Technavio, a tech-focused market research firm, has published a new report on the global PET market, which is expected to grow at a CAGR of more than 7% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global polyethylene terephthalate (PET) market into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
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Top three contributors for the global PET market are elaborated below:
PET market in APAC: The market is flourishing in APAC owing to the growing alcoholic and CSD beverage consumption in India and China. Furthermore, PET has a stable demand from major consuming APAC countries such as Japan and South Korea. Government initiatives promoting sustainable packaging is anticipated to reflect positively on the market’s growth in APAC over the next four years.
According to Ajay Adikari, a lead analyst at Technavio, specializing in research on plastics, polymers, and elastomers, “The Government of Australia has framed the Australian Packaging Covenant in order to promote sustainable packaging. Such initiatives are projected to foster the growth of the PET market in APAC during the forecast period.”
PET market in Americas: The demand for PET has been driven mainly by the US and Canada. During the forecast period, the market is likely to experience significant growth owing to the growth of the packing and automotive industries in South and Central America.
PET market in EMEA: The growth of the PET market in EMEA will be fueled by environmental regulations to limit the use of chemical-based products and focused on GHG reductions implemented by European Commission. Germany, owing to its thriving automobile industry, is the key revenue contributing country to the market.
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The top vendors operating in the global PET market are:
- DuPont
- FENC
- Indorama Ventures
- Jiangsu Sanfangxiang
- M&G Chemicals
- SABIC
Other prominent vendors in the market include Covestro, DAK Americas, Quadrant, Seda De Barcelona, and NEOGROUP.
A more detailed analysis is available in the Technavio industry analysis titled, ‘Global PET Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global PET Packaging Market 2016-2020
- Global Blow Molded Plastic Bottles Market 2017-2021
- Global Biopolymers Market 2017-2021
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