanical properties. PET itself exhibits a high melting point of 255°C and a glass transition temperature of 7O°C which is one of the main reasons why the polymer can retain its properties at high temperatures.

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Crystalline Polyethylene Terephthalate Market: Growth Drivers

Increasing applications in the food & beverage industry to propel market growth

The global crystalline polyethylene terephthalate is projected to grow owing to the increasing use of crystalline PET in the F & B sector, one of the fastest-growing industries across the globe. Since the polymer is non-toxic, it is widely used in the packaging of foods and drinks, where safety protocols are highly regulated and nonconformity which can lead to serious implications.

Although every country has its assigned set of regulations and bodies that control these rules, Codex Alimentarius also known as Food Code is a compilation of international guidelines, standards, and practice codes for consumer health protections and maintaining fair practices in the trade. In 2020, the global food packaging market was valued at USD 324 billion and it may grow at a CAGR of 6.35% by the end of 2028, which is anticipated to drive the demand for the crystalline PET owing to the various benefits associated with the use of the polymer in comparison to other available options.

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Crystalline Polyethylene Terephthalate Market: Segmentation

The global crystalline polyethylene terephthalate market is segmented based on application, manufacturing process, end-user, and region.

Based on application, the global market segments are cups, trays, bottles, film & sheets, and others. The global market generates the highest revenue from the bottles segment in the food & beverages industry. This is because crystalline PET bottles are anti-microbial while also pricing necessary hygiene and product protection. In 2018, the beverage packaging market was valued at USD 124 million and it may reach USD 177.1 million by 2026.

Based on the manufacturing process, the global market divisions are molding, and extrusion. In 2021, the former process dominated the global market segment. Extrusion helps in creating linear and 2-dimensional (2-D) structures, while molding creates 3-D packaging structures.

Based on end-user, the global market is divided into pharmaceutical food & beverages, and others. In 2021, the global market generated the highest revenue in the food & beverages sector, with the pharmaceutical sector also generating high revenue in the last few years. One of the major reasons for use of crystalline PET is the non-toxicity of the product which does not affect the quality of the product. The Chinese F & B sector grew by 7.85% from 2018 to 2019, generating a revenue of USD 595.6 billion in 2019.

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Crystalline Polyethylene Terephthalate Market: Regional Analysis

Asia-Pacific to witness massive growth in the coming years

The global crystalline polyethylene terephthalate market is anticipated to be driven by Asia-Pacific in the coming years with China leading the regional market share. The country is currently the largest producer of PET along with being the world’s largest consumer of PET bottles. This can be attributed to the growing population and the subsequent demand in the F & B sector while the increase in the product may be attributed to the country's goal of becoming the largest economy in the coming years. In 2017, China accounted for more than 30% of the global production capacity of PET resin which was valued at 30.3 million tons, as reported by Statista. India may also contribute to the regional revenue driven by the rising chemical industry in the country. The ramping of production activities are anticipated to be propelled by the growing demand for the product in overseas markets as well as domestic consumers.

Crystalline Polyethylene Terephthalate Market: Competitive Analysis

The global crystalline polyethylene terephthalate market is dominated by players including LA SEDA DE Barcelona (LSB), The DOW Chemical Company, Treform Packaging Ab, Far Eastern New Century Corporation, Indorama Ventures Public Company Limited, Petro Polymer Shargh, Saudi Basic Industries Corporation, Petrotemex, Dak Americas LLC, and Quadrant.

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Global Crystalline Polyethylene Terephthalate Market is segmented as:

By Application

• Cups
• Trays
• Bottles
• Film & Sheets
• Others

By Manufacturing Process

• Molding
• Extrusion

By End-User

• Pharmaceutical
• Food & Beverages
• Others

By Region

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America

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