Global Polyethylene Terephthalate (Pet) Market | Growth

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The Global Polyethylene Terephthalate (PET)
Market to Flourish at 7.15 of CAGR by 2028
Triton Market Research presents the Global
Polyethylene Terephthalate (PET) Market report
segmented by Type (Cups Cans Bottles Pouches
Others), Material (Glass Plastic Metal
Paperboard Others), Application (Food and
Beverage Automotive Electrical and Electronics
Healthcare Consumer Goods Other End-users),
and by Geographical Region (North America,
Europe, Asia-Pacific, Latin America, Middle East
and Africa), discussing Market Summary, Industry
Outlook, Key Insights, Impact of COVID-19 on
Market, Porters Five Forces Analysis, Market
Attractiveness Index, Vendor Scorecard, key
Market Strategies, Industry Components, Drivers,
Restraints, Opportunities, Competitive Landscape,
Methodology Scope, Global Market Size,
Forecasts Analysis (2021-2028).
Request a Free Sample https//www.tritonmarketres
earch.com/reports/polyethylene-terephthalate-marke
trequest-free- sample As per a Triton Market
Research report, the Global Polyethylene
Terephthalate (PET) Market is expected to
progress at a CAGR of 7.15 in terms of revenue
and 6.53 in terms of volume, during the
forecasting phase between 2021-2028. Polyethylene
terephthalate, also known as PET, is a
thermoplastic polymer from the polyester family.
It is a widely used resin having a number of
applications. The rise in population, along with
the increase in their disposable income, hectic
work schedules, and growing consumer
preferences, are factors that have majorly
enhanced the demand for ready-to-eat
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foods. PET is a widely used packaging material,
and the food beverage industry is one of its
prime end- users. Thus, a growth in the
consumption of ready-to-eat meals will help the
studied market to expand in the coming years. On
the flip side, the increasing number of rules and
regulations concerning the usage of polyethylene
terephthalate are creating hurdles in the path of
market growth. Other regulations pertain to the
entry of new companies and the launch of new
products, which is a major concern for vendors in
the market. The growing demand for PET bottles
for other beverages, such as soft drinks, is also
fueling the growth of the PET packaging market
in APAC. The Asia-Pacific market is expected to
experience the highest growth rate in the
estimated period, given the presence of thriving
economies and a rapidly expanding population. In
2020, the region contributed the highest to the
global PET market, around 50 of the total
share. China is the leading nation in terms of
consumption in the APAC, which can be attributed
to the enhanced demand from the cosmetics and
food beverages sectors. Jiangsu Sanfangxiang
Group, Indorama Ventures Public Company Ltd,
Sinopec Group, Far Eastern New Century
Corporation, Reliance Industries, Alpek SAP DE
CV, MG Chemicals, Saudi Basics Industries Corp,
Royal DSM, JBF Industries Ltd, Lotte Chemical
Corporation, BASF SE, Hengli Group Ltd, China
Resources Chemical Materials Technology Ltd, and
Octal are the prominent companies in this
market. There is a high level of competition
among PET manufacturers, where the players
compete to boost their market share. For this
purpose, they have been resorting to organic as
well as inorganic tactics for growth, which
includes producers adding new capacities, and
also relying on strategies like mergers
acqusitions. The opening of PET recycling plants
and the development of bio-PET have further
provided scope for players to increase their
market presence. Such moves have come after the
growing environmental concerns regarding
pollution caused by disposing of PET-based waste
products. All such factors are further likely to
the polyethylene terephthalate market. Contact
Us sales_at_tritonmarketresearch.com Phone 44
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