Crystalline Polyethylene Terephthalate market to register CAGR of 9% by 2020

06-Apr-16

The global crystalline PET market is projected to reach US$12.16 bln by 2020, at a CAGR of 9% from 2015 to 2020, as per Reportlinker. Crystalline PET is recyclable and its increasing usage in the packaged food and beverage industry due to its chemical properties are driving the growth of this market. Availability of crystalline PET is another factor that has a positive impact on increased applications, which in turn fuels this market. The Food Packaging segment is projected to account for the largest market share till 2020. The food packaging segment accounts for the largest share of the crystalline PET market, major usage in various packaged food containers, trays, and lids. The growth of the packaged food industry in emerging economies is driving the demand for C-PET in food packaging applications. The crystalline PET market in Asia-Pacific is expected to register the highest CAGR between 2015 and 2020. The growth of the crystalline PET market in APAC & Europe is driven by the increasing demand of crystalline PET from the beverage & films/sheet industries. C-PET is widely used in the packaging industry, which is growing at a significant pace in Asia-Pacific, due to the increased consumption of packaged food and rise in purchasing power of the masses. China is a major player in Asia-Pacific, followed by India and Japan.