Westford USA, July 25, 2023 (GLOBE NEWSWIRE) -- According to the SkyQuest, polyethylene terephthalate is inexpensive, strong and light, all of which help deliver more items in high-end packaging while using less fuel during transportation. PET is the greatest material for packaging when compared to alternatives such as glass, paper and aluminum. The product demand will continue to increase in the polyethylene terephthalate (PET) resin market due to the continued advancement of light weighting technology and the expanding usage of packaging in the e-commerce and healthcare sectors.
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- Figures – 76
A typical thermoplastic from the polyester family of goods is polyethylene terephthalate (PET). It is used as fibers, in containers, as engineering resins in conjunction with glass and for thermoforming. The polyethylene terephthalate (PET) resin market is divided into segments based on product kinds, including bottles, films and sheets and other product categories.
Prominent Players in Polyethylene Terephthalate (PET) Resin Market
- Indorama Ventures Public Company Limited
- Alpek S.A.B.de. C.V.
- Far Eastern New Century Corporation.
- Sinopec Group.
- CR Chemical Material Technology Inc.
- JBF Industries Ltd
- LOTTE Chemical CORPORATION
- China Petrochemical Corporation.
- SABIC
- Reliance Industries Limited.
- RTP Company
- Vikas Ecotech Ltd.
- TEIJIN LIMITED
- Hitachi, Ltd.
- NEO GROUP
- UAB; DuPont de Nemours, Inc
- Filatex India Limited
- Polyplex, Retal Industries LTD.
- Persian Gulf Petrochemical Industries Co.
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Rigid Packaging Segment is Anticipated to Expand the Market Share Due to its Strength
The rigid packaging segment is anticipated to expand at a CAGR of 5.4% in the polyethylene terephthalate (PET) resin market. PET is commonly used in the packaging sector because of its strength and lightweight. As a result, numerous uses for the material exist, including the packaging of carbonated beverages and bottled water.
The markets in the North America is dominating the global polyethylene terephthalate (PET) resin market. In the food and beverage sector, there is a significant increase in demand for packaging materials in the US. Since PET helps to reduce weight and wear and tear, it is used to swap out vehicle replacement parts.
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Packaging Segment is Anticipated to Grow Due to Rising Demand for Plastics
The packaging segment became the most significant category with a market share of more than 33.0%. Over the forecast period, the demand for plastics such as polyethylene and PET is anticipated to increase due to the expanding packaging industry, which is driven by rising consumer spending in emerging countries. The demand for polyethylene terephthalate (PET) resin market is being impacted by the numerous standards that regulatory agencies have established regulating the safe use of packaging materials in food contact applications.
The markets in the Asia-Pacific is projected that increased packaged food consumption and rising demand for automotive films in countries such as China, India, Indonesia, and Malaysia will boost the polyethylene terephthalate (PET) resin market in the Asia-Pacific region.
A comprehensive analysis of the major players in the polyethylene terephthalate (PET) resin market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Polyethylene Terephthalate (PET) Resin Market
- Alpek completed a contract to acquire OCTAL Holding SAOC in 2022. The acquisition improved Alpek's position on the world stage and expand its value-added production capabilities for Polyethylene Terephthalate (PET) sheets.
- Indorama Ventures recommended acquiring NN, a Vietnamese PET converter, in 2022. The company is currently purchasing NN shares. The planned acquisition is intended to strengthen IVL's position in the packaging industry in Asia-Pacific's high-growth areas.
Key Questions Answered in Polyethylene Terephthalate (PET) Resin Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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