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ALBANY, N.Y. , May 17, 2022 /PRNewswire/ -- The worth of global polyethylene terephthalate market stood at US$ 31.45 Bn in 2020. The global market is likely to rise at a CAGR of 5.8% during the forecast period, from 2021 to 2031.The global polyethylene terephthalate market is anticipated to attain valuation of US$ 58.47 Bn by 2031. The global polyethylene terephthalate market is expected to recover due to strict government environmental laws and rising consumption for thermal insulation products. In order to diversify sources of revenue for next-generation PET foam core products, firms in the global polyethylene terephthalate market are focusing on applications in marine, aircraft, and rail, in addition to construction and furniture industries.
There is an increasing understanding of how to identify various plastics. The #1 code in the triangle chasing arrows recycling logo denotes polyethylene terephthalate (PET). PET is becoming more popular in consumer goods, food and beverage (F&B), and industrial packaging. PET bottles are in high demand for convenience-size soft beverages, drinking water, and juices. Other PET packaging uses, such as the packaging of salad dressings, peanut butter, and cooking oil are also likely to assist market players in expanding their product variety.
Furthermore, different international entities such as the Environmental Protection Agency (EPA), the International Union for Conservation of Nature (IUCN), and the Intergovernmental Panel on Climate Change (IPCC) are anticipated to have significant influence on the polyethylene terephthalate market in the Asia Pacific region.
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Global Polyethylene Terephthalate Market: Growth Drivers
Global Polyethylene Terephthalate Market: Key Competitors
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Global Polyethylene Terephthalate Market: Segmentation
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