Polyethylene Terephthalate (PET) Market Beyond Borders Future-Proofing Your Business Through Market Size Vision

Allied Market Research recently released a report titled "Polyethylene Terephthalate (PET) Market By Type (Virgin, Recycled) and By Application (Packaging, Automotive, Construction, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global polyethylene terephthalate (PET) industry reached a value of $30.3 billion in 2022 and is expected to reach $54.4 billion by 2032, with a projected compound annual growth rate (CAGR) of 6.1% from 2023 to 2032.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/2161

Key Growth Drivers:

The global polyethylene terephthalate market is primarily driven by the increasing demand for packaged food and beverages and the growing preference for sustainable packaging solutions. However, factors such as fluctuating raw material prices, particularly due to changes in crude oil prices, pose challenges to market growth. Nonetheless, advancements in PET production technology and the rising demand for PET in industries such as automotive and electronics are expected to create lucrative opportunities for market expansion in the foreseeable future.

Report Coverage Details:

- Forecast Period: 2023-2032
- Base Year: 2022
- Market Size (2022): $30.3 billion
- Market Size (2032): $54.4 billion
- CAGR: 6.1%
- Number of Pages in Report: 250
- Segments Covered: Type, Application, Region

Drivers:

Changing consumer preferences
Surge in demand for eco-friendly packaging

Opportunities:

Increased demand for PET in the automotive industry

Restraints:

Environmental concerns regarding plastic packaging
Volatility in raw material prices

Impact of COVID-19:

The COVID-19 pandemic had a mixed impact on the PET market. While disruptions in supply chains and reduced demand in certain sectors negatively affected the market, increased demand for essential goods packaged in PET materials positively influenced market growth. The pandemic also led to heightened awareness about plastic pollution and sustainability, which may impact the PET market in the long term.

Segment Analysis:

Virgin Segment: Accounted for the largest share in 2022 and is expected to maintain its lead position throughout the forecast period. Virgin PET offers excellent properties for packaging applications and is expected to witness increased demand, driven by technological innovations.

Recycled Segment: Projected to grow at the fastest CAGR of 6.3% from 2023 to 2032, indicating rising interest in sustainable materials.

Packaging Segment: Held the largest share in 2022 and is expected to maintain its dominance, driven by the widespread use of PET in various packaging applications.

Construction Segment: Projected to display the highest CAGR of 6.6% during the forecast period.

Regional Analysis:

Asia-Pacific: Held the highest market share in 2022 and is expected to maintain its dominance, driven by the growing food and beverage industry in the region.
Leading Market Players:

The report highlights key players in the global PET market, including RTP Company, BASF SE, DuPont, DSM, Lotte Chemical Corporation, Indorama Ventures Public Company Limited, SABIC, Lanxess, Nan Ya Plastics Corporation, and LyondellBasell Industries Holdings B.V. These players have adopted various strategies to maintain their market dominance, such as new product launches, collaborations, and expansions.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/polyethylene-terephthalate-market/purchase-options

Contact:

David Correa

United States

1209 Orange Street,

Corporation Trust Center,

Wilmington, New Castle,

Delaware 19801 USA.

Int'l: +1-503-894-6022

Toll Free: +1-800-792-5285

Fax: +1-800-792-5285

help@alliedmarketresearch.com

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.