[FURL=https://www.industryarc.com/Report/15542/crystalline-polyethylene-terephthalate-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Crystalline Polyethylene Terephthalate Market[/FURL] size is forecast to reach $18.88 billion by 2026, after growing at a CAGR of 9.2% during 2021-2026. It is among the plastics which is most used in present days. It is a very important polymer used in fabric films, packaging, molding the parts of automotive and electronics, making bottles and containers and many others. The growth in the market is due to the increase in the usage of polyethylene terephthalate for various applications in sectors like, food & beverages, pharmaceutical, automotive, and others.COVID-19 Impact
The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. Currently the crystalline polyethylene terephthalate market has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. According to World Trade Organization (WTO), global trade volumes are projected to decline between 13-32% in 2020. The pandemic has impacted the industrial segment and majorly the food and beverage industry due to temporary shutdown. This in turn has restricted the growth in year 2020 and a few months in 2021.
Key Takeaways
Asia Pacific dominates the crystalline polyethylene terephthalate market owing to rapid increase in food and beverages sector especially packaged foods.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end use industry in Crystalline Polyethylene Terephthalate Market and their specific segmented revenue.
Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Composite testing related industries has been negatively affected, thus hampering the growth of the market.
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Crystalline Polyethylene Terephthalate Market Drivers
Rise in Demand for Sustainable Packaging material
Industrialization has led to the increase in demand for crystalline polyethylene terephthalate market in various industries for different purposes. The rise in demand for sustainable packaging is due to the rising demand and changing day to day need.
Superior Properties of crystalline Polyethylene Terephthalate
The superior properties of crystalline polyethylene terephthalate are driving the market. The most superior one is that it can be easily recycled.
Crystalline Polyethylene Terephthalate Market top 10 companies are CAPCO, BASF SE, DOW Chemicals, DAK America, Clariant AG, BP Chemicals, Eastman Chemical Company, and Others.
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