PET Market Size, Share, Trends and Forecast Analysis (2025-2032)

PET Market was worth USD 33.16 Bn in 2024 and total revenue is expected to grow at a rate of 7.01 % CAGR from 2025 to 2032, reaching almost USD 57.02 Bn in 2032.
PET Market Overview:
Polyethylene Terephthalate, or PET, is a light and durable thermoplastic polymer and it is a vital agent in packaging, especially for containers and bottles. The polymer is strong, recyclable, and capable of resisting chemicals. Demand for PET has been raised by growth in the automotive and textile industries, arenas where it is used for synthetic fibres, seat covers, and light parts. The strength and durability of the material thus make it a great contender in both sectors, with growing demand for PET owing to increased demand for sustainable packaging and green products. This proves an opportunity for growth as companies are investing in recycling plants and about meeting consumer and regulatory demands on sustainability. The market for PET by type sees growth in recycled PET because of sustainability goals and green concerns reducing dependence on virgin PET. Rigid packaging leads due to its widespread use in food, beverage, and pharmaceutical industries. North America held sway over the PET market Tranquil 2024 due to widespread use of PET bottles in food and beverage packaging. Players like DuPont and BASF were major contributors with innovation and healthy supply chains in the region.

The objective of the report is to present a comprehensive analysis of the 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 PET market dynamics, structure by analyzing the market segments and project the 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 PET market make the report investor’s guide.To know about the Research Methodology :- Request Free Sample Report
PET Market Dynamics
Growth in the textile and automotive Industries to Drives the PET Market Growth

The growth in the automobile and textile industries strongly drives the PET market due to the multiple applications of PET in these industries. In textiles, PET is used to make polyester fibres, which are used for their strength, durability, wrinkle resistance, and ease of care—making them appropriate for apparel, home furnishings, and industrial textiles. In the automotive industry, PET-based engineering resins are used for manufacturing parts like seat belts, carpets, insulation, and under-the-hood parts due to their high mechanical strength, heat resistance, and light weight. With increasing demand for high-performance, cost-effective, and eco-friendly materials in both industries, PET use continues to rise, driving market growth.

Growing demand for recycled PET to create an opportunity in the PET Market

Increasing environmental awareness and plastic waste regulation. Companies are investing in state-of-the-art recycling technology in order to produce high-quality rPET that can be used in packaging, textiles, and automotive. Not only does this aid in achieving the sustainability goals, but also reduces the need for virgin plastics, creating new revenue streams and driving innovation in circular economy solutions. In addition, increasing emerging market growth and demand for green packaging further boost growth opportunities in the PET market.

Health Concerns Related to Microplastics to Restrain the PET Market

Recent research by scientists has identified microplastics in PET bottles and packs, sparking health issues concerning their impacts if consumed through foods and drinks. These microplastics, whose migration into the products must take years to occur, have already been associated with long-term human health impacts, such as cell damage and hormonal disorder. As a result of increasing awareness of these impacts, consumers are increasingly becoming wary of PET-packaged products. Some regulatory bodies in various parts of the world are, in turn, reconsidering more stringent restrictions on the use of plastics and encouraging alternatives, thereby limiting the growth and uptake of PET in the market.
PET Market Segment Analysis
Based on Type, the PET Market is segmented into Virgin and Recycled. In this, Virgin PET dominated the market in 2024 and is expected to dominate the market in the forecast period, also due to its high purity, strength, and suitability for a wide range of applications, especially in food-grade packaging. It offers better clarity, consistency, and performance in manufacturing processes, making it the preferred choice for industries

Based on Application, the PET Market is segmented into Rigid Packaging, Film, Sheets and Straps and Others. In this, Rigid Packaging dominated the market in 2024 and is expected to dominate the market in the forecast period also. The massive demand for PET bottles in the food and beverage sector. Its lightweight and barrier properties make it ideal for packaging water, drinks and much more, as well as for personal care and household products.
PET Market Regional Analysis
North America is the Dominating Region in the PET Market in 2024 due to Extensive usage of Bottles

North America dominated the PET (Polyethene Terephthalate) market due to the region's established packaging industry, the extensive consumption of bottled beverages, and strong end-use industry demand among food & beverages, automotive, and textiles segments. The region's focus on a circular economy and sustainability has also promoted massive investment in the manufacturing of recycled PET (rPET), further solidifying the region's market dominance. Additionally, the position of prominent manufacturers, the technological advancement of recycling, and the supportive policies regarding sustainable packaging further support North America's dominance in the overall PET market.

PET Market Competitive Landscape

In the PET (Polyethylene Terephthalate) market, DuPont and BASF are leading global players with respective but competing product and services portfolios. Wilmington, Delaware, USA-based DuPont manufactures PET industry products primarily through its high-performance polymers and specialty materials used in PET processing, packaging solutions, and barrier resins contributing to PET strength and sustainability, especially in food and beverage packaging. BASF, based in Ludwigshafen, Germany, is a leading raw material supplier of purified terephthalic acid (PTA) and ethylene glycol (EG), both essential to PET production. BASF also excels at closed-loop recycling technologies and sustainable PET innovations towards circular economy goals. Both firms bank on robust R&D, sustainability strategies, and global distribution networks to battle the evolving PET environment.

