Global Amorphous Polyethylene Terephthalate Market Size is Set to Hit USD 59.5 Billion by 2028, with a CAGR of 8.5%

NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Global Amorphous Polyethylene Terephthalate Market, by Applications (Food packaging, Films & Sheets, Bottles, and Others), by End-use Industry (Food & Beverages, Automotive, Pharmaceutical, and Others), and By Region: Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Amorphous Polyethylene Terephthalate Market size & share in terms of revenue was valued at USD 38.5 billion in 2021 and it is expected to surpass around USD 59.5 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 8.5% during the forecast period 2022 to 2028.”

What is Amorphous Polyethylene Terephthalate(PET)? How big is the Amorphous Polyethylene Terephthalate Industry?

Amorphous Polyethylene Terephthalate Industry Coverage & Overview:

Amorphous polyethylene terephthalate (PET) is an aliphatic polyester and thermoplastic resin. It is widely available and cost-effective, due to which it can be recycled widely. It is extruded or molded into plastic bottles and containers for packaging foods & beverages, personal care products, and many other consumer products. Its good mechanical, chemical, and physical properties make them the best-suited plastic for the aforementioned end-use industry. Additionally, transparency and high strength have made the manufacturer increase their production capacities for amorphous PET-based products.

The global amorphous polyethylene terephthalate market is evolving, and companies are now focusing more on strengthening and consolidating R&D activities, thereby increasing the production capacity of plastic packaging thus, driving the market growth by catering to the need for plastic packaging in various end-use industries.

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Global Amorphous Polyethylene Terephthalate Market: Growth Dynamics

The global amorphous polyethylene terephthalate market growth is expected to be driven by the use of amorphous PETs in the automotive, and consumer goods industries. Key factors such as a growing population, rise in disposable income among people, and growing consumer demand for various FMCG products have surged the amorphous PET market. This factor is expected to drive the market during the forecast period. Furthermore, cloud kitchen is one of the booming sectors across the globe. For instance, according to an article published by The Startup Lab in August 2022, the Indian cloud kitchen market is set to be a $2 billion industry in India by 2024, up from about $400 million in 2019. Amorphous PET has good scope in cloud kitchens where amorphous Pet-based plastic products including containers, jars, films, wraps, bottles, and others are widely used.

The high initial cost of adoption may restrict global market expansion. The fluctuation in the prices of raw materials and depletion of petrochemical and natural reserves is expected to act as a challenging factor for the manufacturing of amorphous PET-based products.

To curb carbon emissions several organizations, NGOs, and governments of developed and developing countries have taken initiative in the production of a plastic-free environment which will dampen the market in the forthcoming years.

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Amorphous Polyethylene Terephthalate Market: COVID-19 Impact Analysis

Covid-19 had a considerable impact on global market size since the majority of organizations were forced to adopt at least some form of amorphous PET during the initial lockdown phase. Implementation of the lockdown cut breaks on import and export activity, and shut down of many manufacturing units have hampered the market in the first quarter of 2020. The use of amorphous PETs increased considerably in the packaging, food and beverages, automotive, healthcare sector, and others. To get back the economies of several countries have increased the potential sales of amorphous PET market post-Ccovid-19 scenarios.

Amorphous Polyethylene Terephthalate Market: Segmentation Analysis

The global amorphous PET market is segmented based on application, end-use industry, and region.

Based on application, the global market is segmented into food packaging, films and sheets, bottles, and others. The food packaging segment is dominating during the forecast period and accounted for 48.65% of the total market share. Furthermore, the films and sheets and production of the bottle’s application segment are expected to drive the demand in upcoming years owing to the well-established manufacturing plants, and growing consumer preferences for carbonated drinks have enhanced the popularity of amorphous PET-based plastic products.

On the basis of the end-use industry, the market is segmented into food and beverages, automotive, pharmaceutical, and others. The food and beverages sector are dominating during the forecast period and accounted for 36.65% of the total market share. There are several key factors for the growth of the amorphous PET market one of the key elements such as the growing young population has led to an increase in the demand for personal vehicles which has spurred the amorphous PET. It is impact, chemical, and solvent resistant, and also has stiffness properties owing to which it is used in making auto-components. This factor will foster the market in the coming years.

The global Amorphous Polyethylene Terephthalate market is segmented as follows:

By Application

• Food packaging
• Films and Sheets
• Bottles
• Others

By End Use Industry

• Food and beverages
• Automotive
•  Pharmaceutical
•  Others

Browse the full “Global Amorphous Polyethylene Terephthalate Market, by Applications (Food packaging, Films & Sheets, Bottles, and Others), by End-use Industry (Food & Beverages, Automotive, Pharmaceutical, and Others), and By Region: Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028” Report at https://www.zionmarketresearch.com/report/amorphous-polyethylene-terepthalate-market

Competitive Landscape

Some of the main competitors dominating the global Amorphous Polyethylene Terephthalate market include - 

• JBF Industries Ltd.
• Reliance Industries Limited
• Quadrant AG
• Novapet S.A.
• Plastiverd
• Polisan Holding
• Octal
• Shahid Tondgooyan Petrochemical Company
• Indorama Ventures Public Company Limited (Thailand)
• Jiangsu Sanfangxiang Group Co. Ltd.
• PolyQuest
• Evergreen Plastics Inc.
• Phoenix Technologies
• Libolon
• Biffa and DAK Americas

Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global amorphous polyethylene terephthalate market is estimated to grow annually at a CAGR of around 8.5% over the forecast period (2022-2028).
• In terms of revenue, the global amorphous polyethylene terephthalate market size was valued at around USD 38.5 billion in 2021 and is projected to reach USD 59.5 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The global amorphous polyethylene terephthalate market may grow owing to the well establishment of the packaging and plastic production industry in the Asia-Pacific region.
• Based on end-use industry segmentation, the food and beverages segment was predicted to show maximum market share in the year 2021
• On the basis of region, Asia-Pacific was the leading revenue generator in 2021.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Amorphous Polyethylene Terephthalate industry?
• What are the main driving factors propelling the Amorphous Polyethylene Terephthalate Market forward?
• What are the leading companies in the Amorphous Polyethylene Terephthalate Industry?
• What segments does the Amorphous Polyethylene Terephthalate Market cover?
• How can I receive a free copy of the Amorphous Polyethylene Terephthalate Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Application, By End Use Industry and By End Use
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The global amorphous PET market is anticipated to be dominated by the Asia-Pacific region. A major factor for the market growth is the high production rate and manufacturing units in China and India.

Asia-Pacific and North America may also register high CAGR. Asia-Pacific may be driven by China which had a total global market share of 32% in 2019. The regional growth may be attributed to the shift towards cost-effective and operation efficiency-based amorphous PET products.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In June 2022, BASF SE launched an amorphous PET-containing personal care product named Verdessence RiceTouch. This strategic product launch has enhanced BASF’s product portfolio for amorphous PET.
• In January 2022, NatureWorks today announced its intent to open a new headquarters and advanced amorphous PET research facility in Plymouth, MN. Expanded laboratory capabilities will support research into the full circular lifecycle of Ingeo amorphous PETs from next-generation fermentation technology to new applications, to increased functionality. This strategic product launch has enhanced the amorphous PET market.
• In January 2022, Indorama Ventures Public Company Limited entered into a strategic acquisition where it stated that it will acquire Ngoc Nghia Industry – Service – Trading Joint Stock Company's shares (NN). NN is a leading manufacturer and supplier of PET packaging materials to the beverage and non-beverage industries. This strategic acquisition will enhance Indorama’s product portfolio for PET.

Report Scope

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