Rising Demand For Polyethylene Terephthalate In Food And Beverage Packaging, Such As Carbonated Soft Drink Packaging, Helped Drive The Polyethylene Terephthalate Market Forward

 


Polyethylene terephthalate (PET) is the most common polyester plastic resin formed by the combination of two monomers. Polyethylene terephthalate, also known as PET or PETE, is a remarkable low-cost and energy-efficient packaging material that possesses versatility, strength, and recyclability, allowing it to be used in a variety of end-use industries such as packaging and textile. Growing environmental pollution from the chemical and petrochemical industries, on the other hand, is expected to be one of the primary concerns for the PET market. Despite various environmental concerns about PET use, it is far superior to steel, aluminium, glass, and other packaging materials due to its high weight bearing capacity and light weight, which reduces transportation costs by utilising less space and weight.

 

Rising demand for polyethylene terephthalate in food and beverage packaging, such as carbonated soft drink packaging, helped drive the polyethylene terephthalate market forward. Because of its shape and size versatility, polyethylene terephthalate is the best alternative to meet the growing demand for bottled drinks and glass and metal container replacements. According to the Springer report 2019, global plastics production exceeds 300 million tonnes, with China accounting for 20% of total production. China is not only the world's largest producer of polyethylene terephthalate, but also its largest consumer. During the forecast period, demand for polyethylene terephthalate increased due to rising demand in the food and beverage packaging industry.

 

Asia Pacific dominated the global Polyethylene Terephthalate Market in 2020, accounting for 48 percent of the market in terms of revenue, followed by Europe and North America. Growing demand for carbonated soft drinks in Asia Pacific due to rising demand for packaged and ready-to-eat food, a growing population, and retail and hospitality infrastructure development are expected to drive growth in the global polyethylene terephthalate market over the forecast period. The increased availability of substitute products in the market, as well as lower PET recycling rates due to high contamination, are the major factors acting as a restraint, and will further challenge the growth of the polyethylene terephthalate (PET) market during the forecast period.

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