Crystalline Polyethylene Terephthalate Market: Current Analysis and Forecast (2022-2028)

The crystalline polyethylene terephthalate market is expected to register a CAGR of approx. 7% over the period of 2022-2028. Crystalline Polyethylene Terephthalate (C-PET) C-PET) is a product of the polyester family. When PET is held in the stretched form at elevated temperatures, it slowly crystallizes and starts to become opaque, more rigid, and less flexible. It is used as utilized in packaging because of its exceptional stiffness and capacity to tolerate high temperatures ranging from -400 to 4000 degrees Fahrenheit. The demand for crystalline polyethylene terephthalate can be attributed to the increased industrialization and the growing manufacturing of beverages and the carbonated soft drinks packaging has become increasingly attractive to investors owing to the technology-driven innovations contributing to market penetration. For instance, in Aug 2022, Indorama Ventures Public Company Limited, a global chemical company plans to invest in cloud computing and digital transformation to fuel their business growth. Furthermore, the crystalline polyethylene terephthalate market is anticipated to grow on account of the increased adoption of environmentally friendly packaging as the plastic used is easily recyclable, therefore reducing pollution and garbage accumulation. However, some of the restraints in the market including fluctuation in the price of raw materials comprise of ethylene glycol, dimethyl terephthalate, or terephthalic acid.

Based on the manufacturing process, the crystalline polyethylene terephthalate market is segmented into extrusion and Molding. The molding segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. Extrusion helps in creating linear and 2-dimensional (2-D) structures, while molding creates 3-D packaging structures. The types of molding used are blow molding and injection molding for transparent bottles.

Based on the application, the market is fragmented into trays, cups, films/sheets, bottles, and others. The bottles segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. This is because crystalline PET bottles are anti-microbial while also pricing necessary hygiene and product protection.

Based on end users, the market is fragmented into food & beverages, pharmaceuticals, automotive, and others. The food & beverages segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The earlier days and old-trend packaging of metal, aluminum cans, glass bottles, and cardboard cartons are replaced by polyethylene terephthalate and with the newer version of concepts.

For a better understanding of the market adoption of Crystalline Polyethylene Terephthalate, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific constitutes a major market for the crystalline polyethylene terephthalate industry across the globe with the largest consumption coming from countries such as China, Japan, and India owing to the use of crystalline PET is the non-toxicity of the product which does not affect the quality of the product. The global crystalline polyethylene terephthalate is anticipated to witness the highest growth in Asia-Pacific owing to the growing chemical industry of China and India. The regional market may further be propelled by the growing population leading to an increase in the revenue of the F & B sector. Other factors that could lead to more revenue involve increasing product innovation, higher investments, increase in the number of players at the domestic and international levels.

Some of the major players operating in Eastman Chemical Co, Dow, Far Eastern New Century Corp, Indorama Ventures PCL, SABIC (Saudi Basic Industries Corporation), PolyQuest, Inc., Teijin Ltd, Delta-Engineering, Treform Packaging AB, and Petrotemex, among others. Several M&A's along with partnerships have been undertaken by these players.