The most recent study conducted by Report Ocean, titled “Global Polyethylene Terephthalate Additives Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Polyethylene Terephthalate Additives. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Polyethylene Terephthalate Additives Market is valued at approximately USD 1.58 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5.8% over the forecast period 2022-2028. The polyethylene terephthalate (PET) additives provide the necessary properties such as antistatic, colour, odour scavenging, and flame retardancy, among others, to allow them to be used in a variety of end-use industries. The growing application scope in the packaging, medical, and automotive industries is expected to drive market growth.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
PET additives provide enhanced chemical resistance and shatterproof properties and are thus widely used in the packaging industry. The growth of the packaging industry is driving up demand for coloured plastics. The global packaging industry is expanding rapidly, owing to the consolidation of sub-segments such as food, industrial, retail, consumer, and medical packaging. Consumer lifestyle changes have resulted in high demand for Ready-To-Eat (RTE) foods.
Key players operating in the market are making strategic growth in the market. Avient Corp. introduced ColorMatrix Lactra Four, One, and Zero additives in July 2021. These additives include TiO2 content ranging from 0 to 4% and total inorganic content of less than 4% for PET in dairy packaging, as well as improved processability, superior whiteness, and light-blocking up to 99.9%. Avient Corp. also introduced its MEVOPUR ProTect oxygen-scavenging additive at Medtec China 2020 in September 2020.
The oxygen-scavenging additive MEVOPUR slows the deterioration of nutraceuticals and drugs stored in PET bottles. As part of the transition to a circular economy, governments around the world are encouraging the use of recycled plastic material in single-use plastic products. The European Union has already implemented Regulation (EC) No 282/2008, which is specifically designed for PET recycling processes. However, due to a few flaws in the current regulation, the EU is developing a new rule that will drive demand for PET bottle recycling, creating a growth opportunity for chain extender additives for PET.
However, as compared to virgin PET resins, recycled PET prices are slightly higher. This may cause PET resin end-users to purchase crude oil-based PET resins, reducing demand for recycled PET and the chain extender additive used in PET recycling and acting as a stifling factor for market growth.
The key regions considered for the global Polyethylene Terephthalate Additives market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the global market, accounting for the largest share of global revenue. The Asia Pacific market for (PET) additives is expanding due to increased consumption in end-use industries such as packaging, building and construction, automotive, agriculture, and consumer goods. Growing concerns about reducing GHG emissions and vehicle weight are expected to drive demand for plastic components in Europe. Growing demand for contamination-free packaging of innovative and appealingly packaged food items, as well as rising sales of lightweight vehicles as a result of the implementation of stringent emission standards, will drive market growth.
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Major market players included in this report are:
LyondellBasell Industries Holdings B.V.
SPEAREPET PVT LTD
Gabriel-Chemie
NYACOL Nano Technologies, Inc.
Capital Colors
Sukano AG
Avient Corp.
Yildiz Kolor
Holland Colours
PLASTIKA KRITIS SA
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Function:
Color Addition
Antiblock
Antistatic
Ultraviolet Light Barrier
Oxygen Scavenging
Acetaldehyde Scavenging
Flame Resistance
Chain Extender
Odor Scavenger
Reheat
Other
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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