The global polyethylene terephthalate (PET) compounding market is expected to reach USD 7.82 billion by 2024, according to a new report by Grand View Research, Inc. Rising polymer demand in end-use industries such as packaging, automotive, electrical & electronics and constructions is expected to remain a key driving force for PET compounding market growth.
Strong demand for PET bottles coupled with growing packaged food & beverage industry in emerging economies of Asia Pacific and Latin America such as China, India, Mexico, and Brazil are anticipated to fuel industry growth significantly.
Regulatory agencies to reduce Green House Gas (GHG) emissions by means of vehicular weight reduction and fuel efficiency improvements have formulated policies and guidelines. Automotive manufacturers & OEMs in order to meet these regulations have adopted plastics as a replacement for metals such as aluminum and steel.
Packaging accounted for over 55% of overall market volume in 2015. Growth in packaging industry can be attributed to the suitability of PET compounds to meet customer requirements with more durable, lightweight and corrosion-resistant parts.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/polyethylene-terephthalate-pet-compounding-market
Further key findings from the study suggest:
·
The global polyethylene terephthalate (PET)
compoundingmarket demand was over 2,000 kilo tons in 2014 and is expected to
exceed 3,500 kilo tons by 2024, growing at a CAGR of 6.9% from 2016 to 2024
·
Increasing substitution for glass, metals, wood,
natural rubber and man-made materials by PET is driving the global market
·
Developing recycling processes that utilize
lesser input in terms of fluids, energy, and machinery is crucial for
production improvisation
·
Government regulations restricting petrochemical
derived polymers consumption in applications such as food packaging, and
medical devices are expected to further boost bio-based PET production
·
China accounted for nearly half of the Asia
Pacific compounding volume in 2015. The country is characterized by high demand
for PET compounds in packaging & electronic applications
·
BASF and Avantium Dutch technology firm formed a
joint venture company to focus on polyethylene furanoate (PEF) and
furandicarboxylic acid (FDCA), a bio-based polymer to replace polyethylene
terephthalate
·
Polyethylene terephthalate (PET) compounding
market is highly fragmented among multinational players and small domestic
companies
·
Key industry participants in the market include
Dow Chemical Company, RTP Company, SABIC, LyondellBasell, BASF SE, DuPont, SRF
Plastics, A. Schulman, Polyvisions, Covestro, Washington Penn Plastics and PET
Processors LLC
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/plastics-polymers-and-resins
Grand View Research has segmented the PET compounding market on the basis of
application and region:Global Polyethylene Terephthalate (PET) Compounding Application Outlook (Volume, Kilo Tons; Revenue, USD Million 2014 - 2024)
·
Packaging
·
Electrical & Electronics
·
Industrial Machinery
·
Automotive
·
Construction
·
Material Handling
·
Others
Global Polyethylene Terephthalate (PET) Compounding Regional Outlook
(Volume, Kilo Tons; Revenue, USD Million 2014 - 2024)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
France
o
UK
·
Asia Pacific
o
India
o
China
o
Japan
·
Latin America
o
Mexico
o
Brazil
·
Middle East & Africa
o
Saudi Arabia
o
UAE
For press release of this report - http://www.grandviewresearch.com/press-release/global-polyethylene-terephthalate-pet-compounding-market
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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