Polyethylene Terephthalate Additives Market Size, Trends & Industry 2031

Report Description

Polyethylene Terephthalate Additives Market Outlook 2031

The global polyethylene terephthalate additives market size was valued at USD1.36 billion in 2022 and is likely to reach USD 2.23 billion by 2031, expanding at a CAGR of 6.3% during 2022 – 2031. The growth of the market is attributed to the growing demand for recyclable and sustainable PET materials.

Increased consumption of PET in various sectors, such as retail, food, consumer goods, industrial applications, and medical packaging, is resulting in boosting the polyethylene terephthalate additives market. PET has inert properties,which makes it a preferred material for various purposes. Its flexibility helps to mold into diverse shapes for applications, including flexible packaging and squeezable bottles. Moreover, the growing consumption of ready-to-eat packaged food further boosts the demand for PET for food packaging.

• According to a report published by the National Institutes of Health on January11, 2022, the majority of the US population has increased their intake of ultra-processed packaged food in the past two decades.

  Get Free Sample Report
  

Polyethylene terephthalate (PET) additives are widely used polymers to enhance the properties and performance of plastic items. These additives contribute to the overall functionality and versatility of PET-based products. They are particularly beneficial in applications, such as the production of flexible packaging materials or certain types of bottles, where a strong pliable material is required. Additionally, these additivesare added to achieve specific hues in PET products, enhancing their aesthetic appeal.

The COVID-19pandemic hampered the market. The disruptions in global supply chains and fluctuations in demand across various industries reduced the production and distribution of PET additives. Furthermore, lockdowns and several restrictions ceased manufacturing activities during the pandemic, which reduced the demand for raw materials required for additives,thereby hinderingthe market.

Impact of Artificial Intelligence (AI) on The Polyethylene Terephthalate Additives Market

The emergenceof artificial intelligence is expected to propel the market.AI-powered data analytics are enabling companies to gather and interpret vast amounts of information for market research and predictive analysis. This allows for informed decision-making regarding the formulation and customization of PET additives based on real-time trends and consumer preferences. Additionally, AI applications are optimizing manufacturing processes, improving quality control, and reducing production costs.

Polyethylene Terephthalate Additives Market Dynamics

Get Free Sample Report

Major Drivers

Growing awareness of the environmental consequences of plastic waste is expected to drive the market during the forecast period. Increased awareness regarding the drawbacks of plastic has spurred the demand for PET materials that are recyclable and sustainable. However, polyethylene terephthalate additives contribute to improved recyclability, making them a popular eco-friendly choice.

Moreover, governments across the globe are implementing strict regulations regarding the use of single-use plastic products and recycled plastic, which further contributes to market growth.

• As per the report published by the European Commission, Commission Regulation 2022/1616 came into effect on October10, 2022. This regulation specifically deals with PET materials and recycled plastic materials that are intended to come in contact with food.

Existing restraints

Fluctuations in the prices of raw materials that are used in PET additives are expected to hinder the market. Sudden rise and fall in raw material costs affect the overall cost structure of PET additives, which poses challenges to maintaining competitive pricing. Furthermore, the ambition towards sustainable practices led to reduced demand for plastic-related products, thereby restraining the PET additives market.

Emerging Opportunities

Ongoing research and development to develop sustainable additivesto plastic are expected to create immense opportunities for the players competing in the market. Thus, manufacturers are focusing on creating environmentally friendly and advanced PET materials with enhanced recyclability and reduced ecological impact.

This advanced PET materials offers improved properties, such as enhanced barrier performance, anti microbial features, and increased flexibility. Moreover, increasing availability ofcustomized PET additives for specific requirements are further boosting the market.

Scope of The Polyethylene Terephthalate Additives Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Polyethylene Terephthalate Additives Market Segment Insights

Function Segment Analysis

Based on function,the polyethylene terephthalate additives market is divided into reheat, color addition, odor scavenger, antiblock, chain extender, antistatic, flame resistance, ultraviolet light barrier, oxygen scavenging, acetaldehyde scavenging, and others. The ultra violet light barrier segment is expected to hold a major market share during the forecast period, due to the wide area of applications and functional importance of UV protection in various industries.

PET is extensively used in packaging. Exposure to sunlight during storage and transportation of consumer packaged goods leads to photo oxidation, which further affects the quality. However, UV light barrier additives serve as a preventive measure, preserving the structural and visual integrity of PET-packaged goods. Additionally, in textile industries PET fibers are employed where UV protection is essential to maintain the strength and colorfastness of fabrics in outdoor or sunlight-exposed environments.

Get Free Sample Report

The antiblock segment is anticipated to register robust growth during the forecast period, as antiblock additives are essential components to prevent the adhesion of PET surfaces by reducing the occurrence of blocking or sticking together. This function is important in manufacturing processes, which facilitates the easy separation of PET layers during production, storage, and application. Moreover, the growing demand for PET-based films and sheets across various industries propels the utilization of effective anti-block additives, thereby boosting the segment.

Regional Outlook

In terms of region, the global polyethylene terephthalate additives market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market,due to the ongoing research and development activities to improve PET. This innovative approach allows manufacturersin North America tomeet evolving consumer demands,thereby fueling the market in this region.

• On October 20, 2022, SI Group, an America-based multinational additives manufacturer, launchedits new EVERCYCLE additive platform for plastics recycling at the K 2022 exhibition in Düsseldorf.This new platformis designed to provide process stability, color control, and reduced acetaldehyde levels, making it an excellent solution for plastics recycling.

The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years,owing to rapid industrialization and economic growth. These factors are creating increased demand for PET-based products in diverse sectors, such as packaging, textiles, and electronics. This,in turn, is expected to propel the market in the region.

Get Free Sample Report