The North America polyethylene terephthalate (PET) resin market is estimated to witness a significant growth, at an estimated CAGR of over 4.5%, over the forecast period. Growing food and beverage industry and growing demand for sustainable and recyclable material are expected to drive the market during the forecast period.
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Increasing Demand from Food & Beverage Industry
– PET is a plastic material, which has found increasing applications in the food and beverage industry for packaging purposes. PET has been replacing glass in food packaging applications, owing to its extremely lightweight, easy and efficient to transport, and shatterproof features.
– PET is a very strong and inert material that does not react with foods. It is resistant to attacks by micro-organisms and will not biologically degrade. Additionally, unlike glass, PET is extremely lightweight, easy and efficient to transport, re-sealable for efficient on-the-go hydration, environmentally safe, recyclable, and shatterproof. Owing to its chemical inertness and physical properties, especially glass-like transparency, lightweight, and rigidity, PET is widely used as a food packaging material.
– Common applications of PET in the food and beverage industry are bottled water, milk, juices, and carbonated drinks bottles, ketchup, jars for peanut butter, mayonnaise, pickles, jam, and others, sandwich boxes, tubs and food containers, can laminations, etc.
– Besides packaging, PET is also used in the food industry for clamshells, deli containers, as well as microwave food trays. Growing population, increase in consumers disposable income and purchasing power, increasing demand for easily transportable and flexible food packaging, etc. are further expected to increase the demand for PET during the forecast period.
United States to Dominate the Market
– The United States is the largest consumers of polyethylene terephthalate in North America, driven mainly by the food and beverage packaging industry.
– The largest manufacturing industries in the United States, by revenue, include petroleum, steel, automobiles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining.
– In the industrial segment, owing to the numerous political and financial reasons, many industries are reshoring and bringing manufacturing back to the country, in turn, increasing the demand for engineering plastics.
– One of the major factors driving the growth of the United States PET market is the increasing use of packaging in the food and beverage industry. Food production in the United States is concentrated between multinational giants, such as PepsiCo, Tyson Foods, Nestle, and JBS USA. Packaging materials for food and beverage are witnessing a growing demand in the country.
– United States has one of the most competitive consumer goods industry, with the presence of companies, such as Unilever, PepsiCo., P&G, Coca-Cola, Nestle, etc., each trying to overtake the other in terms of market reach, product and production, thus, creating a continuous demand for packaging materials, which can be met by PET.
– Hence, United States is a prolific market for polyethylene terephthalate (PET), driven by the demands from packaging industries in food and beverage, and consumer goods.
The North America polyethylene terephthalate (PET) resin market is consolidated in nature. Key players in the market include LOTTE Chemical CORPORATION, SABIC, Indorama Ventures Public Company Limited, and BASF SE, among others.
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