What is PET Resin Market?
Polyethylene Terephthalate Resin comes from polyester family and used in thermo plastic polymer. It appears colorless as well as in crystalline form and has high tensile and impact strength. PET is used for manufacturing of video and audio tapes, x-ray films, food packaging and soft-drink bottles. It easily degrades and recycled which will solve the problem of waste. Since, the plastics are made of nonrenewable resources such as petroleum and cannot degrade easily. There is high demand of Polyethylene Terephthalate Resin which is environment friendly.
The market study is being classified by Type (Amorphous PET/Reground PET, Crystalline PET, Blow Molded PET, Recycled PET and Terra PET), by Application (Sheets & Films, Consumer Goods, Food Packaging and Others) and major geographies with country level break-up.
DuPont (United States), Eastman (United States), SK Chemicals (South Korea), Indorama Ventures (Thailand), DAK (United States), M&G Chemicals (Luxemburg), Far Eastern New Century Corporation (Taiwan), JBF (India), TEIJIN (Japan), Lotte Chemical (South Korea) and SABIC (Saudi Arabia) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Nan Ya Plastics (Taiwan), Petroquimica Suape (Brazil) and KoKsan (Turkey).
Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global PET Resin market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global PET Resin market by Type, Application and Region.
On the basis of geography, the market of PET Resin has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Demand in Frozen Food Leading to Usage of PET Containers
- Inclination of Consumers towards the Recyclable Beverage Containers
Market Trend
- Rising Demand for Lightweight Materials
- Upsurge in the Usage of PET Resin
Restraints
- Presence of Government Regulation for the Manufacturing of Polyethylene Terephthalate Resin
- High Costs Associated with PET Resin
Opportunities
- Rising Environmental Concerns is Helping the Market of PET Resin to Grow
Challenges
- Presence of Major Players are Leading to High Competition
- Lack of Awareness among the Consumers
Market Leaders and some development strategies
In June 2019, Eastman Chemical Company has acquired Industrias del Acetato de Celulosa S.A. which is a producer of cellulosic yarn. This acquisition will help the company to enhance the ability to support global textile supply chain.
In May 2019, Carbon LITE has launched 100% Post Consumer PET plastic. It will help to reduce the ocean plastic which harms animals health.
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations