Polyethylene Terephthalate (PET) Resin Market Size, Share, Growth Analysis, By Product Type(Bottles, Sheet & Films, cups, cans), By Application(beverages, consumer goods, food packaging and others.), By End-user(Packaging, Electrical & Electronics, Automotive, Construction), By Region - Industry Forecast 2024-2031

Polyethylene Terephthalate (PET) Resin Market Drivers

Growing Packaging Industry Consumption to Drive Market Growth

• To pack beverages, personal care, consumer, and food products, the product is molded and extruded into plastic bottles and containers. Furthermore, polyethylene terephthalate is cheap, has great strength, and is lightweight, all of which contribute to the delivery of more goods in sophisticated packaging while using less fuel during transportation. When compared to options like glass, paper, and aluminum, PET has the best qualities for packaging. The review period will see further growth in product demand due to the ongoing development of light weighting technology and the increasing use of packaging in the e-commerce and healthcare industries.

Increase in the amount of polyethylene terephthalate to pack foods and drinks

• The global polyethylene terephthalate market grows as a result of rising demand for polyethylene terephthalate in food and beverage packaging, such as the packaging for carbonated soft drinks. Due to its versatility in shape and size, polyethylene terephthalate is the best option to glass and metal containers for the growing demand for bottled beverages.

Polyethylene Terephthalate (PET) Resin Market Restraints

Presence of substitute products will impede market growth

• Consumption of the product will be limited by the accessibility of substitutes such polypropylene, polyethylene, and polystyrene. These alternatives cost less and have qualities that are comparable to polyethylene terephthalate. The consumption of plastics was also subject to a number of strict regulatory regulations. This is due to the substantial pollution and negative effects on the environment caused by the plastic manufacturing process. According to the CLIN Med International Library, prolonged exposure to high temperatures and the use of plastic products can result in dangerous chemical components seeping into liquids, foods, and water. Unsafe substances may be emitted into the air as a result of the careless disposal of plastics on land and open-air burning, endangering people's health.