Global Polyethylene Teraphtalate market estimated to reach 29.93 mln tons by 2020

30-Sep-15

Global Polyethylene Teraphtalate (PET) market is estimated at 20.98 mln tons in 2014. The market is expected to grow at a CAGR of 6.1% during the forecast period, to reach 29.93 mln tons by 2020. Asia-Pacific, with its thriving economies and rapidly expanding population, will experience highest growth rate during this period. Replacement of traditional packaging applications and reduced atmospheric emissions are the reasons for increase in the demand of PET. The Asia-Pacific region contributes to 38% share of the global consumption. China is the largest consumer in the Asia-Pacific region. About 72% of the PET resin demand is from packaging bottle industry which includes beverage bottles for mineral water, carbonated soft drinks, ready to drink tea, dairy, and functional & energy drinks. It is expected that light-weight PET bottle trend will continue in future as it is an efficient cost saving measure. Polyethylene terephthalate (PET) are also used in a wide range of industries from Packaging to Automotive, Electrical & electronics and Consumer Appliance industries.