Polyethylene Terephthalate (PET) Market: Global Overview and Forecast (2023-2029)

Polyethylene Terephthalate (PET) Market size was valued at US$ 31.16 Bn. in 2022 and the total Polyethylene Terephthalate (PET) revenue is expected to grow by 5.4% from 2023 to 2029, reaching nearly US$ 45.03 Bn.
Polyethylene Terephthalate (PET) Market Overview:
Polyethylene terephthalate is the most popular thermoplastic polymer resin of the polyester family and is used in garment fibers, fluid and meal vessels, thermoforming for production, and specialty resins in conjunction with glass fiber. PET can appear as a transparent or semi-crystalline polymer based on its processing and heating history. PET is typically referred to as polyester in the area of textile applications, but the abbreviation PET is commonly used in the domain of packaging. Polyester accounts for approximately 20% of global polymer output and is the fourth most abundant polymer after polyethylene, polypropylene, and polyvinyl chloride.

The report explores the Polyethylene Terephthalate (PET) market's segments (Production Process, Application, End-Use Industry, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2022. The report investigates the Polyethylene Terephthalate (PET) market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Polyethylene Terephthalate (PET) market's contemporary competitive scenario.To know about the Research Methodology :- Request Free Sample Report
Polyethylene Terephthalate (PET) Market Dynamics:
A major driver of the market growth is that PET is a plastic material that is highly recyclable.

Recycled Polyethylene Terephthalate (rPET) is a highly recyclable material that is widely used across the world. Recycled PET fiber is utilized in a variety of applications, including carpet fiber, clothing, furnishings, knitwear, fiberfill for sleeping bags and pillows, sheets and film, and vehicle components. Several large global beverages and fast-moving consumer products businesses have pledged to use 50% recycled material in their plastic packaging by the end of the decade. As a result, there will be an increase in demand for food-grade-certified recycled materials. However, because of the existing restricted international supply of food-grade recyclable materials, these businesses will find it difficult to source adequate proportions of high-quality food-grade recycled PET in the long run. Numerous recycled PET-based companies have recognized this as a chance to advance their local and international food-grade rPET production capacity.

Price fluctuations of raw materials are a major restraint in the market growth.

The supply of raw materials is one of the most important elements influencing the end-product industry. The rise in the price of petroleum and chemical products has greatly raised the cost of raw materials. Plastic prices are heavily influenced by the economy. The cost of PET resin is mostly governed by competitive pressures and is impacted by crude oil prices.

Commodity price fluctuations raise operational costs, culminating in a pricier end product. Because PET resin is made from hydrocarbons, fluctuations in crude oil prices are anticipated to affect the price of PET resin. The increase in raw material costs has placed a stumbling block to the growth of the PET packaging sector.

Plastics are also commonly utilized in other industries, like the textile sector. PET is known as polyester in the textile business. When demand for polyester increases in the textile sector, it uses a greater percentage of raw resources, lowering the supply of raw materials for the packaging industry.

The key opportunity in the market is the growing need for environmentally friendly packaging solutions.

Growing environmental impacts have raised the demand for environmentally friendly and sustainable packaging products, such as recyclable materials. Packaging producers are concentrating on providing sustainable and environmentally friendly packaging that can be recirculated. These producers are spending on research and development efforts and technology to provide environmentally friendly, cost-effective solutions that do not jeopardize the degree of protection supplied to the packed goods. PepsiCo has declared that it would utilize 25 percent recycled material in all soft drink bottles by 2025, while Keurig Dr. Pepper has claimed that it would use 25 percent less virgin plastic by 2025. Soft drink businesses are looking for equipment that is flexible and easy to change, allowing them to withstand fluctuations in rPET quality.
Polyethylene Terephthalate (PET) Market Segment Analysis:
By Application, the rigid packaging segment is expected to grow at a CAGR of 5.4% in the forecast period. PET is frequently utilized in the packaging industry due to its characteristics like resilience and lightweight. The material has a wide range of applications, including the packing of bottled water and fizzy drinks. Meanwhile, because PET-based containers are more suitable for recycling than other materials, the beverage packaging market is anticipated to be the fastest-growing end-use industry.

PET is available in both homopolymer and copolymer varieties making it an attractive alternative for the beverage packaging industry. Multiple corporations have begun projects to make items utilizing eco-friendly containers. For example, Coca-World Cola's Without Waste campaign attempts to gather and recycle the equivalent of each and every bottle or can sold globally.

