The global PET market reached US$23.7 billion in 2015. The market is forecast to grow at a compound annual growth rate of 5.8 percent between 2016 and 2024, and predicted to hit US$39.1 billion by the end of 2024.
“The global polyethylene terephthalate market is highly dynamic. The recent trend of replacing traditional glass packaging with polyethylene terephthalate packaging is showing a considerable impact on this market,” said a research analyst at Transparency Market Research.
Demand for PET products in developing countries is predicted to propel the market in the coming years, which will continue adding growth to its valuation. Asia-Pacific holds most of the market share and will continue contributing significantly to the market.
The unpredictability of crude oil prices and increasingly stricter government regulations however, might impede the market. Governments are enforcing stringent regulations on the application of polyethylene terephthalate.
Major properties of PET products are its strength, recyclability and versatility. It contributes to a lesser environmental impact than glass and other packaging materials. PET products are also capable of accommodating more product volume in less packaging space.
PET products are 100 percent recyclable and are reused by manufacturers, which is another factor in driving the market. Its recyclability increases profitability for market players. The rising demand for packaged food is predicted to lead to growth opportunities for PET manufacturers.