The global Polyethylene Terephthalate Additives Market size is anticipated to reach USD 2.13 billion by 2030, according to a new report by Grand View Research, Inc., growing at a CAGR of 5.8% during the forecast period. The market is anticipated to grow due to the rising application scope in the packaging, medical, and automotive industries. Polyethylene terephthalate (PET) additives offer enhanced chemical resistance and shatterproof attributes and thus, are widely used across the packaging industry. The demand for colored plastics is increasing swiftly led by the growth in the packaging industry. The global packaging industry is witnessing significant growth, driven by the consolidated development of sub-segments, such as food, industrial, retail, consumer, and medical packaging.
Changing consumer lifestyles have resulted in high
demand for Ready-To-Eat (RTE) foods. Governments across the globe are
encouraging the use of recycled plastic material in single-use plastic products
as a move towards a circular economy. The European Union already has implemented
regulation (EC) No 282/2008 designed explicitly for PET recycling processes.
However, due to a few shortcomings in the existing regulation, the EU is
drafting a new rule that can drive the demand for PET bottle recycling, thus
creating a growth opportunity for chain extender additives for PET. The
recycled PET often encounters yellowish brown effect due to increased recycled
content loading.
The yellowish effect discourages the consumers from
purchasing the recycled PET bottles. The optical brightener additive reduces
the yellowish effect and helps the HBA, food, condiments and beverage packaging
companies in correcting the package color to offer a clear look. Ultraviolet
(UV) light barrier held the largest market share among the function segment in
2021. Light passing through a packaged material may catalyze an oxidation
reaction in a photosensitive product and reduce its shelf life. Also, light
promotes the decomposition of nutrients in food through the formation of
various chemicals, thus causing discoloration, off-flavor, and others.
UV blocking is used to prevent food quality
deterioration and maintain its shelf life. This is expected to boost the demand
for UV light barriers during the forecast period. The presence of several
global companies including LyondellBasell Industries Holdings B.V., Avient
Corp., and Sukano AG is expected to trigger competition. Pricing is the key to
achieving sustainability for market participants, which has resulted in
extensive R&D activities to develop cost-effective PET additives with wider
acceptability, in terms of regulations. Therefore, rivalry in the global
industry is expected to remain high during the forecast period.
Related Press Release@ Polyethylene Terephthalate Additives Market Report
Polyethylene Terephthalate
Additives Market Report Highlights
- UV light barrier dominated the function segment in 2021. UV
blocking is used to prevent food quality deterioration and maintain its
shelf life
- Packaging is the major sector driving the market growth. Color PET
additives help provide the required color to the packaging bottles of
consumer products like shampoo and automotive lubricants ranging from
cosmetics to home care products.
- Recycled PET prices are positioned on a higher side as compared to
virgin PET resins. This can drive the PET resin end-users to procure crude
oil-based PET resins, adversely impacting the demand for recycled PET and
the-chain extender additive used in PET recycling and act as a restraining
factor for the market growth
- In July 2021, Avient Corp. launched ColorMatrix Lactra Four, One,
and Zero additives. These additives include TiO2 content between 0 to 4%
and total inorganic content of less than 4% with better processability,
superior whiteness, and light-blocking up to 99.9% for PET in dairy
packaging
- Asia Pacific accounted for the largest revenue share in 2021 due to
the high product demand from the growing automotive and packaging
industries
- In September 2020, Avient Corp. featured its MEVOPUR ProTect
oxygen-scavenging additive at Medtec China 2020. The MEVOPUR
oxygen-scavenging additive limits the degradation of nutraceuticals and
drugs stored in PET bottles
- Since the pharma and nutraceuticals industry has witnessed an
upward trend since the COVID-19 pandemic, the demand for new oxygen
scavenging additives can expect to grow during the forecast period
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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