Global PET Resin Market Poised for Sustainable Growth Through 2030, Driven by Innovation and Global Shifts at 4.32% CAGR

The global PET market has experienced notable fluctuations in production, demand, and pricing dynamics throughout 2023, culminating in a CAGR of 4.32% from 2019 to 2023. As a crucial polymer used across sectors including packaging, textiles, automotive, and consumer goods, PET resin remains foundational to global manufacturing and supply chains. Its continued relevance is supported by expanding production capabilities, regulatory changes, advancements in recycling technologies, and evolving consumer inclinations toward sustainability.

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Global Polyethylene Terephthalate (PET) Resin Market Forecast (2019-2030) - Size, Trends, and Growth Analysis by Product Type, End-User Applications, and Regions (North America, Europe, Asia Pacific)
https://www.makreo.com/report/global-polyethylene-terephthalate-pet-resin-market-forecast-2019-2030

► Urbanization, Demographic Shifts, and Sustainability to Define PET Market Trajectory
The PET market is poised for robust expansion in the coming years, particularly driven by urban population growth in regions like Asia and Africa, where the middle class is rapidly emerging. Rising demand for packaged food and beverages, coupled with increased consumption of textiles, is expected to significantly bolster the market.
Simultaneously, growing environmental consciousness and global recycling mandates are accelerating the transition toward recycled PET (rPET). While young populations are pushing demand for portable, convenient packaging formats, aging demographics are amplifying PET's role in pharmaceutical packaging. Nonetheless, the industry must confront headwinds, including raw material price volatility and tightening environmental regulations, necessitating innovation in recyclable and sustainable PET solutions.

► Global Polymer Production: Key Subsidy Trends Highlight Competitive Edge
In 2022, global subsidies for polymer production surpassed USD 30 billion, with China leading the pack by providing over USD 11 billion, accounting for approximately 41% of total subsidies. Saudi Arabia followed with nearly USD 8 billion (29%), while Germany contributed USD 3 billion (10%).
Additionally, governments allocated around USD 1.5 billion in energy subsidies for polymer manufacturing, with Iran and Saudi Arabia each contributing USD 0.3 billion. These subsidies significantly impact the PET resin market by influencing global production competitiveness and pricing.

► PET Resin Production Capacity and Regional Developments
• Europe: Rising Capacity Driven by Packaging Demand
As of 2018, Europe's annual PET resin production capacity stood at approximately 3.5 million tons, with incremental growth aligned to the region's increasing demand, especially in packaging applications. Indorama Ventures, a key industry player, contributed approximately 1.8 million tons/year to this capacity.

• Japan: Pioneering Sustainable PET Initiatives
In August 2023, Neste, Suntory, ENEOS, and Mitsubishi Corporation announced a collaboration to produce sustainable PET resin from renewable materials. Suntory intends to begin using this bio-based PET in its packaging by 2024, marking a crucial step toward reducing dependence on fossil fuels.

► Trade Dynamics: South Korea Sees Dip in PET Resin Exports
South Korea's PET resin exports declined by 4% in 2023, totaling around 379,000 tons, largely due to anti-dumping probes on Chinese imports and decreased seasonal demand. However, imports surged, especially in Q4 2023, reaching nearly 45,000 tons, highlighting a shift toward greater foreign dependency in PET sourcing.

► Global PET Recycling Trends and Regulatory Shifts
• PET Bottle Recycling Rates in North America
According to NAPCOR, the U.S. PET bottle recycling rate dipped to 29% in 2022, down from 30.3% in 2021. Across North America, the recycling rate stood at 37.8% in 2022, a slight decrease from 38.4% in 2021. These figures include food and non-food bottles, excluding thermoform packaging. Despite marginal year-to-year variations, the PET recycling rate has remained relatively stable over the past decade, averaging around 30%.

• Growing Acceptance of Recycled PET in Food Packaging
- Thailand: The Thai FDA has initiated a review to allow recycled PET (rPET) in food-contact applications, signaling growing institutional support for rPET.

