Polyethylene Terephthalate (PET) Market to Reach $54.4 Billion, Globally, by 2032 at 6.1% CAGR: Allied Market Research

Oct 28, 2023

The global polyethylene terephthalate market is driven by factors such as the increasing demand for packaged food and beverages and the growing demand for sustainable packaging.

PORTLAND, Ore., June 9, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Polyethylene Terephthalate (PET) Market By Type (Virgin, Recycled), By Application (Packaging, Automotive, Construction, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 ". According to the report, the global polyethylene terephthalate (PET) industry generated $30.3 billion in 2022, and is anticipated to generate $54.4 billion by 2032, witnessing a CAGR of 6.1% from 2023 to 2032.

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Prime determinants of growth

The global polyethylene terephthalate market is driven by factors such as the surge in demand for packaged food and beverages along with the rising demand for sustainable packaging. However, the increase in crude oil prices used to produce virgin plastics coupled with the fluctuation in raw material prices, are expected to hamper the global PET market's growth. Nevertheless, technological advancements in polyethylene terephthalate production coupled with increasing demand for polyethylene terephthalate in the automotive and electrical & electronics industry are expected to offer lucrative opportunities for market growth in the coming years.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$30.3 billion

Market Size in 2032

$54.4 billion

CAGR

6.1 %

No. of Pages in Report

250

Segments covered

Type, Application, Region.

Drivers

Changing preferences of consumers.

Surge in demand for eco-friendly packaging.

Opportunities

Rise in demand for polyethylene terephthalate in automotive industry.

Restraints

Hazardous effects of plastic packaging.

Volatile raw material prices.

Covid-19 Scenario

The COVID-19 pandemic has had mixed impact on the polyethylene terephthalate (PET) market. The global lockdowns and restrictions implemented to control the spread of the virus disrupted supply chains across industries, including the PET market. Restrictions on transportation and logistics led to delays in the delivery of raw materials, intermediate products, and finished goods. These disruptions affected PET manufacturers, causing production slowdowns and temporary closures of facilities.

Several sectors that are major consumers of PET products, such as automotive, construction, and non-essential consumer goods, experienced a significant decline in demand during the pandemic. With lockdown measures in place and consumer spending reduced, the demand for PET-based products in these sectors declined. This had a negative impact on the PET market.

The pandemic led to a shift in consumer behavior, with increased emphasis on hygiene, safety, and health. This resulted in a surge in demand for essential goods like packaged food, beverages, and personal care products. PET is widely used for packaging these products, and the increased demand for such items positively impacted the PET market.

The pandemic led to a surge in the use of single-use plastics, including PET bottles, due to concerns about contamination and the need for hygienic packaging. The demand for bottled water, sanitizers, disinfectants, and other essential items packaged in PET containers increased during the pandemic.

While there was a temporary surge in demand for single-use plastics, the pandemic also heightened awareness about the environmental impact of plastic waste. Governments, organizations, and consumers became more conscious of sustainable practices and the need to reduce plastic pollution. This increased focus on sustainability may drive the development of alternative packaging materials in the long run, which could have an impact on the PET market.

The virgin segment to maintain its lead position during the forecast period

Based on type, the virgin segment accounted for the largest share in 2022, contributing to around three-fourths of the global polyethylene terephthalate market revenue, and is projected to maintain its lead position during the forecast period. Virgin polyethylene terephthalate is made from a petrochemical feedstock, including crude oil or natural gas, which has never been used or processed before. It offers exceptional properties, such as it is non-reactive to food and water and is shatterproof, due to which it is extensively used in flexible packaging applications. The rising technological innovations in packaging applications are anticipated to drive the demand for virgin polyethylene terephthalate during the forecast period. Moreover, the recycled segment would cite the fastest CAGR of 6.3% from 2023 to 2032.

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The packaging segment to maintain its lead position during the forecast period

Based on application, the packaging segment accounted for the largest share in 2022, contributing to nearly three-fourths of the global polyethylene terephthalate market revenue, and is projected to maintain its lead position during the forecast period. Polyethylene Terephthalate (PET) is widely used for producing sheets & films owing to its physical, optical, thermal, mechanical, and chemical properties. Non-oriented PET sheets can be thermoformed to produce packaging blisters and trays. Other packaging applications include bottles, microwavable containers, rigid cosmetic jars, and transparent films. The construction segment on the other hand, is projected to display the highest CAGR of 6.6% during the forecast period.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around one-third of the global polyethylene terephthalate market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 6.5% from 2023 to 2032. The polyethylene terephthalate market in Asia-Pacific is witnessing growth due to a rise in the food & beverage industry. Besides, there is an increasing demand for ready-to-cook, packaged, ready-to-eat food, and a range of beverages. Polyethylene terephthalate is an essential material utilized for packaging these food & beverages.

Leading Market Players: -

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.

The report provides a detailed analysis of these key players in the global polyethylene terephthalate market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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