Global Amorphous Polyethylene Terephthalate Market To Grow At A CAGR Of 8.5% By 2028

The global amorphous polyethylene terephthalate market size was worth around USD 38.5 billion in 2021 and is predicted to grow to around USD 59.5 billion by 2028 with a compound annual growth rate (CAGR) of roughly 8.5% between 2022 and 2028.

Amorphous polyethylene terephthalate (PET) is an aliphatic polyester and thermoplastic resin. It is widely available and cost-effective, due to which it can be recycled widely. It is extruded or molded into plastic bottles and containers for packaging foods & beverages, personal care products, and many other consumer products. Its good mechanical, chemical, and physical properties make them the best-suited plastic for the aforementioned end-use industry. Additionally, transparency and high strength have made the manufacturer increase their production capacities for amorphous PET-based products.

The global amorphous polyethylene terephthalate market is evolving, and companies are now focusing more on strengthening and consolidating R&D activities, thereby increasing the production capacity of plastic packaging thus, driving the market growth by catering to the need for plastic packaging in various end-use industries.

Covid-19 had a considerable impact on global market size since the majority of organizations were forced to adopt at least some form of amorphous PET during the initial lockdown phase. Implementation of the lockdown cut breaks on import and export activity, and shut down of many manufacturing units have hampered the market in the first quarter of 2020. The use of amorphous PETs increased considerably in the packaging, food and beverages, automotive, healthcare sector, and others. To get back the economies of several countries have increased the potential sales of amorphous PET market post-Ccovid-19 scenarios.

The global amorphous polyethylene terephthalate market growth is expected to be driven by the use of amorphous PETs in the automotive, and consumer goods industries. Key factors such as a growing population, rise in disposable income among people, and growing consumer demand for various FMCG products have surged the amorphous PET market. This factor is expected to drive the market during the forecast period. Furthermore, cloud kitchen is one of the booming sectors across the globe. For instance, according to an article published by The Startup Lab in August 2022, the Indian cloud kitchen market is set to be a $2 billion industry in India by 2024, up from about $400 million in 2019. Amorphous PET has good scope in cloud kitchens where amorphous Pet-based plastic products including containers, jars, films, wraps, bottles, and others are widely used.

The high initial cost of adoption may restrict global market expansion. The fluctuation in the prices of raw materials and depletion of petrochemical and natural reserves is expected to act as a challenging factor for the manufacturing of amorphous PET-based products.

To curb carbon emissions several organizations, NGOs, and governments of developed and developing countries have taken initiative in the production of a plastic-free environment which will dampen the market in the forthcoming years.      

The global amorphous PET market is segmented based on application, end-use industry,  and region.

Based on application, the global market is segmented into food packaging, films and sheets, bottles, and others. The food packaging segment is dominating during the forecast period and accounted for 48.65% of the total market share. Furthermore, the films and sheets and production of the bottles application segment are expected to drive the demand in upcoming years owing to the well-established manufacturing plants, and growing consumer preferences for carbonated drinks have enhanced the popularity of amorphous PET-based plastic products.

On the basis of the end-use industry, the market is segmented into food and beverages, automotive, pharmaceutical, and others. The food and beverages sector is dominating during the forecast period and accounted for 36.65% of the total market share. There are several key factors for the growth of the amorphous PET market one of the key elements such as the growing young population has led to an increase in the demand for personal vehicles which has spurred the amorphous PET. It is impact, chemical, and solvent resistant, and also has stiffness properties owing to which it is used in making auto-components. This factor will foster the market in the coming years.

The global amorphous PET market is anticipated to be dominated by the Asia-Pacific region. A major factor for the market growth is the high production rate and manufacturing units in China and India.

Asia-Pacific and North America may also register high CAGR. Asia-Pacific may be driven by China which had a total global market share of 32% in 2019. The regional growth may be attributed to the shift towards cost-effective and operation efficiency-based amorphous PET products.

The global amorphous PET market is dominated by players like JBF Industries Ltd. Reliance Industries Limited, Quadrant AG, Novapet S.A., Plastiverd, Polisan Holding, Octal, Shahid Tondgooyan Petrochemical Company, Indorama Ventures Public Company Limited (Thailand), Jiangsu Sanfangxiang Group Co., Ltd., PolyQuest, Evergreen Plastics, Inc., Phoenix Technologies, Libolon, Biffa and DAK Americas.

Recent Developments:

• In June 2022, BASF SE launched an amorphous PET-containing personal care product named Verdessence RiceTouch. This strategic product launch has enhanced BASF’s product portfolio for amorphous PET.
• In January 2022, NatureWorks today announced its intent to open a new headquarters and advanced amorphous PET research facility in Plymouth, MN. Expanded laboratory capabilities will support research into the full circular lifecycle of Ingeo amorphous PETs from next-generation fermentation technology to new applications, to increased functionality. This strategic product launch has enhanced the amorphous PET market.
• In January 2022, Indorama Ventures Public Company Limited entered into a strategic acquisition where it stated that it will acquire Ngoc Nghia Industry – Service – Trading Joint Stock Company's shares (NN). NN is a leading manufacturer and supplier of PET packaging materials to the beverage and non-beverage industries. This strategic acquisition will enhance Indorama’s product portfolio for PET.

This review is based on a report by Zion Market Research, titled “Amorphous Polyethylene Terephthalate Market, by Applications (Food packaging, Films & Sheets, Bottles, and Others), by End-use Industry (Food & Beverages, Automotive, Pharmaceutical, and Others), and By Region: Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/amorphous-polyethylene-terepthalate-market

The global amorphous polyethylene terephthalate market is segmented as follows:

By Application

• Food packaging
• Films and Sheets
• Bottles
• Others

By End Use Industry

• Food and beverages
• Automotive
•  Pharmaceutical
•  Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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