Crystalline polyethylene terephthalate (CPET) market in GCC to cross US$ 713 mln by 2021

10-Aug-16

Gulf Cooperation Council crystalline PET (polyethylene terephthalate) market is projected to reach US$713.1 mln by 2021, growing at a CAGR of 14.6% from 2016 to 2021, as per Micro Market Monitor. This growth is driven by the increasing demand from the food packaging and beverage packaging industries. Saudi Arabia is the largest market for crystalline PET in the GCC region, due to increased demand from the country’s pharmaceutical and packaged food industries. Besides Saudi Arabia, UAE and Qatar are the other prominent markets for crystalline PET in the GCC region.

The food packaging segment is expected to contribute the maximum share to the GCC crystalline PET market by 2021. Increasing demand from the packaged food industry is driving growth in this segment. The physical and chemical properties of crystalline PET make it preferable over other polymers in the packaging industry. Besides, development of new products, increasing investments in advertising, and growth in retail space are anticipated to boost the crystalline PET demand in future. Saudi Arabia accounted for the largest share of the GCC crystalline PET market in 2015, followed by the U.A.E. The market in Saudi Arabia is expected to further witness high growth in the future. The country’s large share and expected growth is attributed to the growing consumption of packaged food as well as the purchasing power of the masses.