Polyethylene Terephthalate (PET) Market Leading Players, Strategic Analysis & Forecast to 2032

According to a new report published by Allied Market Research, titled "Polyethylene Terephthalate (PET) Market by Type (Virgin, Recycled), Application (Packaging, Automotive, Construction, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032," the global PET market was valued at $30.3 billion in 2022 and is projected to reach $54.4 billion by 2032, registering a CAGR of 6.1% during the forecast period.

Download Sample Pages of Research Overview: https://www.alliedmarketresearch.com/request-sample/2161

Key Growth Drivers and Market Dynamics:

- The growth of the global polyethylene terephthalate market is primarily driven by the rising demand for packaged food and beverages and the increasing preference for sustainable and recyclable packaging materials. PET's lightweight nature, durability, transparency, and food-grade safety make it a preferred choice across multiple packaging applications.

- However, volatile crude oil prices and fluctuations in raw material costs used in virgin plastic production are expected to restrain market growth. In addition, environmental concerns and hazardous effects associated with plastic packaging pose challenges to industry expansion.

- Conversely, technological advancements in PET manufacturing and growing applications in automotive and electrical & electronics industries are expected to create lucrative growth opportunities in the coming years.

Segment Insights:-

By Type:

- The virgin PET segment dominated the market in 2022, accounting for nearly three-fourths of total revenue, and is expected to retain its leadership due to superior strength, clarity, and food-safe properties. Meanwhile, the recycled PET segment is projected to grow at the fastest CAGR of 6.3% through 2032, driven by sustainability initiatives and regulatory support.

By Application:

- The packaging segment held the largest market share in 2022, contributing to nearly three-fourths of total revenue, owing to extensive use in bottles, films, trays, cosmetic containers, and food packaging. The construction segment is expected to witness the highest CAGR of 6.6% during the forecast period.

By Region:

- Asia-Pacific led the global market in 2022, accounting for about one-third of total revenue, and is expected to maintain its dominance through 2032, growing at a CAGR of 6.5%. Growth in the region is fueled by expanding food & beverage industries and rising consumption of ready-to-eat and packaged foods.

Key Market Players:-

Major companies operating in the global PET market include:

- RTP Company
- BASF SE
- DuPont
- DSM
- Lotte Chemical Corporation
- Indorama Ventures Public Company Limited
- SABIC
- LANXESS
- Nan Ya Plastics Corporation
- LyondellBasell Industries Holdings B.V.

These players are actively pursuing strategies such as product launches, capacity expansions, collaborations, and joint ventures to strengthen their market presence and gain a competitive edge.

Obtain Report Details: https://www.alliedmarketresearch.com/polyethylene-terephthalate-market

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 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.