Dimethyl Terephthalate Market Continues to Evolve with Breakthrough Innovations with Growing CAGR 21.3% during the forecast period 2023 to 2033 | Persistence Market Research
Surge in electrical and electronics industry to propel the demand for Dimethyl Terephthalate: Opportunities Ahead
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- The Dimethyl Terephthalate Market revenues were estimated at US$ 814 Million in 2022 and are anticipated to grow at a CAGR of 3.4% from 2023 to 2033, according to a recently published Persistence Market Research report. By the end of 2033, the market is expected to reach a valuation of US$ 1.2 Billion. Dimethyl Terephthalate Market is expected to garner significant revenue through the food & beverage industry with a projected CAGR of 3.2% from 2023 to 2033.
The rise in demand for PET is the leading factor affecting the growth and expansion of the Dimethyl Terephthalate industry. PET is primarily required and used in flexible packaging across various industries. The largest use of PET is in the food and beverage industry, which uses PET bottles to package bottled water, and various soft drinks that are widely consumed across the world. The rising demand for PET from the food and beverage industry is likely to drive the demand for the dimethyl terephthalate market.
In Asia Pacific Dimethyl Terephthalate Market was held at US$ 411.7 Million in 2022 and is estimated to reach a valuation of US$ 427 Million in 2023. Asia Pacific houses three key companies namely Teijin Ltd, China Petroleum and Chemicals Co., and SK Innovations, that account for 100% of the installed capacity of Dimethyl Terephthalate in the region.
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The key players in this industry are investing heavily in new technologies for improving the quality of their products. The companies are also collaborating and installing new plants to increase production and keep up with the demand.
Key players in the Dimethyl Terephthalate industry are TCI Chemicals, Teijin Ltd., Merck KGaA, Eastman Chemical Company, A.B Enterprises, SK Petrochemicals Co., Ltd., SASA polymers, Fiber Intermediate Product Co, Liaoyang Petrochemical Co, Mogilevkhimvolokno JSC, Oxxynova, Petrobrazi, Petrocel SA, Yambolen AD, etc.
Some of the recent developments in the Dimethyl Terephthalate market are:
In December 2022, Itochu, Teijin, and JGC entered into a partnership to license polyester recycling technology. The new venture between these companies will make use of new technology that was developed by Japan’s Teijin frontier which uses DMT for chemical recycling by decomposing PET polyester and then polymerizing it.
It is a significant step as this method not only decomposes the polymer but also removes the dyes used in pet bottles and other impurities making the recycled product at par with that of newly produced.
In November 2022, Eastman announced to catalyze the polyester waste ecosystem with key recycling projects. Eastman’s PRT (Polyester renewal technology) will break down the polyester waste into DMT (Dimethyl Terephthalate) and ethylene glycol. The company would use this technology to recycle plastic waste, reduce its overall environmental impact and provide better-quality products for its customers.
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Persistence Market Research, in its new offering, presents an unbiased analysis of the Dimethyl Terephthalate Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in the Dimethyl Terephthalate market By Form, Applications, End-User industry, and by Region and by Region - from 2023 to 2033.
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