Polyethylene Terephthalate (PET) Market to Attract High Revenue from Rise in Demand from Automotive Sector

The global polyethylene terephthalate (PET) market size is prognosticated to rise remarkably owing to the increasing demand for polyethylene terephthalate from the food and beverage sector. In a recent report by Fortune Business Insights™ titled, “Polyethylene Terephthalate (PET) Market Size, Share & Industry Analysis, By Grade (Textile, Bottle, Film), By End-Use Industry (Packaging, Textiles, Automotive, Electrical, and electronics) and Regional Forecast, 2019-2026,” the market is discussed in details.

Rise in Demand from Food Packaging Industry to Propel Growth

The rise in demand for PET or polyethylene terephthalate from the food industry is a major factor promoting the polyethylene terephthalate (PET) market growth. Industries such as carbonated drinks require PET for packaging, on account of the surge in processed and frozen food consumption. Besides this, the increasing demand from the automotive and electronics industries are anticipated to help increase the overall polyethylene terephthalate market revenue in the forecast period.

On the flip side, strict government regulations imposed on the use of PET may act as a hindrance to the market. Additionally, the evolving market for PET substitutes may pose a threat to the polyethylene terephthalate market, thus hampering the overall polyethylene terephthalate market size. Furthermore, the volatile price of crude oil is resulting in fluctuating raw material polyethylene terephthalate cost. This may cause huge polyethylene terephthalate market growth restrictions in the forecast period.