Press release
Global Polyethylene Terephthalate (PET) Market Poised for USD 46.14 Billion Milestone by 2030
The global Polyethylene Terephthalate (PET) market is poised for significant growth, projected to expand from USD 31.76 billion in 2023 to nearly USD 46.14 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 5.48% during the forecast period .
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➤ Competitive Landscape and Regional Demand
The PET market is characterized by intense competition, with key players such as Reliance Industries Limited, Indorama Ventures Public Company Limited, Sinopec Group, and Far Eastern New Century Corporation leading the charge. The Asia Pacific region, particularly countries like China, India, Indonesia, and Malaysia, is witnessing heightened demand due to increased consumption of packaged food and automotive films. This region is expected to contribute approximately 38% of the total market revenue by 2025 .
➤ Country-Specific Insights
Growth Opportunities in Vietnam
Vietnam's burgeoning textile and packaging industries are driving the demand for PET. The country's strategic initiatives to boost domestic manufacturing and export-oriented production have created a favorable environment for PET market expansion.
Market Trends in Thailand
Thailand is experiencing a surge in PET demand, fueled by its robust food and beverage sector. The country's commitment to sustainable packaging solutions aligns with the global shift towards eco-friendly materials.
Consolidation in Japan
Japan's PET market is undergoing consolidation, with major players focusing on mergers and acquisitions to enhance their market share. The emphasis on recycling and sustainable practices is reshaping the industry's landscape.
Updation in South Korea
South Korea is updating its PET production technologies to meet the rising demand for high-quality, recyclable materials. Investments in research and development are central to the country's strategy to maintain competitiveness.
Opportunities in Singapore
Singapore's strategic location and advanced infrastructure make it a hub for PET trade in Southeast Asia. The government's support for sustainable initiatives is encouraging the adoption of recycled PET in various industries.
Growth in the United States
The United States is witnessing growth in the PET market, driven by increased demand in the food and beverage sector. Companies are investing in advanced recycling technologies to meet consumer preferences for sustainable packaging.
Trends in China
China remains a dominant player in the PET market, with its vast manufacturing base and growing domestic consumption. The government's policies promoting environmental sustainability are influencing market dynamics.
Market Dynamics in Europe
Europe's PET market is characterized by stringent regulations promoting recycling and sustainability. The region's focus on circular economy principles is driving innovation and investment in PET recycling infrastructure.
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➤ Key Developments and Mergers
Reliance Industries Limited has announced plans to expand its PET production capacity to meet growing domestic and international demand.
Indorama Ventures Public Company Limited is investing in advanced recycling technologies to enhance its sustainable PET offerings.
Sinopec Group is collaborating with international partners to develop innovative PET products tailored to specific industry needs.
Far Eastern New Century Corporation is focusing on strategic acquisitions to strengthen its position in the global PET market.
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➤ Global Polyethylene Terephthalate (PET) Market Classifications
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
For deeper market insights, peruse the summary of the research report: https://www.maximizemarketresearch.com/market-report/global-polyethylene-terephthalate-pet-market/23282/
➤ The following companies are included in the market for Global Polyethylene Terephthalate (PET) :
North America:
1. Alpek SAB de CV (Mexico)
Europe:
2. CR Chemical Materials Technology Inc. (Germany)
Asia-Pacific:
3. Reliance Industries Limited (India)
4. BY Sanfame Group (China)
5. Far Eastern New Century Corporation (Taiwan)
6. Hengli Group Co. Ltd (China)
7. Indorama Ventures Public Company Limited (Thailand)
8. JBF Industries Ltd (India)
9. Lotte Chemical Corporation (South Korea)
10. Sinopec Group (China)
11. Zhejiang Hengyi Group Co. Ltd (China)
12. Zhejiang Zhink Group Co. Ltd (China)
MEA & Africa:
13. SABIC (Saudi Arabia)
14. OCTAL (Oman)
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