Crystalline Polyethylene Terephthalate market estimated at US$12.16 bln by 2020

11-Dec-15

The global crystalline PET market is projected to reach US$12.16 bln by 2020 registering a CAGR of 9% from 2015 to 2020, as per MarketsandMarkets. This growth is driven by the increasing demand from the food and beverage industry and films/sheets. Asia-Pacific is the largest market for crystalline PET due to presence of large manufacturing base in this region. North America and Europe are established market with major global players present in these regions. Food Packaging segment is expected to dominate crystalline PET market by 2020. Crystalline PET in the food packaging industry is expected to contribute the maximum share in this market by 2020. Increased demand from the packaged food industry is driving growth in this segment. Physical and chemical properties of C-PET make it preferable in the packaging industry over other polymers. Also, PET is one of the most recycled polymers, which is another reason for the increasing usage of C-PET in the food packaging industry. Apart from food packaging, beverage packaging is other major application of crystalline PET. Asia-Pacific accounted for the largest share of the crystalline polyethylene terephthalate market in 2014, followed by Europe andNorth America. The Asia-Pacific and European regions are further expected to show a high growth in the future. The growth is attributed to the increased consumption of packaged food and more purchasing power of the masses.