Polyethylene Terephthalate Market
From a geographic point of view , the global PET market is segmented into Europe , North America , Asia Pacific , Latin America , and the Middle East and Africa . Of these regional market , the Asia Pacific PET market is expected to a steady growth rate in the coming years due to a soaring demand for packaged food items . As of 2015 , the Asia Pacific PET market held a share of 35 % in the overall market . The booming food and beverages industry in the region is also expected to make a generous contribution to the overall revenue of the regional market .
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Durability of PET Wins Global Market a Growing Consumer Base The global PET market has been picking up steam as the demand for recyclable plastic has been growing at an exponential rate . PET is gradually replacing conventional glass packaging as end users are realizing its cost-effectiveness and durability . The global market is also being favored by the soaring demand for innovative packaging materials and increasing disposable incomes . The improving purchasing power has led to increasing expenditure on soft drinks , juices , water , and dairy , which has led to a high adoption of PET in recent years .
Analysts anticipate that the demand for PET is also be seen in films as it will used for the production of boil-in lids and bags . These are used for packaging of yogurt , snacks , jars , and frozen meats among others . The demand for PET will also sky rocket as the production of vegetable trays , egg trays , microwave-safe packaging , and biscuit packaging gains momentum .
On the flip side , the demand for PET is face severe criticism due to the trail for carbon footprint it leaves in the wake of its production to the point of its biodegradation . The impact of PET on food and beverages has also raised concerns amongst consumers in recent years . The growth of the global market is also likely to be challenged by the stringent government norms that PET manufacturing companies have to adhere to . Lastly , the volatility of crude oil prices are also expected to impact the global market negatively in the coming years .
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