According to the report by Expert Market Research (EMR), the global Polyethylene Terephthalate (PET) Compounding Market Share is projected to grow at a CAGR of 4.20% between 2023 and 2028. Aided by the escalating demand for durable and lightweight materials and the growing applications of PET compounds across numerous industries, the market is expected to grow significantly by 2028.
Polyethylene Terephthalate, typically known as PET, is a variety of polyester most commonly utilised in the formation of plastic and fibre for fabricating containers and bottles for packaging. Recognised for its strength, thermal stability, and lightweight properties, PET compounds are widely used across various industries including automotive, electrical and electronics, and packaging because of their commendable flexibility, chemical resistance, and electrical insulating properties.
The surge in the global polyethylene terephthalate (PET) compounding market growth is primarily due to increasing consumer preference for durable and lightweight materials. Given the heightened focus on fuel efficiency and emissions control, there has been a considerable shift towards lightweight materials in the automotive industry, leading to an increased demand for PET-based compounds.
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The expanding applications of PET compounds across various industries also significantly contribute to the polyethylene terephthalate (PET) compounding market development. In the automotive industry, PET compounds are deployed to augment the strength and durability of several components. The electrical and electronics sector utilises PET for its superior electrical insulating properties, a crucial element in the production of various devices. Moreover, the chemical resistance and flexibility of PET compounds make them an indispensable resource in the packaging sector.
Additionally, the soaring demand for sustainable and recyclable materials across sectors has fostered increased attention towards PET as a viable substitute. With the rise in environmental consciousness and the burgeoning popularity of the circular economy concept, PET has emerged as a pivotal material in the development of eco-friendly products, thereby fuelling the polyethylene terephthalate (PET) compounding market expansion.
Compounding items made of polyethylene terephthalate are an excellent substitute to glass since they do not break or sustain any damage, making them a safer choice for product storage. In addition to being extremely recyclable, it is a favoured alternative to single-use plastics, thus propelling the polyethylene terephthalate (PET) compounding market growth.
Polyethylene Terephthalate (PET) Compounding Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
- Packaging
- Industrial Machinery
- Electrical and Electronics
- Automotive
- Construction
- Material Handling
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Polyethylene Terephthalate (PET) Compounding Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global polyethylene terephthalate (PET) compounding companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- BASF SE
- SABIC
- RTP Company
- Polyvisions Inc
- DuPont de Nemours, Inc.
- Others
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