Harrisburg, NC -- (SBWIRE) -- 10/16/2020 -- The report titled "Polyethylene Terephthalate Market" has recently added by MarketInsightsReports to get a stronger and effective business outlook. It provides an in-depth analysis of different attributes of industries such as trends, policies, and clients operating in several regions. The qualitative and quantitative analysis techniques have been used by analysts to provide accurate and applicable data to the readers, business owners and industry experts.
The global polyethylene terephthalate market was worth $ 43.81 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 11% and reach $68.33 billion by 2023.
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Top Companies in the Global Polyethylene Terephthalate Market: Far Eastern New Century Corporation; Hengli Group Co. Ltd; Indorama Ventures Public Company Limited; JBF Industries Ltd; Jiangsu Sanfangxiang Group and Other
Markets Covered: 1) By Product Type: Virgin ; Recycle 2) By End-Use Industry: Packaging; Electrical & Electronics; Automotive; Construction; Others (Material Handling and Strapping) 3) By Application: Beverages; Sheets & Films; Consumer Goods; Food Packaging; Others (Cosmetic Bottles and Household Products)
Major companies are increasingly manufacturing bio-based PET using partially recyclable materials. Bio-based PET is light weight, recyclable, biodegradable, and reusable bioplastic material derived from biomass. It consists of 30% of plant derived ethanol glycol and 70% of terephthalic acid derived from fossils. This is also used for packaging of soft drinks, alcoholic beverages, food products, cosmetics, pharmaceutical products, and edible oils. The desire to use environmental friendly products and stringent regulations have encouraged the use of bio-friendly products in industries and has resulted in the increased demand of bio-based PET. For instance, in 2018, according to 'Bioplastics News', PepsiCo joined Danone and Nestle Waters in producing bio-based polyethylene terephthalate bottles (PET). A demonstration plant with an expected capacity of 18,000 tons of biomass will be built in Ontario (Canada), and will start by 2020 to produce 100% bio-based PET bottles.
Rising demand of polyethylene terephthalate in food and beverages packaging such as carbonated soft drinks packaging contributed to the growth of the polyethylene terephthalate market. The increasing demand for bottled drinks and glass and metal container replacements finds no better alternatives to polyethylene terephthalate, due to its versatility in shape and size. For instance, in 2017, according to 'Plastics Insight', China dominated the global polyethylene terephthalate production and accounted for 30.8% of the total production, which was 30.3 million tons and included bottled drinks sector and films and sheets. China is not only the largest producer of polyethylene terephthalate but also the largest consumer of the world. The rising demand in food and beverages packaging industry increased the demand for polyethylene terephthalate during the historic period, driving the market.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Polyethylene Terephthalate Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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