Polyethylene Terephthalate Market - Post Pandemic Recovery Plan -Strategies and Processes | Increase in Consumption of Packaging Material in the Food and Beverage Industry to Boost Market Growth | Technavio

The polyethylene terephthalate (PET) market is expected to grow by USD 18.94 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.

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Technavio has announced its latest market research report titled Global Polyethylene Terephthalate Market 2020-2024 (Graphic: Business Wire)

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Factors such as expanding population, rapid urbanization, and changing lifestyles have increased the consumption of packed food products. Also, the rising cost of living and growth in the number of working women, especially in developing countries such as China and India has increased the preference for convenience foods. This has increased the demand for packaging materials from the food and beverage industry, which in turn, is driving the growth of the global polyethylene terephthalate market.

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As per Technavio, the demand for sustainable and recyclable material will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Polyethylene Terephthalate Market: Demand for Sustainable and Recyclable Material

PET is high in strength, recyclable, energy-efficient, and its environmental impact is less when compared with aluminum, glass, and other packaging materials. It is light in weight and can accommodate a great number of products in less packaging space. This reduces transportation costs and fuel consumption in the supply chain. Therefore, the increasing demand for sustainable and recyclable materials is expected to drive the growth of the global polyethylene terephthalate market during the forecast period.

“Increase in demand from the textile industry and the growth of the packing and automotive industries will further boost market growth during the forecast period”, says a senior analyst at Technavio.

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Polyethylene Terephthalate Market: Segmentation Analysis

This market research report segments the polyethylene terephthalate market by Product (Fibers, Resins, and Others) and Geography (APAC, North America, Europe, South America, and MEA).

The APAC region led the polyethylene terephthalate market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the emergence of China as the global hub for the manufacture of low-value mass-produced goods.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200920005028/en/