Crystalline Polyethylene Terephthalate Market Outlook 2031
The global crystalline polyethylene terephthalate market size was USD 9.7 Billion in 2022 and is likely to reach USD 13.2 Billion by 2031, expanding at a CAGR of 7.88% during 2023–2031. The market is propelled by the rising adoption of advanced materials by the packaging industry.
Expansion of the packaging industry with its increasing penetration in the food & beverage sector is expected to boost the market during the assessment period. There is a high requirement for crystalline polyethylene terephthalate (CPET) due to its physical durability, heat resistance, and lightweight in the beverage industry. With the increasing global consumption of various packed beverages, the market is likely to have a significant propulsion in the coming years.
Most industries opt for CPET as it helps in reducing the packaging weight, thereby lowering the overall transportation costs. The surge in sales of convenient ready-to-eat meals is anticipated to surge the adoption of CPET as it offers heat resistance for microwaveable food. There has been a substantial rise in demand for such foods due to the rapid urbanization and changing lifestyles. These factors are projected to impel the market during the forecast period.
The COVID-19 pandemic impeded the market due to the imposition of lockdown instructions imposed by several governments around the world. The manufacturing activities were completely halted and the import and export in countries was extremely restricted. This disrupted the supply chain and led to a market slowdown during that period.
Impact of Artificial Intelligence (AI) in Crystalline Polyethylene Terephthalate Market
The use of artificial intelligence is likely to provide substantial propulsion to the crystalline polyethylene terephthalate market. AI can optimize the CPET manufacturing processes, improving efficiency and reducing energy consumption. Additionally, it significantly enhances quality control, maintaining product consistency. This ensures better performance of the material in end-use products. As a result, AI is projected to impel the market in the coming period.
Crystalline Polyethylene Terephthalate Market Dynamics
Major Drivers
Growing use of crystalline PET is expected to drive the market during the projection period. There has been a rapid rise in the demand for sustainable packaging solutions in recent years, particularly for bottled beverages and packaged foods. CPET is one of the most sought-after materials for this purpose as it is very versatile in nature. It offers lightweight and durable packaging and is extremely cost-effective. Furthermore, it can be molded into any shape or size and therefore, its increasing use is expected to impel the market in the forecast period.
Existing Restraints
Fluctuations in the raw material prices are likely to hamper the market during the forecast period. The manufacture of CPET-based materials uses crude oil as one of its basic components. Petroleum prices are highly volatile and depend on a lot of factors, including import-export duties, sanctions, geopolitical issues, and availability in the region, among others. This often brings considerable fluctuations in the pricing of CEPT-based end-use products. In addition, there is a major adoption of eco-friendly alternatives such as paper and bagasse in the food & beverage industry. This is projected to impede the market during the assessment period.
Emerging Opportunities
Increasing adoption of CPET by the food & beverage industry is anticipated to provide substantial growth opportunities for the market. CPET is extremely flexible and is able to withstand high temperatures. This makes it ideal for making plastic food trays that are used in a conventional oven. Containers made of CPET material are microwavable, oven-proof, and have a long life. Consequently, there is a high adoption of this material in the food and beverage industry for making plastic wraps and storage containers. With the expansion of the food and beverage industry, the market is projected to have significant propulsion in the forecast period.
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In November 2021, The Coca-Cola Company has recently announced its acquisition of complete ownership of BODYARMOR, a line of sports performance and hydrational beverages. This move is expected to expand the company's beverage portfolio and lead to long-term growth.
Scope of the Crystalline Polyethylene Terephthalate Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Crystalline Polyethylene Terephthalate Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Manufacturing Process (Molding Process and Extrusion Process), Application (Cups, Trays, Bottles, Films/Sheets, and Others), End-user Industry (Pharmaceutical, Food & Beverage, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Treform Packaging AB; the Mitsubishi Chemical Group of companies; SABIC; Petrotemex; Petro Polymer Shargh (PPS); LA SEDA DE Barcelona (LSB); Dow; Indorama Ventures Public Company Limited; Far Eastern New Century Corporation; Alpek, S.A.B. de C.V.; and Alpek Polyester.
