Polyethylene Terephthalate (PET) Resin Market Forecast 2022-2028

1. Global Polyethylene Terephthalate (PET) Resin Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2022-2028

2. Global Polyethylene Terephthalate (PET) Resin Market - Industry Trends & Forecast Report 2028 A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the GlobalPolyethylene Terephthalate (PET) Resin Market was 80.9 million tons in 2021 and is projected to reach 114.7 million tons by the year 2028, growing at a CAGR of 5.2% over the analysis period of 2022-2028. The expansion in the polyethylene terephthalate (PET) resin market can be primarily attributed to the large array of properties exhibited by PET resins. These are very lightweight in nature and are colorless. These plastics are known to be re- usable owing to the fact that they don’t percolate any chemicals. Moreover, they are safe for the human which makes them most appropriate material for manufacturing food packaging products.

3. Growth Drivers  The Ever-Expanding Food and Beverage Industry to Propel Polyethylene Terephthalate (PET) Resin Market Growth The food and beverage industry has been witnessing a robust growth, specifically in the Asia-Pacific as well as Middle-East and African regions. This growth of the food and beverage sector in these regions can be attributed to the escalating personal disposable incomes of the people coupled with the increasing population in these regions. Moreover, new investments are being experienced in the food and beverage sector due to huge potential for growth in these regions. The new investments are mostly intended towards establishing individual confectionery, beverage producing and food processing facilities.

4. Restraints  Instability in Crude oil prices Impeding the Polyethylene Terephthalate (PET) Resin Market Growth The volatility in prices of crude oil is projected to hinder the polyethylene terephthalate (PET) resin market in the close future. This is due to the fact that the major raw material used in the production of PET resin is ethylene which is a petrochemical feedstock. So the instability in the price of crude oil directly affects ethylene prices. Furthermore, the escalating adoption of substitute products, like high-density polyethylene, is likely to hamper the growth of the market. Moreover, the enactment of rigorous government regulations owing to ecological concerns may act as a prominent challenging factor to the market growth during the forecast period 2022-2028.

5. Impact of COVID-19 The polyethylene terephthalate (PET) resin market was negatively impacted due to COVID-19 in 2020 in different ways. The transportation limitations implemented across the world in response to the pandemic and resulted in the disruption of the supply chain of major raw materials required for polyethylene terephthalate (PET) resin production. Moreover, many challenges were faced by the end-use industries including labor shortages as well as work stoppages. Numerous end-user sectors, such as consumer products, electrical and electronics, food and beverage, and others, were dramatically affected. Sample Copy: https://www.blueweaveconsulting.com/report/polyethylene-terephthalate-pet-resin-market/report-sample

6. Regional Insights In terms of the regional analysis, the global polyethylene terephthalate (PET) resin market can be segmented into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America. Amidst the segmentation, the Asia Pacific region is expected to dominate the Polyethylene Terephthalate (PET) Resin market during the forecast period on account of the factors such as rising urbanization, high population growth, rise in disposable income, and the increasing demand for fast-moving consumer goods. Moreover, China alone accounted for more than 15% of the global market share in 2021. Thus, these factors are expected to propel the demand for the PET resin in the Asia-Pacific region during the forecast period 2022-2028.

7. Competitive Landscape The global polyethylene terephthalate (PET) resin market is characterized by the presence of many local, regional, and global vendors. The key players operating in the global polyethylene terephthalate (PET) resin market are Alpek S.A.B. de C.V., Indorama Ventures Public Company Limited, JBF Industries Ltd, LOTTE Chemical CORPORATION, Far Eastern New Century Corporation, China Petrochemical Corporation., SABIC, Reliance Industries Limited., RTP Company, VikasEcotech Ltd., TEIJIN LIMITED, Hitachi, Ltd., NEO GROUP, UAB; DuPont de Nemours, Inc, Filatex India Limited, Polyplex, Retal Industries LTD., Persian Gulf Petrochemical Industries Co., the Mitsubishi Chemical and other prominent players.

8. Recent Development January 2022:  NN, a Vietnamese PET converter, was planned to be acquired by the Indorama Ventures. Currently, the company is in the process of obtaining shares in NN. The proposed acquisition is intended to assist IVL in consolidating its market position in the packaging sector in Asia-Pacific areas to attain high growth. September 2021: The global packaging solutions and recycling specialist, the ALPHA Group announced the investment in the construction of a recycling plant at TarguMures, Romania as a part of a joint venture along with its partners. The plastic granulates that will be recycled there will come from the PET collected from household waste. They will be used to produce new PET bottles.

9. Key Players The key players operating in the global Polyethylene Terephthalate (PET) Resin market are Alpek S.A.B. de C.V., Indorama Ventures Public Company Limited, JBF Industries Ltd, LOTTE Chemical CORPORATION, Far Eastern New Century Corporation, China Petrochemical Corporation., SABIC, Reliance Industries Limited., RTP Company, VikasEcotech Ltd., TEIJIN LIMITED, Hitachi, Ltd., NEO GROUP, UAB; DuPont de Nemours, Inc, Filatex India Limited, Polyplex, Retal Industries LTD., Persian Gulf Petrochemical Industries Co., the Mitsubishi Chemical. and other prominent players

10. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

11. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com