Polyethylene Terephthalate Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Polyethylene Terephthalate Industry Hit Worst due to Russia-Ukraine War Impact?
Various regulatory measures are being undertaken by governments to promote the use of safe packaging materials for food products. The increasing demand to protect packaged food products is promoting the Polyethylene Terephthalate (PET) Market, predicts a Fortune Business Insights™ report titled, “Polyethylene Terephthalate (PET) Market Size, Share & Industry Analysis, By Grade (Textile, Bottle, Film), By End-Use Industry (Packaging, Textiles, Automotive, Electrical and electronics) and Regional Forecast, 2022-2029.” The report offers a qualitative and quantitative approach to the overall market and its prime growth trajectories.
Objectives of the Report
The report on polyethylene terephthalate (PET) market offers a comprehensive overview of the market. List of factors boosting, propelling, challenging, and creating opportunities for the market. The report also throws light on the different segments of the market and the names of the leading segments with supporting evidence. Besides this, the report lists the names of significant market vendors and the key strategies adopted by them to gain a competitive edge in the market in the future. In conclusion, the report presents key industry developments and other polyethylene terephthalate (PET) market trends. For more information on the report or to purchase the report, one may refer to the company website.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Polyethylene Terephthalate Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Polyethylene Terephthalate Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Increased Demand for Frozen Food is Propelling Growth
An important factor driving the polyethylene terephthalate (PET) market is the increasing demand for bio-based plastic materials. Apart from this, there is a rise in demand from the food and beverage sector for carbonated drinks packaging, frozen food packaging, and other products from the food and beverage sector. The factor mentioned above is further expected to help increase the overall polyethylene terephthalate (PET) market size in the forecast period.
On the contrary, factors such as strict environmental policies and environmental degradation regulations may pose a serious threat to the overall polyethylene terephthalate (PET) market growth. Furthermore, the rise in prices of crude oil, coupled with the fluctuating prices of raw materials may also cause hindrance to the overall polyethylene terephthalate (PET) market size in the forthcoming years.
Nevertheless, the increasing demand from electronics and electric sectors is likely to create lucrative polyethylene terephthalate (PET) market growth opportunities in the long run.
Presence of Well-established Electronic and Automotive Industries to Help North America Earn Significant Revenue
Geographically, the global polyethylene terephthalate (PET) market is widespread into Latin America, Europe, Asia Pacific, North America, and the Middle East and Africa. These regions are further divided into nations. As per a lead analyst at Fortune Business Insights™, Asia Pacific is dominating the market. China emerges as the largest consumer of polyethylene terephthalate and this is attributable to the high polyethylene terephthalate market demand from food and beverage industries. People in China have a high preference for packaged and ready-to-eat food products. Therefore, there is a high demand for PET products from China. On the other side, North America is also anticipated to witness significant growth on account of the well-established presence of electronic and automobile industries in the region.
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Mergers and Acquisition Strategies Adopted by Major Players for Better Revenue Generation
Various polyethylene terephthalate (PET) market manufacturers are focusing on mergers and acquisitions, collaborative agreements, and other related strategies to make their mark in the competition. They are also investing huge sums into opening new projects for PET recycling operations or for setting up of petrochemical projects.
Some of the key polyethylene terephthalate (PET) market manufacturers include:
- Lotte Chemcals
- Imperial chemical industry PLC
- Octal Petrochemicals
- Rangsheng Petrochemicals
- Indorama Ventures
- Nan Ya Plastics
- Zhengbang Fibre
- M&G Chemicals
- DAK Americas
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