San Francisco, CA -- (SBWire) -- 06/24/2020 --Beneficial properties of polyethylene terephthalate such as lightweight, safe, non-toxic, recyclable, and efficiently reusable can bridge the gap between the increasing growth rate and the polyethylene terephthalate market to a great extent. The forecast period of 2019-2029 will see steady growth figures for the polyethylene terephthalate market. The varied use of polyethylene terephthalate market across numerous applications such as textiles, fabrics, healthcare, food and beverage, automotive, consumer goods, electrical and electronics, and others may assist in bringing good growth opportunities for the polyethylene terephthalate market.
This polyethylene terephthalate market report strikes a chord with the market shareholder by analyzing various factors influencing the growth rate. Some significant parameters such as key trends, competitive landscape, and the regional outlook of the polyethylene terephthalate market have been thoroughly studied and covered in this report. Furthermore, this report also sees polyethylene terephthalate market through the lens of disruption from the COVID-19 outbreak, thus giving a complete idea of the market scenario. Market stakeholders can pacify the loss incurred due to the COVID-19 outbreak by developing a business strategy with the help of this deeply scrutinized report on the polyethylene terephthalate market.
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Polyethylene Terephthalate Market: Competitive Assessment
The polyethylene terephthalate market has a plethora of players indulged in fierce competition for acquiring the top place in the polyethylene terephthalate market. For establishing influence on the polyethylene terephthalate market, well-established players are engaged in consistent mergers, acquisitions, joint ventures, collaborations, and partnerships. Manufacturers in the polyethylene terephthalate market also invest hefty sums in research and development activities to gain new insights in making polyethylene terephthalate more efficient and durable through various formulations.
Key players in the polyethylene terephthalate market are Far Eastern New Century Corporation, SABIC, DAK Americas, Plastics Industrial Co. Ltd., Indorama Ventures Public Company Limited, BASF SE, M&G Chemicals, and Alpek S.A.B. de C.V.
Polyethylene Terephthalate Market: Emerging Trends
The textile industry is the largest consumer of polyethylene terephthalate owing to the properties like recyclability and versatility. Hence, the polyethylene terephthalate market may attract considerable growth from the textile segment. Environmental conservation has been one of the gravest issues the planet has ever faced. To tackle the menace, the use of recyclable polyethylene terephthalate and bio-PET is gaining substantial traction. Bio-PET is known for its biodegradable and lightweight properties. It is prominently used in the packaging of beverages, cosmetics, food products, edible oil, etc.
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The COVID-19 outbreak has prompted the use of face-shields and masks for protection against the transmission of the deadly virus. The frontline COVID-19 warriors such as healthcare workers and the police are among the highest risk of contracting the virus. Polyethylene terephthalate can be used for making sturdy and durable face shields for the frontline warriors as well as the common individuals. For instance, a team of engineers from the Nottingham University recently designed a face-shield for COVID-19 warriors with five replacement visors made from polyethylene terephthalate with anti-fog coating. Therefore, such developments may act as catalysts of growth for the polyethylene terephthalate market.
Polyethylene Terephthalate Market: Regional Outlook
The polyethylene terephthalate market is geographically segmented into the Middle East and Africa, Asia Pacific, North America, Latin America, and Europe. The expanding food and beverage industry, coupled with the growing influence of the textile industry, in countries like India and China may enable Asia Pacific to emerge as a star growth contributor to the polyethylene terephthalate market.
The Middle East and Africa may observe steady growth due to the emerging textile industries in the region. North America and Europe may record moderate growth during the forecast period.
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Polyethylene Terephthalate Market Latest Trends and Future Scope Analysis to 2029
This report also sees polyethylene terephthalate market through the lens of disruption from the COVID-19 outbreak, thus giving a complete idea of the market scenario. Market stakeholders can pacify the loss incurred due to the COVID-19 outbreak by developing a business strategy with the help of this deeply scrutinized report on the polyethylene terephthalate market.