Polyethylene Terephthalate Additives Market: Future Demand, Market Analysis & Outlook to 2030

[sara James]

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