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Polyethylene Terephthalate (PET) And Polybutylene Terephthalate (PBT) Resins Global Market Report 2023
Major players in the polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market are Saudi Basic Industries Corporation, BASF SE, Indorama Ventures Limited, Mitsubishi Chemical Corporation, Toray Industries Inc.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Polyethylene Terephthalate (PET) And Polybutylene Terephthalate (PBT) Resins Global Market Report 2023" - https://www.reportlinker.com/p06424022/?utm_source=GNW
, Koninklijke DSM N.V., Jiangsu Sanfangxiang Group Co.Ltd., M&G Chemicals SA, DowDuPont Inc., Nan Ya Plastics Corporation, Reliance Industries Limited, Far Eastern New Century Corporation, RTP Company Inc., Kolon Plastics Inc., Celanese Corporation, and Distrupol Ltd.
The global polyethylene terephthalate (pet) and polybutylene terephthalate (pbt) resins market grew from $39.98 billion in 2022 to $44.26 billion in 2023 at a compound annual growth rate (CAGR) of 10.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The polyethylene terephthalate (pet) and polybutylene terephthalate (pbt) resins market is expected to grow to $63.76 billion in 2027 at a CAGR of 9.6%.
The polyethylene terephthalate (PET) and polybutylene terephthalate (PBT) resin market consists of sales of thermoforming and glass fiber.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Asia-Pacific was the largest region in the polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market in 2022.North America was the second-largest region in the polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market.
The regions covered in the polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Polyethylene terephthalate is a strong, rigid synthetic fiber and resin belonging to the polyester family of polymers and formed by the polymerization of ethylene glycol with terephthalic acid.Polybutylene terephthalate (PBT) resin is a crystalline synthetic resin formed by the polymerization of butanediol and terephthalic acid.
Polyethylene terephthalate (PET) and polybutylene terephthalate (PBT) resins are used in the manufacture of lightweight plastic for packaging foods and beverages, and soft drinks.
The main types of polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market are transparent & non-transparent PET and recycled PET.Transparent PET is non-crystalline PET that is highly transparent.
Non-transparent PET is crystalline PET that is opaque in nature.The different PET applications include bottles, films, food packaging, and others.
The various PBT applications include electrical & electronics, automotive, consumer appliances, and others.
An increase in demand for polyethylene terephthalate (PET) in the packaging sector is expected to propel the growth of the polyethylene terephthalate (PET) and polybutylene terephthalate (PBT) resin market going forward.The packaging industry is a business that designs and manufactures packaging products.
Polyethylene terephthalate (PET) contains characteristics such as clear, long-lasting, chemically inert, and lightweight, which are suitable for making polyethylene packaging products.For instance, according to the National Renewable Energy Laboratory, a US-based national laboratory, in 2021, over 82 million metric tons of polyethylene terephthalate (PET) were manufactured globally each year to make single-use beverage bottles, packaging, garments, and carpets.
Therefore, the increase in demand for PET in the packaging sector drives the growth of the polyethylene terephthalate (PET) and polybutylene terephthalate (PBT) resin market.
Product innovations are the key trend gaining popularity in the polyethylene terephthalate (PET) and polybutylene terephthalate (PBT) resin market.Major companies operating in the market are focused on introducing new innovative products with reduced carbon footprints to gain a competitive advantage.
For instance, in May 2022, SABIC, a Saudi Arabia-based chemical manufacturing company, launched LNP ELCRIN WF0061BiQ PBT resin, produced from chemically upcycled ocean-bound PET bottles.This compound has the potential to reduce CO2 emissions by up to 14% and cumulative energy demand by up to 25% when compared to glass fiber.
It is a potential material for consumer electronics applications such as computer fan housings, vehicle seats, electrical connectors, and enclosures.
In June 2022, Alpek, a Mexico-based producer of PET resin and PET sheet, acquired OCTAL Holding SAOC (OCTAL) for a deal amount of $ 620 million.The acquisition strengthens Alpek’s global presence and improves its value-added manufacturing offers in PET sheets by adding about one million tons of PET product capacity.
OCTAL Holding SAOC is a US-based producer of PET resin for the packaging industry.
The countries covered in the polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market research report is one of a series of new reports that provides polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market statistics, including polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market share, detailed polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market segments, market trends and opportunities, and any further data you may need to thrive in the polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins industry. This polyethylene terephthalate (PET) & polybutylene terephthalate (PBT) resins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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