Market Trends of north america polyethylene terephthalate (pet) Industry
Strong growth of technological innovations to augment the overall growth of the industry
- Electrical and electronics production in North America witnessed a CAGR of over 1.4% between 2017 and 2019 owing to the advancement of technology, coupled with the increasing demand for consumer electronics products, such as smart TVs, refrigerators, air conditioners, and other products. The rapid pace of electronic technological innovation is driving the demand for newer and faster electronic products. As a result, it has also increased the electrical and electronics production in the region.
- Electronic device sales in North America fell by around 9% in 2020 compared to 2019, owing to the COVID-19 impact, because of the production facility shutdowns, supply chain disruptions, and various other constraints. As a result, revenue from electrical and electronics production in the region decreased by 4.7% in 2020 compared to the previous year.
- In 2021, the sales of consumer electronics in the region reached around USD 113 billion, 4% higher than in 2020. As a result, North America’s electrical and electronics production grew by 13.8% in 2021 in terms of revenue compared to the previous year.
- By 2027, North America is projected to be the third-largest region for electrical and electronics production and account for a share of around 10.5% of the global market. The emergence of advanced technologies such as virtual reality, IoT solutions, and robotics into consumer electronic products to achieve efficiency and low cost has provided a significant advantage to the consumer electronics industry. The consumer electronics industry in the region is projected to reach a market volume of around USD 161.8 billion by 2027 from USD 127.6 billion in 2023. As a result, the demand for electrical and electronic products in the region is projected to increase.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Increasing investments in the civil aviation and defense sectors to drive the industry
- Strong growth in residential construction to drive the industry
- North America to remain as a net importer of PET resins
- Growing packaging sector to foster the demand for PET bottles
- Government initiatives for electric vehicles to support the automotive production
- Evolving lifestyle to increase the plastic packaging applications
- Volatile crude oil prices and geopolitical factors may highly influence prices of PET resins
- The PET recycling rate in Mexico stood at 56%, the United States at 28.6%, and Canada at 9%
