The global polyethylene terephthalate (PET) market has
been predicted by Transparency Market Research (TMR) to bear a significantly
fragmented characteristic due to the presence of several industry players.
According to a market research publication penned by TMR, five companies, viz.
DAK Americas, Octal, Jiangsu Sanfangxiang, M&G Chemicals, and Indorama
Ventures, had secured an aggregate approximate share of only 39.0% in the
recent 2015. In the next few years, the market could testify an intense level
of competition due the enormous count of PET resin suppliers and low switching
expenses.
As per the
TMR report, the global PET market has been anticipated to earn around US$39.16
bn by 2024 from US$23.73 bn in 2015 at a 5.80% CAGR for the forecast timeframe
2016–2024. By application, beverages could remain as a dominant market for PET.
By region, Asia Pacific has been foreseen to rise with a higher share,
considering its over 35.0% share achieved in 2015.
Players
operating in the global PET market have been expected to make continuous
efforts to introduce new offerings for cementing their position with a handsome
share in future. Furthermore, expansion could be a prime strategy adopted for
achieving full chain margins, lowering operational expenses, and improving
global capacity share. For instance, in 2015, Reliance Industries Ltd. (RIL)
had publicized the commissioning of PET resin plant of 650 KTA capacity and
purified terephthalic acid (PTA) capacity of 1,150 KTA in Gujarat. These plants
could apparently be put to operation for preparing polyester plastic used in
plastic bottles, foods and beverages, packaging, and clothing.
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PET
Packaging Replacing Traditional Glass Packaging Strengthens Market
The world
PET market has been projected to exhibit a highly dynamic nature throughout the
course of the forecast period. The growth of the market could be impacted
positively with the latest trend of the replacement of conventional glass
packaging with PET packaging. According to the authors of the report, the
market could gain a telling impetus on the back of the high recyclability of
PET. Products such as raincoats and carpets which do not require virgin PET
have been forecasted to make the best use of the 100.0% recyclable property of
PET packaging. Most of these packaging could be reused by manufacturers.
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In this
regard, companies have been envisaged to receive high profit margins in the
coming years. Moreover, the demand for PET products could augment further,
especially in emerging regions, ensuring a strong market growth in the near
future.
Strict Government Regulations
Pertaining to PET Application Break Momentum
The
international PET market has been envisioned to face restrictions in its growth
with the implementation of tight government regulations and intense volatility
in the prices of crude oil.
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However,
there could be attractive business opportunities birthing from the surging
demand for packaged food bolstered by the growing consumption of processed and
frozen food. The demand for PET in the food and beverage sector on the part of
carbonated soft drinks packaging has been prognosticated to bode well for the
market. Factors such as eco-friendly substitution and the elevating demand for
automotive and electronics applications could unveil new avenues for players.
Besides these, strong economic growth, innovative packaging, and rapid
urbanization have been prophesied to drive the growth of the market.
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