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Global PET market estimated to be worth $48.4bn in 2016: Study

The global PET market is expected to reach $48.4 billion in 2016, up from an estimated $23.3bn in 2010, registering a compound annual growth rate (CAGR) of 9.6% from 2011 to 2016, according to a report published by Transparency Market Research, entitled ‘Global Polyethylene Terephthalate (PET) Value Chain Market Analysis (Ethylene, PET, PET Packaging) - Industry Analysis, Market Size, Share, Trends, Growth And Forecast, 2010 – 2016.’

It is expected that Asia Pacific will maintain its leadership position in terms of PET demand over the next five years in the overall global market, reported citing Transparency Market Research report.

Increasing application in CSD packaging as well as rising consumption of packaged, frozen and other processed foods are said to be the major drivers, while largest PET applications are said to include packaging of CSD and bottled water, alcoholic and hot beverages, sheet/films and food.