Polyethylene terephthalate (PET) is a thermoplastic polymer resin of the polyester family that is clear, strong, and dimensionally stable and is widely used in food and beverage packaging. It is known for desirable properties such as crystal clarity, good gas and moisture barrier characteristics, high stiffness and strength. PET is also lightweight and flexible making it suitable for manufacturing of plastic bottles for water, juices, soda, and other beverages. The wide range of applications of PET in various industries and eco-friendly nature is fueling the demand in the global market.

The global Polyethylene terephthalate (PET) market is estimated to be valued at US$ 53.53 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Polyethylene terephthalate (PET) market are Medtronic, Abbott Laboratories, Boston Scientific, Biotronik, Koninklijke Philips, Nihon Kohden, Fukuda Denshi, Hill-Rom Holdings, Mindray Medical, Schiller AG, Spacelabs Healthcare, GE Healthcare, Cardiac Science Corporation, Lifewatch AG, Beijing Choice Electronic Tech Co, Vivaquant, Preventice Solutions, iRhythm Technologies, Applied Cardiac Systems, BioTelemetry.

The key opportunities in the PET market include the rising demand from developing economies as PET offers good barrier properties, mechanical strength, lightweight, and dimensional stability. Major Asian countries are projected to be the major consumers of PET owing to increasing application in food & non-food packaging.

Technological advancements are focused on developing PET resin that have improved gas and moisture barrier properties by blending PET resin with other polymers. Manufacturers are also developing bio-based PET resins derived from renewable feedstock like sugarcane which helps reduce dependency on crude oil and contributes to sustainability goals.

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