Rising polymer demand in end-use industries such as packaging, automotive, electrical & electronics and constructions is expected to remain a key driving force for PET compounding market growth. The Global Polyethylene Terephthalate (PET) Compounding Market is expected to reach USD 7.82 billion by 2024, according to a new report by Grand View Research, Inc. Strong demand for PET bottles coupled with growing packaged food & beverage industry in emerging economies of Asia Pacific and Latin America such as China, India, Mexico, and Brazil are anticipated to fuel industry growth significantly. Regulatory agencies to reduce Green House Gas (GHG) emissions by means of vehicular weight reduction and fuel efficiency improvements have formulated policies and guidelines. Automotive manufacturers & OEMs in order to meet these regulations have adopted plastics as a replacement for metals such as aluminum and steel. Packaging accounted for over 55% of overall market volume in 2