Polyethylene Terephthalate Market Size to Be Valued at USD 52.94 billion in 2024 to USD 109.63 billion by 2032, recording a CAGR of 9.5% | PET Industry Share, Growth, Report, 2024

The global polyethylene terephthalate (PET) market size was USD 48.43 billion in 2023 and is projected to grow from USD 52.94 billion in 2024 to USD 109.63 billion by 2032, recording a CAGR of 9.5% during the forecast period.

Polyethylene terephthalate (PET) is an amorphous, semi-crystalline thermoplastic that comes from the polyester family. It is made using various raw materials including ethylene glycol and terephthalic acid. PET is lightweight and recyclable, which makes it a suitable material in the packaging sector. The rising preference for high-quality packaging in pharmaceutical and food & beverage industries are also expected to augment the product adoption. Furthermore, growing research & development (R&D) activities and innovations in the production of polymers will fuel the polyethylene terephthalate market growth during the forecast period.

Fortune Business Insights™ presents this information in a report titled, "Polyethylene Terephthalate (PET) Market Size Report, 2024-2032."

𝑮𝒆𝒕 𝒂 𝑭𝒓𝒆𝒆 𝑺𝒂𝒎𝒑𝒍𝒆 𝑹𝒆𝒔𝒆𝒂𝒓𝒄𝒉 𝑹𝒆𝒑𝒐𝒓𝒕 - https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/polyethylene-terephthalate-pet-market-101743

Polyethylene Terephthalate (PET) Market Segmentation:

Virgin PET to be Widely Used in Packaging Industry for Its Antimicrobial Properties

Based on type, the market is divided into virgin and recycled PET. The virgin segment held a large polyethylene terephthalate (PET) market share in 2022. This resin is produced from a petrochemical feedstock, such as crude oil and natural gas. The demand for virgin PET is growing across the food & beverage packaging sector to make containers and bottles. Furthermore, virgin plastic products can resist bacteria or microorganisms, which will enhance their consumption in the packaging sector.

Rising Demand for Containers from Food Industry to Boost Adoption of Rigid Packaging

In terms of application, the market is bifurcated into rigid packaging, sheets & straps, film, and others. The rigid packaging segment is predicted to account for the largest market share during the forecast period. Customers are increasing their spending on online shopping, which has surged the demand for high-quality packaging materials. The consumption of packaged foods has also grown considerably, thereby fueling the usage of rigid packaging products to meet stringent hygiene standards, further driving the segment growth.

Report Coverage:

The polyethylene terephthalate market report offers an in-depth analysis of the industry and focuses on vital aspects, such as product types, leading companies, and applications. It also provides valuable quantitative data regarding volume & value, research methodology for market data, market analysis, and insights into the latest market trends. The report highlights key developments in the market and the overall competitive landscape as well. Apart from these factors, the report encompasses various other factors that have contributed to the market's growth over the years.

Drivers and Restraints:

PET Finds Extensive Use in Packaging Industry

PET is typically used to manufacture plastic containers and bottles to pack beverages and personal care, consumer, and food products. This polymer comes at a low cost and provides excellent insulation, robust strength, and lightweight properties. These features make PET a suitable packaging product for deliveries. PET containers and sheets are being widely used to pack various goods that customers order from online stores. The e-commerce sector is also expanding due to lower product prices, attractive discounts, easy accessibility of online products, and supportive shipping & return policies. People are becoming more conscious about the environment and opting for recyclable packaging, which will expand the polyethylene terephthalate (PET) market size during the forecast timeframe.

Wide Availability of Substitutes Might Hinder Market Growth

Substitute polymers, such as polypropylene, polyethylene, and polystyrene are widely available, which might restrain the consumption of PET products. These substitutes offer the same benefits as PET, such as low thermal conductivity, high flexibility, lightweight, great stress-bearing capacity, and cost-effectiveness. Moreover, governments are imposing strict regulations on the production and sales of plastics as the production process of plastic increases pollution levels and severely affects the environment. As per the ClinMed International Library, long-term use of and high-temperature exposure to plastics can release harmful chemical compounds into food, beverages, and water. The indiscriminate dumping of plastics on land and open-air burning can cause some serious health problems due to air pollution. These factors will hamper the market growth.

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Regional Polyethylene Terephthalate (PET) Market Insights:

Asia Pacific to Hold the Largest Share in Polyethylene Terephthalate Market

The Asia Pacific polyethylene terephthalate (PET) market was valued at USD 16.98 billion in 2022. Plastic production in the region is undergoing some important advancements to make it more sustainable. China has captured the leading market share and is the fastest-growing country in the region. This rapid growth is credited to the increased recycling of plastics, growing R&D activities, and expanding packaging, electrical, and electronics industries.

LIST OF KEY COMPANIES PROFILED IN THE REPORT

Indorama Ventures (Thailand)
Far Eastern New Century (Taiwan)
DAK Americas (U.S.)
Nan Ya Plastics Corporation (Taiwan)
SABIC (Saudi Arabia)
Dupont (U.S.)
Lotte Chemical Corporation (South Korea)
Reliance Industries (India)
Octal Petrochemicals (U.S.)
Jiangsu Sanfangxiang Group Co., Ltd. (China)
Competitive Landscape:

Companies to Expand Their Business Operations to Maintain Market Leadership

Key producers involved in the market include Sabic, Indorama Ventures, Reliance Industries, and Dupont. These organizations are engaged in capacity improvement, acquisitions, product innovations, and collaborations. For example, Indorama Ventures produces polymers and has nearly 19 PET production plants across four continents in 11 countries. The company claims that at least one in five PET bottles supplied across the world is made from Indorama's resins. The firm's plastic products are used as a raw material to make sheets, bottles, fibers, films, and filaments. It has adopted a wide range of growth strategies, such as expansions and acquisitions to improve its business competence.

Polyethylene Terephthalate (PET) Market Industry Development:

July 2021: Indorama Ventures Public Company Limited (IVL), established a factory in Karawang, West Java, to recycle 1.92 billion polyethylene terephthalate (PET) plastic bottles each year. Through this plan, the company aims to support the governments' aim to reduce ocean trash.

𝑹𝒆𝒂𝒅 𝑴𝒐𝒓𝒆 𝑰𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 - https://www.fortunebusinessinsights.com/industry-reports/polyethylene-terephthalate-pet-market-101743

Detailed TOC of Global Polyethylene Terephthalate (PET) Market Research Report, 2024-2032
1 Polyethylene Terephthalate (PET) Market Overview

2 Market Upstream and Downstream Analysis

3 Polyethylene Terephthalate (PET) Market Players Profiles

5 Global Polyethylene Terephthalate (PET) Market Sales, Revenue, Price Trend by Type

6 Global Market Analysis by Application

7 Global Sales and Revenue Region Wise (2017-2022)

8 Global Market Forecast (2024-2032)

9 Industry Outlook

10 Research Findings and Conclusion

11 Appendix

Continued...

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This release was published on openPR.