LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global polyethylene terephthalate market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
“Rising populations, rapid urbanization, and changing lifestyles are encouraging consumers to seek a variety of packaging options. With the rise in disposable incomes, consumers are ready to explore unconventional and unique packaging options”
The research study by Technavio on the global polyethylene terephthalate (PET) market for 2017-2021 provides detailed industry analysis based on downstream products (fibers and resins) and geography (APAC, the Americas, and EMEA).
|The polyethylene terephthalate market size is expected to reach USD 52.53 billion by 2021. APAC will be the largest and fastest growing regional segment, driven by the strong demand from emerging economies such as India and China.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global polyethylene terephthalate market:
- Increase in consumption of packaging material
- Demand for sustainable and recyclable material
- Increase in demand from textile industry
Increase in consumption of packaging material
“Rising populations, rapid urbanization, and changing lifestyles are encouraging consumers to seek a variety of packaging options. With the rise in disposable incomes, consumers are ready to explore unconventional and unique packaging options,” says Mahitha Mallishetty, one of the lead analysts at Technavio for plastics, polymers, and elastomers research.
Also, there is an increase in female literacy rate and the number of women in the workforce in developing countries like India and China. This, in turn, has led to the change in lifestyles and an increase in demand for packaged food, which indirectly creates additional demand for the PET market.
Demand for sustainable and recyclable material
PET is versatile, strong, and recyclable, which makes it a very desirable packaging material. The key to the energy efficiency of polyethylene terephthalate is its excellent capacity-to-weight ratio and can accommodate more number of products in less packaging space. PET is considered as a highly sustainable material as it can be fully recycled, and its petroleum feedstocks can be recaptured and reused. Thus, the demand for sustainable material is driving the market for PET.
Increase in demand from textile industry
“The need for high resistance fibers in carpet textiles and other textiles is driving the PET market. PET fibers have a high resistance to stretching owing to high initial moduli and are stiffer than nylon fibers, which makes it suitable in textiles that require high dimensional stability” says Mahitha.
Polyethylene terephthalate can be used as fiber filling for furniture, pillows, and insulated clothing; it can be made into filaments and used as artificial silk and for use in carpets. PET is also used in the manufacture of products such as seat belts, conveyor and drive belts, automobile tire yarns, and disposable medical garments. Such varied applications of PET in the textile industry will add significant revenue to the global PET market.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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