ALBANY, New York, March 14, 2017 /PRNewswire/ --

Transparency Market Research has released a new market report titled "Polyethylene Terephthalate Market for Beverages (Bottled Water, Carbonated Drinks and Others) Films, Food Packaging and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2024." According to the report, the global polyethylene terephthalate market was valued at US$ 23.73 Bn in 2015 and is expected to reach US$ 39.16 Bn by 2024, expanding at a CAGR of 5.8 % from 2016 to 2024.

Polyethylene terephthalate (PET) is a petrochemical product which is manufactured by polycondensation reaction of purified terephthalic acid (PTA) and monoethylene glycol (MEG). PET has replaced the conventional glass packaging in the food and beverages sector due to its light weight, resilience to high impact forces, easy handling, and low cost. Another, advantageous characteristic of PET is that it is 100% recyclable and can be reused to make products such as carpets.

Key applications of polyethylene terephthalate include beverages, films, food packaging, and others (cosmetic bottles, household products). In terms of volume, beverages accounted for more than 40% share of the global polyethylene terephthalate market in 2015 and is forecasted to hold a dominant share during the forecast period. The increasing demand for carbonated drinks due to changing lifestyle of the middle class in Asia Pacific and Middle East & Africa is likely to propel the demand for PET in these regions. Films and food packaging are anticipated to expand in the forecasted period due to increasing demand of frozen meat, ready to make food owing to busy lifestyle.

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The global polyethylene terephthalate market is expected to expand significantly during the forecast period. Factors such as replacement of conventional glass packaging by PET, changing lifestyle and scarcity of fresh drinking water in some regions are expected to drive the market of PET globally and regionally. However, rising health concerns regarding reusability of PET bottles and threat of replacement by bio-based PET bottle is anticipated to hamper the market of PET globally. Asia Pacific is anticipated to grow fastest during the forecast period followed by Middle East & Africa and Latin America. North America and Europe are expected to grow slowly due to mature market and large number of players in the region. The future opportunities for PET manufacturers is to exploit its usability in packaging oxidation sensitive packaging such as beer.

The key players of polyethylene terephthalate market include Indorama Ventures Public Limited Company, Jiangsu Sanfanxiang Group Co. Ltd., Far Eastern New Century, Egyptian Indian Polyester Company, M&G Chemicals, Neo Group, Dhunseri Petrochem Limited, DAK Americas, Reliance Industries Limited, OCTAL, and SK Chemical. Manufacturers are augmenting their production capacity to meet increasing demand from end user industries.

Browse Research PR: http://www.transparencymarketresearch.com/pressrelease/pet-polyethylene-terephthalate-and-pet-packaging-market.htm

The report segments the global polyethylene terephthalate market as:

    Polyethylene Terephthalate Market - Application Analysis 

• Beverages 
  • Bottled water
  • Carbonated drinks
  • Others (Juices, LDP)
• Films
• Food Packaging
• Others (Cosmetic Bottles, Household Products)

Polyethylene Terephthalate Market - Regional Analysis 

• North America 
  • U.S.
  • Canada
• Europe 
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • ASEAN
  • Rest of Asia Pacific (APAC)
• Latin America 
  • Brazil
  • Mexico
  • Rest of Latin America (LATAM)
• Middle East & Africa 
  • GCC
  • South Africa
  • Rest of Middle East & Africa (MEA)

Browse Other Related Market Research Reports:  

• Molded Plastics Market: http://www.transparencymarketresearch.com/molded-plastics-market.html

• Extruded Plastics Market: http://www.transparencymarketresearch.com/extruded-plastics-market.html

About TMR 

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research