The global Dimethyl Terephthalate market is expected to grow with a CAGR greater than 4% during the forecast period. One of the major factors driving the market is the rising demand for Polyethylene Terephthalate (PET) and Polybutylene Terephthalate (PBT).
New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Dimethyl Terephthalate (DMT) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06487528/?utm_source=GNW
However, the availability of more economical substitutes, like PTA (Purified Terephthalic Acid) is hindering the growth of the market studied.
Increasing demand for polyesters in various end-user industries is another major driver for the market studied
Asia-Pacific accounted for the highest share of the market and is likely to continue dominating the market during the forecast period.
Among the applications, manufacturing PET is expected to dominate the market studied during the forecast period.
Dimethyl Terephthalate (DMT) Market Trends
Polyethylene Terephthalate (PET) Manufacturing Application to Dominate the Market
Among various applications, the major application of DMT serves to be in the production of PET resin and polymer.
The application of PET has been increasing in various end-user industries, such as packaging, construction, and electronics.
The increasing demand for flexible packaging is further driving the demand for PET.
Thus, with the rising PET demand from such industries, the production of PET is also projected to increase, which is likely to drive the demand for DMT in the coming years.
Hence, owing to the above-mentioned factors, Polyethylene Terephthalate (PET) manufacturing application is expected to dominate the market studied during the forecast period.
Asia-Pacific to Dominate the Market
Currently, Asia-Pacific accounts for the highest share of the global Dimethyl Terephthalate (DMT) market.
Along with this, the region is also projected to witness the highest growth, owing to the strong economic growth, increasing industrial output and investment attractiveness of the region.
Investment attractive emerging economies, like China, India, Indonesia, etc. in the region, along with Japan, and the increased output in various end-user industries, such as electrical & electronics, food & beverage, and pharmaceutical industry has been substantially adding to the demand for PET and PBT.
Thus, with the increasing demand for such polymers, DMT demand is projected to witness strong growth in the region during the forecast period.
Hence, owing to the above-mentioned factors, Asia-Pacific is expected to dominate the market during the forecast period.
Dimethyl Terephthalate (DMT) Industry Overview
The global Dimethyl Terephthalate (DMT) market is moderately consolidated as the market of the market share is divided among few players. Some of the key players in the market include Eastman Chemical Company, Fiber Intermediate Products Company, INVISTA, SK chemicals, and SASA Polyester Sanayi A.?., among others.
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