Meanwhile, rising food packing use in emerging nations e.g. China and India are anticipated to considerably drive demand for PET in films and panels applications. These containers provide thermal insulation as well as visual appeal to the things kept in them. Additionally, microwave-safe products are opening the way for the film and sheet industry to flourish. Consumers all across the world choose to save time by utilizing microwave-safe food containers.
Polyethylene Terephthalate (PET) Market Regional Insights:
The APAC region dominated the PET market in 2022, accounting for a market share of nearly 40%. Growing processed food intake, along with the rising need for vehicle film coatings in nations e.g. China, India, Indonesia, and Malaysia, is anticipated to boost demand for PET in the APAC region. By 2029, the area is estimated to contribute around 30 percent of overall sales. This can be linked to different environmental regulations imposed by international organizations such as the Environmental Protection Agency, the International Union for Conservation of Nature, and the Intergovernmental Panel on Climate Change, which is likely to affect PET demand in the region.

Furthermore, factors such as price level sensitivity, along with the existence of a large number of companies in the PET market, are anticipated to heighten competitiveness in the area. Emerging economies e.g. India, Indonesia, and China are likely to have rapid economic development in the near future. The high initial investment in the construction industry for infrastructural projects in Europe and APAC is likely to drive demand for PET end-products in the forecast period. Furthermore, green construction initiatives, particularly in Europe, are expected to drive demand for VOC-free coatings and films.

The objective of the report is to present a comprehensive analysis of the Polyethylene Terephthalate (PET) market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Polyethylene Terephthalate (PET) market dynamics, and structure by analyzing the market segments and projecting the Polyethylene Terephthalate (PET) market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Polyethylene Terephthalate (PET) market make the report investor’s guide.
Polyethylene Terephthalate (PET) Market Scope: Inquire before buying



Polyethylene Terephthalate (PET) Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 31.16 Bn.


Forecast Period 2023 to 2029 CAGR:
5.4%
Market Size in 2029:
US $ 45.03 Bn.


 Segments Covered:
by Production Process
• Dimethyl terephthalate (DMT) process
• Terephthalic acid (PTA) process


by Application
• Textiles
• Rigid Packaging
• Flexible Packaging
• Photovoltaic Modules
• Thermoplastic resins
• Other


by End-Use Industry
• Food and Beverage
• Automotive
• Electrical and Electronics
• Healthcare
• Consumer Goods
• Other



Polyethylene Terephthalate (PET) Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Polyethylene Terephthalate (PET) Market Key Players
• Alpek SAB de CV
• BY Sanfame Group (Jiangsu Sanfangxiang Group)
• CR Chemical Materials Technology Inc.
• Far Eastern New Century Corporation
• Hengli Group Co. Ltd
• Indorama Ventures Public Company Limited
• JBF Industries Ltd
• Lotte Chemical Corporation
• OCTAL
• Reliance Industries Limited
• SABIC
• Sinopec Group
• Zhejiang Hengyi Group Co. Ltd
• Zhejiang Zhink Group Co. Ltd
• Mitsubishi Chemical Corporation

Frequently Asked Questions:

1. Which region has the largest share in Global Polyethylene Terephthalate (PET) Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Polyethylene Terephthalate (PET) Market?
Ans: The Global Polyethylene Terephthalate (PET) Market is growing at a CAGR of 5.4% during forecasting period 2023-2029.

3. What is scope of the Global Polyethylene Terephthalate (PET) Market report?
Ans: Global Polyethylene Terephthalate (PET) Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Polyethylene Terephthalate (PET) Market?
Ans: The important key players in the Global Polyethylene Terephthalate (PET) Market are – Alpek SAB de CV, BY Sanfame Group (Jiangsu Sanfangxiang Group), CR Chemical Materials Technology Inc., Far Eastern New Century Corporation, Hengli Group Co. Ltd, Indorama Ventures Public Company Limited, JBF Industries Ltd, Lotte Chemical Corporation, OCTAL, Reliance Industries Limited, SABIC, Sinopec Group, Zhejiang Hengyi Group Co. Ltd, Zhejiang Zhink Group Co. Ltd, Mitsubishi Chemical Corporation

5. What is the study period of this Market?
Ans: The Global Polyethylene Terephthalate (PET) Market is studied from 2022 to 2029.