Crystalline Polyethylene Terephthalate Market Size, Share & Trends Analysis Report By Application, By End-Use, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2023 To 2030

Crystalline Polyethylene Terephthalate Market Overview

Crystalline Polyethylene Terephthalate is an engineering plastic having excellent mechanical performance and chemical and thermal resistance. It is majorly used as fibers in bottles for beverages, films for packaging, and engineering components. A variety of microstructures can be developed by changing the crystallization conditions. Crystallization process is used to vary crystallite size & shape, orientation, and volume fraction. According to the National Renewable Energy Laboratory, around 82 million tons of polyethylene terephthalate is produced across the globe annually for making single-use beverage bottles, clothing, carpets, and packaging.

The product finds application in the food & beverage industry for packaging purposes in prepared food containers, take away, and trays that are reheated in the microwave or oven. The growing consumption of packaged food across the globe owing to the changing lifestyle and food patterns is expected to fuel the demand for the product over the forecast period.

According to the Food Packaging Forum, Europe consumed 15 mega metric tons of flexible plastic films with polyethylene accounting for 9 metric tons and polypropylene accounting for around 2.5 metric tons of demand in 2020. Polyethylene terephthalate being a light weight and flexible plastic, it is easy to recycle which is further contributing to the product demand.

Market players such as Eastman Chemical Company, Bayer Material Science AG, SABIC, Alpek, S.A.B. de C.V., NOVAPET, S.A., and IndoramaVentures Public Limited Company are focusing on expansion, mergers and acquisitions, and product innovation as their key strategies to meet increased demand. For instance, In February 2022, Alpek, S.A.B. de C.V., a Mexican chemical manufacturer announced the aquisition of OCTAL Holding SAOC, a PET packaging solutions provider for USD 620 million. This acquisition will help Alpek to strengthen its position in the PET segment by forward integrating its business to serve the growing customer needs for PET resins.