Price Analysis PET Market:

The bearish corn in the virgin plastics market owing to major production volumes planned to come online both in China & the United States will test brand holders’ promises to buying recycled plastics in the year 2020. In the United States, 34.35 Mn mt/yr of polyethylene terephthalate capacity will be added in the year 2023 and during the forecast period, the market is expecting Lyondellbasell 550,000 mt/yr HDPE plant to start up by the end of 2022. In the face of inexpensive virgin material, product owners will either bite the bullet & endure buying the more costly recycled material, or decrease recycled plastic buying to least levels. This positions a changed problem, since key player owner promises to minimum recycled plastic content in their packaging are fast approaching.

PET Market Key Trends

• Sustainability & Circular Economy- Recycled PET (rPET) is increasingly prominent. Though rPET currently accounts for around 20% of market share, more companies are pledging ≥ 50% rPET content by 2030, notably in beverage packaging.
• Innovation in Materials & Design- PET manufacturers are enhancing lightweighting and high-barrier monomaterials for improved shelf life, sustainability, and process efficiency.
• Regulatory Pressure & Consumer Demand- Governments are imposing EPR mandates, recycled-content minimums (e.g., EU's PPWR mandating 30% rPET by 2030, with food-grade caps at 10%), and deposit-return schemes, especially in Europe and parts of Asia

PET Market Key Developments



Year
Company Name
Recent Development


January 30, 2025
DuPont (USA)
DuPont Water Solutions earned a 2025 BIG Innovation Award for its FilmTec BW30 PRO‑400 RO and the new Water Solutions Sustainability Navigator digital tool to benchmark treatment sustainability


Feb 14, 2025
BASF (Germany)
Through BASF subsidiary trinamiX, introduced a handheld NIR spectroscopy device to rapidly identify and sort various plastic types—boosting PET sorting accuracy in recycling facilities


March 11, 2023
Jiangsu Sanfangxiang Group (China)
Commissioned a new PET resin production plant, expanding its annual capacity (alongside its integrated PTA and polyester operations), reinforcing its position as a top domestic and global PET supplier


April 3, 2024
JBF RAK LLC  (UAE)
Completed a significant corporate restructuring, spun off from the JBF Group into an independent entity supported by the Ras Al Khaimah Investment and Development Office (IDO). This realignment establishes a focused governance structure and positions the company for strategic growth in PET resin and BoPET film manufacturing


Feb 19, 2025
Alpek Polyester (Colombia)
Issued 2025 guidance confirming volume growth in Polyester (including PET) segments. While no specific plant expansions announced, they remain focused on competitive resilience amid challenging margins



PET Market Scope: Inquire before buying



PET Market


Report Coverage
Details


Base Year:
2024
Forecast Period:
2025-2032


Historical Data:
2019 to 2024
Market Size in 2024:
USD 33.16 Bn.


Forecast Period 2025 to 2032 CAGR:
7.01%
Market Size in 2032:
USD 57.02 Bn.


 Segments Covered:
by Type
Virgin
Recycled


by Application
Rigid Packaging
Film
Sheets and Straps
Others



PET Market by Region
North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Taiwan, Indonesia, Philippines, Malaysia, Vietnam, Thailand, Rest of Asia Pacific region)
Middle East & Africa (South Africa, GCC, Nigeria, Rest of ME&A)
South America (Brazil, Argentina, Rest of South America)
PET Market Key Players
North America

1. DuPont (Wilmington, Delaware, USA)
2. PET Processors LLC (Winston-Salem, North Carolina, USA)
3. Eastman Chemical Company (Kingsport, Tennessee, USA)
4. Verdeco Recycling Inc. (South Gate, California, USA)
5. Lanxess Corporation (Pittsburgh, Pennsylvania, USA)
6. Tray-Pak Corporation (Reading, Pennsylvania, USA)
7. RTP Company (Winona, Minnesota, USA)
8. Ipek S.A.B. de C.V. (Mexico City, Mexico)

Europe

1. BASF (Ludwigshafen, Germany)
2. DSM (Heerlen, Netherlands)
3. Quadrant AG (Lenzburg, Switzerland)
4. LyondellBasell Industries N.V. (Rotterdam, Netherlands)

Asia Pacific

1. Toray Industries (Tokyo, Japan)
2. Jiangsu Sanfangxiang Group (Suzhou, Jiangsu Province, China)
3. Far Eastern New Century (Taipei, Taiwan)
4. Nan Ya Plastics (Taipei, Taiwan)
5. Reliance Industries Ltd. (Mumbai, Maharashtra, India)
6. Dhunseri Petrochem Ltd. (Kolkata, West Bengal, India)
7. Indorama Ventures (Bangkok, Thailand)

Middle East & Africa

1. EIPET (Ain Sokhna, Egypt)
2. JBF RAK LLC (Ras Al Khaimah, United Arab Emirates)
3. SABIC (Riyadh, Saudi Arabia)
4. Equipolymers (Al-Jubail, Saudi Arabia)
5. Safripol (Johannesburg, South Africa)

South America

1. M&G Group (Formerly Tortona, Italy)
2. Petroquímica Suape (Ipojuca, Brazil)
3. Alpek Polyester (Bogotá, Colombia)
4. Enka de Colombia S.A. (Medellín, Colombia)
Frequently Asked Questions:
1) What was the market size of the PET Market in 2024?
Ans - The PET Market was worth USD 33.16 Bn in 2024.

2) What is the market segment of the PET Market?
Ans -The market segments are based on Type, Application and Region

3) What is the forecast period considered for the PET Market?
Ans -The forecast period for the PET Market is 2025 to 2032.

4) Which are the worldwide major key players covered in the PET Market report?
Ans – BASF, DuPont, DSM, M&G and others are the Key Players

5) Which region is dominated the PET market in 2024?
Ans -In 2024, North America region dominated the PET Market.