BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global polytrimethylene terephthalate (PTT) market size at USD 225.54 million in 2022. During the forecast period between 2023 and 2029, the global polytrimethylene terephthalate (PTT) market size is projected to grow at a CAGR of 6.55% reaching a value of USD 349.08 million by 2029. Widespread usage of lightweight packaging across sectors and increased interest in bio-based and recyclable packaging solutions are two major driving factors for the global polytrimethylene terephthalate (PTT) market. PTT is growing in popularity in the packaging industry because of its superior strength, stiffness, high moisture resistance, and recycling ability, which is anticipated to fuel its market growth during the forecast period.
Global Polytrimethylene Terephthalate (PTT) Market – Overview
PET stands for polyethylene terephthalate, the name of a form of transparent, durable, lightweight, and fully recyclable plastic. PET is mostly utilized to create packaging materials for food goods, including containers for fruit and beverages. It is thin, translucent, and comes in a variety of colors. It is also known as polyester since it belongs to the ester family. Due to its superior strength-to-weight ratio, lower cost, transportation savings characteristics as compared to glass alternatives, and history of safety and dependability, PET is a preferred material for various consumer goods, including plastic bottles.
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Global Polytrimethylene Terephthalate (PTT) Market – By End User
Based on end-user, the global polytrimethylene terephthalate (PTT) market is segmented into textile, automotive, packaging, medical, consumer goods, and others. The textile industry accounts for the largest market share. Polyethylene terephthalate, commonly known as polyester in the textile industry, is highly moisture resistant and has a high strength-to-weight ratio. Compared to cotton, it also has superior chemical resistance to organic material and water. Therefore, this material is commonly used in manufacturing clothes like uniforms and underwear, which is a key element driving its market expansion.
Impact of COVID-19 on Global Polytrimethylene Terephthalate (PTT) Market
The COVID-19 pandemic initially affected the growth of the global polytrimethylene terephthalate (PTT) market. The market demand for polytrimethylene terephthalate (PTT) was directly hampered by the lockdown's restrictions on the key end-user industries, notably the textile and automobile sectors. Furthermore, the market suffered significant losses as a result of the constraints on the supply chains. The pandemic, however, accelerated the growth of the e-commerce and health supply sectors, which increased demand for polytrimethylene terephthalate (PTT), particularly in the packaging sector.
Competitive Landscape
Major players operating in the global polytrimethylene terephthalate (PTT) market include Avery Dennison Corporation, Dupont, Dow, 3M, H.B. Fuller Company, Sealed Air, SABIC, Arkema, LyondellBasell, Exxon Mobil Corporation, Mitsui Chemicals Inc., Braskem, TotalEnergies, Novamont SpA, Solvay, Daikin, Biome Bioplastics, PTT Global Chemical Public Company Limited, and Kuraray Co., Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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