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Market Research Future (MRFR) studied the Global Polyethylene Terephthalate Market 2021 for the assessment tenure till 2025. As per MRFR findings, the polyethylene terephthalate market is expected to register about 5% CAGR during the analysis term. By 2025, the polyethylene terephthalate market value is expected to touch decent revenue.
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Market Segmentation of Polyethylene Terephthalate Market
The global polyethylene terephthalate market’s segment analysis is based on grade, processing technology, and end-use industry.
Based on processing technology, the worldwide market of polyethylene terephthalate is segmented into injection molding, blow molding, 3D printing, and extrusion. The segment of blow molding can acquire high revenue. The high demand for 3D printing and increase in its applications are causes that can support the polyethylene terephthalate market rise.
Based on grade, the worldwide market of polyethylene terephthalate is segmented into bottle grade, textile grade, and film grade among others. The textile grade segment can earn high profit.
Based on end-use industry, the worldwide polyethylene terephthalate market is studied for packaging, textile, medical, automotive, and electrical and electronics others. The automotive segment to favor market.
Regional Analysis of Polyethylene Terephthalate Market
Asia-Pacific, North America, Latin America, Europe, and the Middle East Asia & Africa are five key regions that are studied for the global polyethylene terephthalate market.
Asia Pacific can dominate the worldwide market of polyethylene terephthalate market to secure a share of around 40% for the region. The expansion of textile industry and the robust rise of the food and beverage domain in the region, especially across China, countries in Southeast Asia, and India, are some key drivers of APAC market. Considering the country-level market, China can hold approximately 15% share of the global market in the years to come, following the US that can hold around 12% market share. The expanding population, surge in per-capita income, the progressive westernization, and the improvement in living standards are other causes that drive the consumption of bottled beverages, thus promote regional market in the years to come.
The market of polyethylene terephthalate market in Europe and North America are expected to register moderate rise rate owing to the forecast tenure. Most of the glass substitutions are achieved in these developed regions, and the change in consumer behavior toward decrease in consumption of carbonated soft drinks are other key causes that can negatively impact the rise of the polyethylene terephthalate market in these regions.
The Middle East Asia & Africa is anticipated to be a lucrative market owing to the surge in growth potential that is exhibited by several major economies, including; Egypt, the UAE, South Africa, and Turkey, on account of the rising textile and packaging industry in these countries.
Drivers and Restrains Impacting Polyethylene Terephthalate Market
Polyethylene terephthalate (PET) is a colorless, lightweight, flexible, and transparent thermoplastic polymer and its resins are commercially manufactured from or terephthalic acid (TPA) or either dimethyl terephthalate (DMT) and ethylene glycol (EG). PET offers a unique combination of properties that include resistance to greases, alcohols, oils, diluted acids, and solvents, as well as low gas permeability, moisture barrier properties, high strength, and excellent gas (oxygen and carbon dioxide).
PET is the material of choice in packaging, textile, electronics, and automotive industries due to its good eco-profile, versatile characteristics, and recyclability. The unique set of physical and chemical features offered by PET makes it suitable for applications in these industries. PET is well-known as polyester and is used in the expanding textile industry. In addition, PET is used for packing in food and beverages sector, especially for water, juices, and convenience-sized soft drinks. PET resins are inert to water or food, which makes them highly suitable for consumable packaging. They are shatterproof, thus are the most suitable replacement for glass containers. On the contrary, rise in crude oil prices is observed as a key factor that can hamper the rise of the global market of Polyethylene Terephthalate market in the review period.
Key Players of Polyethylene Terephthalate Market
are some top-notch key players that are operating in the worldwide polyethylene terephthalate market that are enlisted by MRFR in the recent report.
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