Global PET Market To See Robust Growth For Next Five Years On Demand From APAC

Global PET market to see robust growth for next five years on demand from APAC

17-Feb-17

The global polyethylene terephthalate (PET) market is estimated to grow at a CAGR of more than 7% from 2017 to 2021, as per Technavio. The PET market size is expected to reach US$52.53 bln by 2021. APAC will be the largest and fastest growing regional segment, driven by the strong demand from emerging economies such as India and China. Technavio analysts highlight the following three factors that are contributing to the growth of the global polyethylene terephthalate market:

Increase in consumption of packaging material
Demand for sustainable and recyclable material
Increase in demand from textile industry

“Rising populations, rapid urbanization, and changing lifestyles are encouraging consumers to seek a variety of packaging options. With the rise in disposable incomes, consumers are ready to explore unconventional and unique packaging options,” says Mahitha Mallishetty, one of the lead analysts at Technavio for plastics, polymers, and elastomers research. Also, there is an increase in female literacy rate and the number of women in the workforce in developing countries like India and China. This, in turn, has led to the change in lifestyles and an increase in demand for packaged food, which indirectly creates additional demand for the PET market.

Demand for sustainable and recyclable material- PET is versatile, strong, and recyclable, which makes it a very desirable packaging material. The key to the energy efficiency of polyethylene terephthalate is its excellent capacity-to-weight ratio and can accommodate more number of products in less packaging space. PET is considered as a highly sustainable material as it can be fully recycled, and its petroleum feedstocks can be recaptured and reused. Thus, the demand for sustainable material is driving the market for PET.

“The need for high resistance fibers in carpet textiles and other textiles is driving the PET market. PET fibers have a high resistance to stretching owing to high initial moduli and are stiffer than nylon fibers, which makes it suitable in textiles that require high dimensional stability” says Mahitha.
Polyethylene terephthalate can be used as fiber filling for furniture, pillows, and insulated clothing; it can be made into filaments and used as artificial silk and for use in carpets. PET is also used in the manufacture of products such as seat belts, conveyor and drive belts, automobile tire yarns, and disposable medical garments. Such varied applications of PET in the textile industry will add significant revenue to the global PET market.