Global Polyethylene Terephthalate (PET) Compounding Market, By Application (Packaging, Electrical and Electronics, Industrial Machinery, Automotive, Construction, Material Handling) – Industry Trends and Forecast to 2029
Polyethylene Terephthalate (PET) Compounding Market Analysis and Size
The growing consumption of PET (Polyethylene Terephthalate) compounding across end-user industries such as electrical and electronics, packaging, automotive, and construction is expected to drive the market growth rate. PET (Polyethylene Terephthalate) compounding is also used in packaging, foils, textiles, and specialty. The compounding procedure is mainly crucial for specializations. Furthermore, the rising demand for “water bottles” is anticipated to remain a major driving factor for the market growth. Polyethylene terephthalate (PET) compounding bottles are lightweight, easier to handle, non-breakable, and can be resealed. Thus, the polyethylene terephthalate (PET ) compounding market is expected to rise high in 2022-2029.
Data Bridge Market Research analyses that the polyethylene terephthalate (PET) compounding market is expected to undergo a CAGR of 4.80 % during the forecast period. This indicates that the market value, which was USD 5,130.00 million in 2021, would rocket up to USD 7464.62 million by 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Application (Packaging, Electrical and Electronics, Industrial Machinery, Automotive, Construction, Material Handling)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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AVERY DENNISON CORPORATION (U.S.), Dupont (U.S.), Dow (U.S.), 3M (U.S.), H.B. Fuller Company (U.S.), Sealed Air (U.S.), SABIC (Saudi Arabia), Arkema (France), LyondellBasell (Netherlands), Exxon Mobil Corporation (U.S.), Mitsui Chemicals Inc., (Japan), Braskem (Brazil), TotalEnergies (France), Novamont SpA (Italy), SOLVAY (Belgium), DAIKIN (Japan), Biome Bioplastics (U.K.), PTT Global Chemical Public Company Limited (Thailand) and KURARAY CO., LTD. (Japan)
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Market Opportunities
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Market Definition
Polyethylene terephthalate (PET) is a thermoplastic polyester engineering resin and Compounding refers to the melting and mixing of polymers with several additional substances. When used as an injection molding compound, PET must be protected with glass and/or minerals. The compounding process changes the plastic's physical, electrical, thermal, and aesthetic properties. Thus, polyethylene terephthalate (PET) compounding process is used widely in masterbatch plastics and engineering plastics.
Global Polyethylene Terephthalate (PET) Compounding Market Dynamics
Drivers
- Growing demand of PET compounding in food industry
Polyethylene terephthalate (PET) compounding is widely used for packaging several food and refreshments because this PET compounding are light in weight, clean, solid, retain the freshness of the contents and are dimensionally stable than other compounding. Polyethylene terephthalate (PET) compounding is resistant to chemical substances, water, and non-harmful materials that can be recycled due to this it is highly used in the food industry which are expected to drive the growth rate of this market.
- High usage of PET compounding in electronic sector
Polyethylene terephthalate (PET) compounding is also used in the electrical and electronics industry due to excellent properties such as easy processing, flexibility and transparency, and barrier properties. This compound is also used to manufacture sockets, enclosures, and wiring components, which are anticipated to increase the demand for polyethylene terephthalate (PET) compounding in the market.
- Increasing demand of PET compounding in construction industry
The demand for PET compounding increases in the construction sector with the products ranging from pipe fittings and insulation to construction equipment and materials. These compounds are adjusted to meet their specific needs. The rising demand of PET compounding in construction industry are expected to drive the market growth rate during the forecast period.
Opportunities
- Developments and Environmental Regulations
Moreover, the strict environmental regulations to endorse the use of bio-friendly PET compounding products in industries will extend the profitable opportunities to the major market players during the forecast period of 2022 to 2029. Also, the technological developments in polyethylene terephthalate (PET) compounding will further expand the future growth of the polyethylene terephthalate (PET) compounding market.
Furthermore, the traditional use of recycled plastics in packaging’s, such as non-food product wrapping and bottling will create lucrative opportunities for the polyethylene terephthalate (PET) compounding market and improved logistics networks, such as post-recycling supply and improved garbage collection will also create immense opportunities for market growth.
Restraints/Challenges
- Fluctuating price of raw materials
The uncertainty regarding the availability of raw materials of polyethylene terephthalate (PET) compounding further increases the materials' overall cost. Changing the cost of polyethylene terephthalate (PET) compounding have an impact on the entire cost structure, which will pose a hurdle to the polyethylene terephthalate (PET) compounding market. As a result, the fluctuations of polyethylene terephthalate (PET) compounding raw materials prices constrain the market's growth rate.
This polyethylene terephthalate (PET) compounding market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the polyethylene terephthalate (PET) compounding market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Polyethylene Terephthalate (PET) Compounding Market
The outbreak of coronavirus had a negative impact on the polyethylene terephthalate (PET) compounding market. The severe disruptions in manufacturing and supply-chain activities due to the various lockdowns which has imposed by governments has affected the financial setbacks of the market. Moreover, consumer demand has declined as people are now more focused on removing non-essential products from their budgets since the economic situation of most of the people has been badly impacted by this pandemic.
On the brighter side, the market is projected to revive as individual regulatory bodies start to relax these imposed lockdowns. The cancelled and suspended operations will continue and as a result the market is projected to expand.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Global Polyethylene Terephthalate (PET) Compounding Market Scope
The polyethylene terephthalate (PET) compounding market is segmented on the basis of application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Application
- Packaging
- Electrical and Electronics
- Industrial Machinery
- Automotive
- Construction
- Material Handling
Polyethylene Terephthalate (PET) Compounding Market Regional Analysis/Insights
The polyethylene terephthalate (PET) compounding market is analysed and market size insights and trends are provided by country, application industry as referenced above.
The countries covered in the polyethylene terephthalate (PET) compounding market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the polyethylene terephthalate (PET) compounding market due to high opportunities for recycled plastics in packaging that are positioned in the form of traditional applications, in non-food product wrapping and bottle in this region.
North America will continue to project the highest compound annual growth rate during the forecast period of 2022-2029 due to the growth of major end user industries such as electrical, packaging, automotive, and electronics in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Polyethylene Terephthalate (PET) Compounding Share Analysis
The polyethylene terephthalate (PET) compounding market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to polyethylene terephthalate (PET) compounding market.
Some of the major players operating in the polyethylene terephthalate (PET) compounding market are:
- AVERY DENNISON CORPORATION (U.S.)
- Dupont (U.S.)
- Dow (U.S.)
- 3M (U.S.)
- H.B. Fuller Company (U.S.)
- Sealed Air (U.S.)
- SABIC (Saudi Arabia)
- Arkema (France)
- LyondellBasell (Netherlands)
- Exxon Mobil Corporation (U.S.)
- Mitsui Chemicals Inc., (Japan)
- Braskem (Brazil)
- TotalEnergies (France)
- Novamont SpA (Italy)
- SOLVAY (Belgium)
- DAIKIN (Japan)
- Biome Bioplastics (UK)
- PTT Global Chemical Public Company Limited (Thailand)
- KURARAY CO., LTD. (Japan)
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