According to the recent research report titled ‘GLOBAL Polyethylene Terephthalate (Pet) Market 2021-2028’, available with Market Study Report, global polyethylene terephthalate (PET) market is expected to showcase a CAGR of 7.15% in terms of revenue and 6.53% of CAGR in terms of volume over 2021-2028.
 

Increasing interest in eco-friendly packaging, advances in the field, and consumer preference for ready-made foods are propelling global polyethylene terephthalate (PET) market growth. Surging demand for bio-based packaging material is significantly contributing to the industry progression.
 

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Consumers are now looking for high-quality products with added features. PET bottles are considered to be a healthier alternative. In comparison to other types of packaging, bottles manufactured of polyethylene terephthalate have higher moisture resistance and transparency.
 

Speaking of restraints, rising use of substitute products, and strict norms imposed by regulatory organizations are hampering the industry expansion.
 

Based on type, worldwide polyethylene terephthalate market is split into pouches, bottles, cans, cups, and others. As per material type, the industry segmentation comprises paperboard, metal, plastic, glass, and others. Moving on to application spectrum, the market is categorized into consumer goods, healthcare, electrical & electronics, automotive, food & beverage, and others.
 

Elaborating on regional terrain, Middle East & Africa, North America, Asia Pacific, Latin America, and Europe are the key contributors to the market development. Of these, Asia Pacific polyethylene terephthalate (PET) industry is expected to amass high returns over 2021-2028, owing to surging middle-class population, and rising income leading to increasing demand for food & beverages. In addition, mounting demand for bottled water in APAC economies is also boosting the regional market outlook.
 

Key contenders influencing global polyethylene terephthalate (PET) market trends are Saudi Basic Industries Corporation (SABIC), Lotte Chemical Corporation, JBF Industries Ltd., Octal, Alpek S.A.B de C.V., Hengli Group Ltd, Jiangsu Sanfangxiang Group, China Resources Chemical Materials Technology Ltd., Far Eastern New Century Corporation, Sinopec Group, M&G Chemicals S.A., Indorama Ventures Public Company Ltd, BASF SE, Royal DSM, and Reliance Industries Ltd.