Polyethylene Terephthalate Market Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

 

Polyethylene Terephthalate Market
Polyethylene Terephthalate Market

The knowledge of how to identify various plastics is growing. The triangular chasing arrows recycling logo's #1 code designates polyethylene terephthalate (PET). PET is becoming more popular in industrial packaging, home goods, and food and beverage (F&B) products. The demand for PET bottles is being fueled by convenience-size soft beverages and juices as well as drinking water. Manufacturers are able to diversify their offering of PET packaging solutions with the aid of additional applications including the packaging of salad dressings, peanut butter, and cooking oils.

The polyethylene terephthalate market stakeholder dynamics are changing as a result of the COVID-19 pandemic. The cost of recycled plastics is frequently impacted by crude oil prices. Falling oil prices are projected to raise the cost of recycling because PET and other plastics are created from oil byproducts. In order to prevent personal protective equipment (PPE) from clogging landfills or ending up in aquatic bodies as plastic trash, the price of recycled plastics should be supported by taxes while also promoting persistent behavioural changes among customers and producers.

The polyethylene terephthalate market expanded as a result of rising demand for the material in food and beverage packaging, such as that for carbonated soft drink cans. Due to its versatility in shape and size, polyethylene terephthalate is the best solution for the growing demand for bottled beverages and alternatives to glass and metal containers. The springer report estimates that more than 300 million tonnes of plastic are produced worldwide in 2019, with 20% of that production occurring in China. China is the world's largest user as well as the largest producer of polyethylene terephthalate. During the projection period, demand for polyethylene terephthalate increased due to the growing food and beverage packaging market.

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