Amorphous Polypropylene Terephatalate Market worth $59.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 15, 2022 /PRNewswire/ -- According to the report "Amorphous Polypropylene Terephatalate Market by Application (Bottles, Films/Sheets, Food Packaging), End-use Industry( Food & Beverage, Pharmaceutical) and Region (APAC, North America, MEA, Europe, South America) - Global Forecast to 2026", published by MarketsandMarkets™, the market size is estimated at USD 41.4 billion in 2021 and is projected to reach USD 59.1 billion by 2026, at a CAGR of 7.4%, between 2021 and 2026. Growth in the amorphous polyethylene terephthalate market can primarily be attributed to the increasing use for packaging carbonated soft drinks (CSD), juices, and water; personal care products; and pharmaceuticals; among other products, due to superior mechanical and physical properties offered by it. It is used in various end-use industries, such as pharmaceuticals and food & beverage. The shifting of the manufacturing bases of various companies to the Asia Pacific region has also contributed to the increased demand for amorphous polyethylene terephthalate from this region, thereby fueling the growth of the global amorphous polyethylene terephthalate market.
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Bottles is the largest application segment of the amorphous polyethylene terephthalate market
On the basis of application, the market is segmented into bottles, films/sheets, and food packaging, and others. Because of its high transparency, which is similar to that of glass, amorphous PET is utilised in the manufacture of bottles and packaging.
Food & beverage is the largest end-use segment of the amorphous polyethylene terephthalate market
On the basis of end-use industry, the market is segmented into food & beverage, pharmaceutical, and others. The food & beverage end-use industry segment led the market in terms of both value and volume. Amorphous polyethylene terephthalate is being increasingly used for packaging carbonated soft drinks (CSD), juices, and water.
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Asia Pacific is the largest market for amorphous polyethylene terephthalate market
The Asia Pacific region is projected to be the largest market, in terms of value. Asia Pacific is also expected to grow at the highest CAGR during the forecast period. The growth of Asia Pacific region can be attributed to the high economic growth rate of the region and different food habits of people across different countries of the region. In addition, the growing population of the region presents a huge customer base for fast-moving consumer goods (FMCG) products and packaged food & beverages, which, in turn, is expected to lead to the growth of the amorphous polyethylene terephthalate market during the forecast period. Owing to the increasing income of people in this region, the demand for high-end packaging products for food & beverage, and pharmaceutical, has been growing rapidly. Apart from the food & beverage industry, the region also exhibits significant opportunities in the packaging industry, which is expected to drive the market.
Indorama Ventures Public Company Limited (Thailand), Alpek (Mexico), Jiangsu Sanfangxiang Group Co., Ltd. (China), Far Eastern New Century Corporation (Taiwan), and DAK Americas (US) are key players in amorphous polyethylene terephthalate market.
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