The Polyethylene Terephthalate (PET) Compounding market is expected to develop at a CAGR of over 4% during the forecast period. The major factor driving the growth of the polyethylene terephthalate compounding market is the increasing demand from the packaging applications. On the flip-side, unfavorable conditions arising due to the sudden outbreak of COVID-19 is anticipated to foil the growth of the market studied.
- Polyethylene Terephthalate (PET) Compounding products are extensively utilized for packaging of numerous food and refreshments as it is clean, solid, lightweight, holds the freshness of the items, and doesn't break, and dimensionally stable material. It is impervious to water, chemical compounds, and non-harmful material that can be easily reused.
- Asia-Pacific is expected to be the largest market due to the large-scale consumption of polyethylene terephthalate (PET) compounding products in the region.
Key Market Trends
Packaging to be the Largest Segment for Polyethylene Terephthalate (PET) Compounding Market
- PET plastic is widely used in the packaging sector. It is noticeably utilized for packaging of numerous food and refreshments as it is clean, solid, lightweight, holds the freshness of the items, and doesn't break. It is usually utilized for the packaging of water and carbonated drinks. It is viewed as a solid, safe, lightweight, adaptable, and non-harmful material that can be easily reused.
- According to the market estimation, the contract packaging industry added up to USD 52.3 billion in 2019 and is anticipated to increase to about USD 119 billion by 2025.
- In 2020, the worldwide income produced in the carbonated drinks segment is projected to be USD 346.9 billion and is foreseen to develop at a rate of 8.6% annually.
- All the aforementioned factors are expected to drive the polyethylene Terephthalate (PET) compounding market during the forecast period.
Asia-Pacific Region to Dominate Polyethylene Terephthalate (PET) Compounding Market
- Asia-Pacific region holds a prominent share in the polyethylene Terephthalate (PET) compounding market globally and is expected to dominate the market during the forecast timeline.
- In 2019, the total number of vehicles produced in China stood at 25.72 million units.
- Asia-Pacific region is projected to generate an income of USD 103 billion from the bottled water business by 2020.
- By the end of 2020, the region is anticipated to lead the global construction expenditure representing about 46% with nations like China, India, Indonesia making a significant commitment to the business.
- Thus, rising demand from various industries is expected to drive the market studied in the region during the forecast timeframe.
The market for polyethylene terephthalate (PET) compounding is consolidated. Some of the players in the market include BASF SE, DuPont, SABIC, Vikas Ecotech Ltd, and RTP Company.
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