Market Trends of Crystalline Polyethylene Terephthalate Industry
This section covers the major market trends shaping the Crystalline Polyethylene Terepthalate Market according to our research experts:
Increasing Demand from the Food & Beverage Industry
- Crystalline polyethylene terephthalate (C-PET) is a product of the polyester family. When PET is held in the stretched form at elevated temperatures, it slowly crystallizes and starts to become opaque, more rigid and less flexible.
- In the food & beverage industry, the C-PET application is seen in take-home, prepared-food containers, and trays that can be reheated in the oven or microwave.
- Additionally, C-PET also finds its application in bottles made for carbonated soft drinks, alcoholic beverages, and other edibles.
- C-PET is generally opaque and their thickness range is much higher as to withstand extreme applications.
- C-PET has superior properties like outstanding high temperatures and is less tensile due to which its application in food & beverage industry has been increasing.
- Hence, owing to the growing application of C-PET in food & beverage industry especially in Asia-Pacific region, the demand for Crystalline Polyethylene Terephthalate Market is expected to increase over the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for C-PET during the forecast period. Due to the high demand from countries like China, India, and Japan the market for C-PET has been rapidly increasing in the region.
- The largest producers of C-PET are located in the Asia-Pacific region. Some of the leading companies involved in the production of C-PET in the region are - NOVAPET, SABIC, PolyQuest, Indorama Ventures Public Company Limited, and Mitsubishi Chemical Advanced Materials.
- Apart from the food and beverage industry, the pharmaceutical industry majorly finds the application of C-PET in making sterilizing equipment like trays, lids, blood bottles, beakers, and other equipment that are extensively used.
- In India, about 296 cold chain projects in food processing have been approved in 2019, hence increasing the scope of application of C-PET.
- Chinese pharmaceutical industry which is valued at about ~USD 145 billion currently, represents the biggest emerging market with growth tipped to reach about ~USD 200 billion by 2022, thus increasing the scope of application of C-PET.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for Crystalline Polyethylene Terephthalate market during the forecast period.
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