The market for Crystalline Polyethylene Terephthalate is expected to grow at a CAGR of over 4% globally during the forecast period. Major factors driving the market studied are increasing demand from the food & beverage industry. On the flip side, stringent environmental regulations and unfavorable conditions arising due to the COVID-19 outbreak are expected to hinder the growth of the market studied.
- Increasing demand owing to the wide range of applications in the food & beverage industry is expected to drive market growth during the forecast period.
- Asia-Pacific region is expected to dominate the market across the globe with the largest consumption coming from countries such as China, Japan, and India.
Key Market Trends
Increasing Demand from the Food & Beverage Industry
- Crystalline polyethylene terephthalate (C-PET) is a product of the polyester family. When PET is held in the stretched form at elevated temperatures, it slowly crystallizes and starts to become opaque, more rigid and less flexible.
- In the food & beverage industry, the C-PET application is seen in take-home, prepared-food containers, and trays that can be reheated in the oven or microwave.
- Additionally, C-PET also finds its application in bottles made for carbonated soft drinks, alcoholic beverages, and other edibles.
- C-PET is generally opaque and their thickness range is much higher as to withstand extreme applications.
- C-PET has superior properties like outstanding high temperatures and is less tensile due to which its application in food & beverage industry has been increasing.
- Hence, owing to the growing application of C-PET in food & beverage industry especially in Asia-Pacific region, the demand for Crystalline Polyethylene Terephthalate Market is expected to increase over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for C-PET during the forecast period. Due to the high demand from countries like China, India, and Japan the market for C-PET has been rapidly increasing in the region.
- The largest producers of C-PET are located in the Asia-Pacific region. Some of the leading companies involved in the production of C-PET in the region are - NOVAPET, SABIC, PolyQuest, Indorama Ventures Public Company Limited, and Mitsubishi Chemical Advanced Materials.
- Apart from the food and beverage industry, the pharmaceutical industry majorly finds the application of C-PET in making sterilizing equipment like trays, lids, blood bottles, beakers, and other equipment that are extensively used.
- In India, about 296 cold chain projects in food processing have been approved in 2019, hence increasing the scope of application of C-PET.
- Chinese pharmaceutical industry which is valued at about ~USD 145 billion currently, represents the biggest emerging market with growth tipped to reach about ~USD 200 billion by 2022, thus increasing the scope of application of C-PET.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for Crystalline Polyethylene Terephthalate market during the forecast period.
The global Crystalline Polyethylene Terephthalate market is fragmented, with players accounting for a marginal share in the market. Some of the major companies include NOVAPET, SABIC, PolyQuest, Indorama Ventures Public Company Limited and TEIJIN LIMITED.
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