Propelled by applications in bottled water, global PET market to grow at CAGR of 7.08% till 2027

05-Jul-19

Global Polyethylene Terephthalate (PET) market is projected to evolve at a CAGR of 7.08% and 5.26% by revenue and volume over the forecast period of 2019-2027, as per Reportlinker. The market growth is majorly being propelled by growing applications of PET in bottled water, ready to eat foods and technological innovation and advancement in packaging through weight reduction.

The growing demand for ready-to-eat foods is a major factor for the growth of the market. Growing population coupled with increasing disposable income is aiding the packaging industry. The ongoing research and constant development in packaging methods by the manufacturers are fuelling the growth of the PET market. However, factors like stringent rules and regulations and low PET recycling rates due to high contamination could restrict the market development. The Asia-Pacific PET market is expected to dominate the global market throughout the forecast period, owing to the high demand for bottled water in the region.
Premiumization of PET is also encouraging this market's progress. Furthermore, the availability of cheap labor and manufacturing at cheaper rates is further increasing the demand for PET in the region. The Europe PET market is expected to show the significant growth over the forecast period. PET, generally finds application in packaging bottles for effervescent drinks in this region.