The global market for polyethylene terephthalate is forecast to reach USD 28.6 Billion in 2022, up from USD 27.1 Billion in 2021. Furthermore, the industry is poised to reach nearly USD 40 Billion by 2032, flourishing at a CAGR of 3.4%.
| Report Attributes | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 27.1 Billion |
| Anticipated Market Value (2022) | USD 28.6 Billion |
| Projected Forecast Value (2032) | USD 40 Billion |
| Growth Rate (2022 to 2032) | 3.4% CAGR |
Polyethylene Terephthalate, which is also called PET is a thermoplastic polymer resin produced by the reaction of raw materials monoethylene glycol (MEG) and purified terephthalic acid. The material exhibits exceptional barrier properties towards moisture and water. Polyethylene Terephthalate finds applications across diverse industries such as automotive, food, and beverage packaging, electronics, among others.
Recently, Reliance Industries have announced to open two petrochemical plants in Dahej, Gujrat, for making polyester plastic and would also commission a 650KTA polyethylene terephthalate (PET) resin capacity and purified terephthalic acid (PTA) plant. It will increase their global share by almost four percent and would also lower the operational cost and achieve full chain margins.
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Increasing demand for Polyethylene Terephthalate from the food and beverage packaging sector like in carbonated soft drinks packaging, increased demand for packaged food due to rise in consumption of frozen and processed food, rise in demand for electronics and automotive applications/industries, and eco-friendly substitution are the most important driving force in the Polyethylene Terephthalate market.
Also, rapid urbanization, innovative packaging, and high economic growth are contributing to increasing the demand for Polyethylene Terephthalate regardless of the geographical location.
Stringent environmental norms and regulations by the government and the threat of substitutes are acting as a barrier for the Polyethylene Terephthalate market. Polyethylene terephthalate is partially derived from crude oils, therefore influenced by the price hike of crude oil in the global market. Moreover, the non-biodegradable property of PET creates a challenge for market growth.
The food & beverage sector has been beholding robust growth in the Asia-Pacific region. The growing income levels and the swelling population levels are the key factors that have been steering the growth of the food industry in the province.
Owing to the enhanced living standards, the food and beverage sector in China is experiencing a boost. Consequently, there is an increasing demand for packaged, ready-to-cook, and ready-to-eat food, as well as an array of beverages.
Over the years, swelling consumption of packaging material and demand for sustainable and recyclable material is likely to drive the market in the coming future. Furthermore, with enormous scope for growth in the region, novel investments are being observed in the food and beverage sector, envisioned to set up individual confectionaries, food processing, and beverage making facilities.
The plastics industry is vital for Europe’s economy and its recovery plan. Together, the plastic raw materials producers, plastics converters, plastics recyclers, and machinery manufacturers, represent a value-chain that employs over 1.5 million people in Europe, through more than 55,000 companies, most of them SMEs, operating in all European countries.
Owing to the robust partnerships between an interrelated plastics value chain and hefty investments by all local and global investors, the PET market will adopt innovative ideas to offer sustainable solutions.
Likewise, recycling rates of plastic packaging waste in Europe range between 26% and 52%. European Union (EU) has published the new Directive on Packaging and Packaging Waste which sets higher recycling targets per material, along with a new calculation method of recycling performances. Thus, the increment in the adoption of recycling of plastic waste is burgeoning the demand for the PET market.
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Based on geography, the United States held the largest market share, accounting for more than two-thirds of global. There is a substantial increase in demand for packaging materials in the food & beverage segment in the United States. PET is used to swap parts in vehicles, as it aids to reduce weight, as well as wear & tear.
Besides, the demand from the healthcare industry is prospective to drive market growth in the nation. Also, it expedites trouble-free performance for a longer period of time. Various automotive vehicles manufacturer has announced that they plan to capitalize in the country.
This will augment the growth of the U.S automotive market, and, in turn, increase the demand for PET. This increasing demand will enhance the growth of the country’s polyethylene terephthalate market in the forthcoming future.
Some of the key participants present in the global demand of the Polyethylene Terephthalate market include Indorama Ventures Public Company Limited, Alpek SAB de CV, Sinopec Group, Far Eastern New Century Corporation, and CR Chemical Materials Technology Inc., among others.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 3.4% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | End User, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Indorama Ventures Public Company Limited; Alpek SAB de CV; Sinopec Group; Far Eastern New Century Corporation; CR Chemical Materials Technology Inc. |
| Customization | Available Upon Request |
According to Future Market Insights, global polyethylene terephthalate sales are projected to grow at a 3.4% CAGR until 2032
Europe is expected to be an opportunistic polyethylene terephthalate market
Some of the key participants present in the global demand of the polyethylene terephthalate market include Indorama Ventures Public Company Limited, Alpek SAB de CV and Sinopec Group among others
| Estimated Market Size (2023E) | USD 2,747.8 million |
|---|---|
| Projected Market Valuation (2033F) | USD 3,818.9 million |
| Value-based CAGR (2023 to 2033) | 3.3% |
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