The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Amorphous Polyethylene Terephthalate Market.
It was estimated prior to this unanticipated outbreak that the Amorphous Polyethylene Terephthalate Market was expected to grow at a CAGR of 7.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Amorphous polyethylene terephthalate (APET) is produced by means of extrusion of polyethylene terephthalate. It is a thermoplastic sheet. APET offers remarkable properties such as clear visibility, high strength and stiffness, gloss, mechanical and thermoforming characteristics, and is extensively used for packaging food products & beverages.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the application type, the market is segmented as bottles, films/sheets, food packaging, and others. Bottles are estimated to be the fastest-growing segment of the market during the forecast period. Amorphous polyethylene terephthalate offers high malleability and inert nature, due to which its usage has been increased to manufacture bottles, which are lightweight, clear, and tough. The other major factor fueling the market growth during the forecast period is the increasing use of amorphous polyethylene terephthalate bottles for packaging carbonated soft drinks, pharmaceuticals, and energy drinks.
Based on the end-use industry type, the amorphous polyethylene terephthalate market is segmented as food & beverages, pharmaceuticals, dairy, automotive, textiles, and others. Food & beverages is expected to be the fastest-growing segment of the market during the forecast period. There has been an increase in the demand for bottles, containers, trays, and other things manufactured from amorphous polyethylene terephthalate for packaging food products from the food & beverages industry. Moreover, change in lifestyle of the masses and busy schedule of the working class population, globally are also fueling the consumption of ready-to-eat food products, which in turn, is leading to the increase in demand for packaging materials made from APET, thereby driving the growth of the food & beverages end-use industry segment of the market.
In terms of regions, Asia-Pacific is expected to be the largest as well as the fastest-growing market for amorphous polyethylene terephthalate during the forecast period, with China, India, South Korea, and Australia being the major countries with lucrative growth opportunities. Factors such as growing population and improving economic conditions are driving the growth of the food & beverages industry in APAC, which is eventually fueling the growth of the amorphous polyethylene terephthalate market in the region. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
Some of the key players in the amorphous polyethylene terephthalate market are Covestro AG, DAK Americas LLC, Far Eastern New Century, Indorama Ventures Public Company Limited, JBF Industries Ltd., Jiangsu Sanfangxiang Group Co., Ltd., M.G. Chemicals, Quadrant AG, Reliance Industries Limited, and Sinopec Yizheng Chemical Fibre Company Limited.