Polyethylene Terephthalate Market
Asian economies . Researchers expect this region to maintain its dominance over the period of forecast , which China emerging as the leading domestic polyethylene terephthalate market , closely followed by Japan , India , and ASEAN countries
Other regional markets , especially , the Middle East and Africa and Latin America , are also anticipated to witness steady growth in the near future . The rising demand for packaged food and beverages , infrastructural advancements in the retail sector , significant upswing in the number of tourists in the Middle East , and the development of the formal retail in Africa are likely to drive the Middle East and Africa Market over the forthcoming years . The Latin America market , on the other hand , is expected to be driven by the surge in the demand for soft drinks and packaged drinking water . However , over the same time period , the markets in North America and Europe are projected to witness moderate progress due to maturation .
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Replacement of Glass Packaging with PET Packaging to Reflect Positively on Market ’ s Growth “ The global polyethylene terephthalate market is highly dynamic . The recent trend of replacing traditional glass packaging with polyethylene terephthalate packaging is showing a considerable impact on this market ,” says a research analyst at TMR . The high recyclability of PET is also driving this market significantly . As PET packaging is 100 % recyclable , they are reused by manufacturers of products , which do not require virgin PET , such as carpets and raincoats . This , as a result , leads to a higher profit margin for market players .
Currently , PET products are witnessing a high demand in developing economies , pointing towards a thriving future of this market . However , the high price volatility of crude oil and the enforcement of stringent government rules regulating the usage of polyethylene terephthalate are likely to refrain the market from growing steadily in the coming years . Going forward , the increasing demand for packaged food is expected to offer lucrative growth opportunities for market players over the forecast period , notes the study .
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