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Crystalline Polyethylene Terephthalate Market Segment Insights
Manufacturing Process Segment Analysis
Based on the manufacturing process, the crystalline polyethylene terephthalate market is divided into molding process and extrusion process. The molding process segment is projected to hold the major share of the market during the projection period due to its large-scale application in the manufacturing of plastic bottles for a wide range of purposes. Molding helps in creating three-dimensional structures out of plastic and is therefore intensively used in the manufacturing of several types of plastic products. With the growing demand for various plastic-based consumer products, this segment is likely to experience a considerable surge in the coming years.
Application Segment Analysis
On the basis of application, the global market is segregated into cups, trays, bottles, films/sheets, and others. The bottles segment is projected to register a high CAGR during the forecast period owing to their widespread usage in the packaging of beverages, ranging from juices and syrups to soft drinks and alcohol. Crystalline PET bottles have anti-microbial properties and are highly cost-effective. Furthermore, it is among the few plastics that can be crystal clear and give a sparkling, luxury appeal to the glass without having the same fragility. This is anticipated to impel the segment during the assessment period.
End-user Industry Segment Analysis
On the basis of the end-user industry, the crystalline polyethylene terephthalate market is segmented into pharmaceutical, food & beverage, and others. The food & beverage segment is anticipated to register a robust growth rate during the forecast period due to the extensive applications of CPET plastic in the food & beverage industry. This plastic is used in the manufacturing of food packages and bottles for beverages. Furthermore, since CPET is highly durable as a material and has visual appeal as an end product, it is ideal for the delivery of packaged food products including processed meat and poultry without damaging the content. These factors are projected to create lucrative prospects for the segment’s growth.
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In July 2022, Tyson Foods, a prominent food company in the United States, formed a strategic partnership with Tanmiah, a supplier of fresh and value-added meat and poultry products. As part of this collaboration, Tyson Foods has purchased a 15% stake in Tanmiah's subsidiary and a 60% stake in Supreme Foods Processing Company in a move to strengthen its market position.
Regional Outlook
In terms of region, the global crystalline polyethylene terephthalate market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period. China is the largest producer and consumer of PET bottles due to its growing population and demand in the F&B sector, while India is also contributing to regional revenue with its rising chemical industry. The increasing demand for PET in overseas markets and domestically is expected to drive the market in this region during the projection period.
The market in North America is likely to witness substantial propulsion in the coming years owing to its high capacity for production and excellent industrial infrastructure. There is a strong presence of several global key market players in this region. Moreover, the major consumption of processed food is also leading to a major adoption of CPET for making food containers and wraps. This is anticipated to impel the market in this region in the years to come.
Segments
The crystalline polyethylene terephthalate market has been segmented on the basis of
Manufacturing Process
- Molding Process
- Extrusion Process
Application
- Cups
- Trays
- Bottles
- Films/Sheets
- Others
End-user Industry
- Pharmaceutical
- Food & Beverage
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Treform Packaging AB
- the Mitsubishi Chemical Group of companies
- SABIC
- Petrotemex
- Petro Polymer Shargh (PPS)
- LA SEDA DE Barcelona (LSB)
- Dow
- Indorama Ventures Public Company Limited
- Far Eastern New Century Corporation
- Alpek, S.A.B. de C.V.
- Alpek Polyester
Competitive Landscape
Key players competing in the global crystalline polyethylene terephthalate market are Treform Packaging AB; the Mitsubishi Chemical Group of companies; SABIC; Petrotemex; Petro Polymer Shargh (PPS); LA SEDA DE Barcelona (LSB); Dow; Indorama Ventures Public Company Limited; Far Eastern New Century Corporation; Alpek, S.A.B. de C.V.; and Alpek Polyester.
These companies incorporate development strategies such as acquisitions, mergers, partnerships, product launches, collaboration, and production expansion to expand their consumer base worldwide. For instance,
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In February 2022, Alpek S.A.B. de C.V., a prominent chemical manufacturer based in Mexico, announced its acquisition of PET packaging solutions provider OCTAL Holding SAOC for USD 620 million. This strategic move will allow Alpek to enhance its position in the PET segment by forward integrating its business to better serve the growing customer demand for PET resins.
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