- India: In September 2021, India amended its Plastic Waste Management Rules, enabling the use of recycled plastic for food packaging.

Such regulatory shifts are expected to significantly drive recycled PET market growth, supporting circular economy objectives and expanding the role of rPET in sustainable packaging solutions.

► Food & Beverage Industry: A Pillar of Global PET Resin Demand
The food and beverage sector remains a dominant consumer of Polyethylene Terephthalate, owing to its lightweight, durable, food-safe, and recyclable properties. PET is extensively used in the following packaging formats:
• Major PET Packaging Applications:
- Containers: Bottles, jars, and tubs used for carbonated beverages, juices, bottled water, ketchup, and baked goods.

- Thin-Oriented Films: Applied in bags and snack wrappers, ideal for flexible, lightweight packaging.

- Semi-Rigid Sheets: Trays and blister packs for ready-to-eat meals and fresh foods, commonly processed via thermoforming.

► Regional Spotlight: Europe's Packaged Beverage and Food Landscape
• Germany:
The German food industry generated approximately USD 203.2 billion in revenue in 2020, with a 0.9% CAGR expected through 2025. The rising popularity of canned and packaged foods, especially among working professionals and young adults, continues to fuel PET demand.

• United Kingdom:
In 2020, the UK recorded consumption of over 13,521 million liters of bottled beverages, including bottled water, carbonated soft drinks, and fruit juices, underpinning the PET packaging sector's strategic importance in Western Europe.

► Global PET Resin Market Poised for Sustainable Growth, Says Makreo Research
The global Polyethylene Terephthalate (PET) resin market is undergoing a significant transformation, fueled by shifting regulatory landscapes, technological advancements, and a growing global emphasis on eco-conscious solutions. In light of these evolving dynamics, Makreo Research is proud to announce the release of its comprehensive study titled "Global Polyethylene Terephthalate (PET) Resin Market Forecast (2019-2030) - Size, Trends, and Growth Analysis by Product Type, End-User Applications, and Regions (North America, Europe, Asia Pacific)."

The report offers an in-depth assessment of the global PET resin market, analyzing its performance across key geographies including North America, Europe, Asia-Pacific, and select emerging economies. It delves into both historical and current trends, placing a strong focus on sustainability initiatives, regulatory developments, and evolving consumer preferences. Countries featured prominently in the analysis include the United States, Canada, Germany, France, China, India, Japan, and South Korea.

Makreo Research's report also provides a strategic overview of the industry's major players, including Indorama Ventures Public Company Limited, Alpek, S.A.B. de C.V., Far Eastern New Century Corporation, Lotte Chemical Corporation, Reliance Industries Limited, China Petroleum and Chemical Corporation (Sinopec Group), and DuPont de Nemours, Inc. Detailed company profiles cover production capabilities, financial developments, and strategic moves such as mergers, acquisitions, and capacity expansions.

The report further dissects the PET resin market by product types, end-user applications, and demographic preferences, offering valuable insights into market revenue patterns, competitive benchmarking, and growth trajectories. Additionally, it evaluates the legal and regulatory frameworks influencing market operations and sheds light on the challenges and opportunities shaping the global PET landscape.

"As industries, for instance, packaging, textiles, and FMCG continue to expand globally, PET's versatility, recyclability, and scalability make it a cornerstone material in modern manufacturing," said a spokesperson at Makreo Research. "This report serves as a vital tool for industry leaders, investors, policymakers, and innovators to understand where the market is headed and how to adapt strategically."

Related Reports:
Global Polyethylene Terephthalate (PET) Resin Market Competitive Landscape - Edition 2024
https://www.makreo.com/report/global-polyethylene-terephthalate-pet-resin-market-competitive-landscape-edition-2024

Global Sustainable Packaging Market Size and Forecast (2019-2029)
https://www.makreo.com/report/global-sustainable-packaging-market-size-and-forecast-2019-2029

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