Pune, India, May 08, 2023 (GLOBE NEWSWIRE) -- The global polyethylene terephthalate (PET) market share reached USD USD 44.30 billion in 2022 and is projected to be valued at USD 48.43 billion in 2023 to USD 91.37 billion by 2030, recording a CAGR of 9.5% during the analysis timeframe of 2023-2030.
Polyethylene terephthalate (PET) is an amorphous, semi-crystalline thermoplastic that comes from the polyester family. It is made using various raw materials including ethylene glycol and terephthalic acid. PET is lightweight and recyclable, which makes it a suitable material in the packaging sector. The rising preference for high-quality packaging in pharmaceutical and food & beverage industries are also expected to augment product adoption. Furthermore, growing research & development (R&D) activities and innovations in the production of polymers will fuel the polyethylene terephthalate market growth during the forecast period.
Get a Free Sample Research Report:
Fortune Business Insights™ presents this information in a report titled, "Polyethylene Terephthalate (PET) Market, 2023-2030."
List of Key Players Profiled in the Polyethylene Terephthalate (PET) Market
- Indorama Ventures (Thailand)
- Far Eastern New Century (Taiwan)
- DAK Americas (U.S.)
- Nan Ya Plastics Corporation (Taiwan)
- SABIC (Saudi Arabia)
- Dupont (U.S.)
- Lotte Chemical Corporation (South Korea)
- Reliance Industries (India)
- Octal Petrochemicals (U.S.)
- Jiangsu Sanfangxiang Group Co., Ltd. (China)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 9.5% |
| 2030 Value Projection | USD 91.37 billion |
| Market Size in 2022 | 44.30 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 290 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Polyethylene terephthalate Market Growth Drivers | PET Finds Extensive Use in Packaging Industry |
| Wide Availability of Substitutes Might Hinder Market Growth |
Browse Detailed Summary of Research Report with TOC:
Segmentation:
Virgin PET to be Widely Used in Packaging Industry for Its Antimicrobial Properties
Based on type, the market is divided into virgin and recycled PET. The virgin segment held a large polyethylene terephthalate (PET) market share in 2022. This resin is produced from a petrochemical feedstock, such as crude oil and natural gas. The demand for virgin PET is growing across the food & beverage packaging sector to make containers and bottles. Furthermore, virgin plastic products can resist bacteria or microorganisms, which will enhance their consumption in the packaging sector.
Rising Demand for Containers from Food Industry to Boost Adoption of Rigid Packaging
In terms of application, the market is bifurcated into rigid packaging, sheets & straps, film, and others. The rigid packaging segment is predicted to account for the largest market share during the forecast period. Customers are increasing their spending on online shopping, which has surged the demand for high-quality packaging materials. The consumption of packaged foods has also grown considerably, thereby fueling the usage of rigid packaging products to meet stringent hygiene standards, further driving the segment growth.
COVID-19 Impact:
Packaging Industry Witnessed Robust Expansion During COVID-19 Pandemic, Fueling Demand for PET Products
The COVID-19 pandemic caused several governments across the world to impose movement and travel restrictions to contain the spread of the virus. This compelled many customers to buy groceries and other products from online stores. This scenario boosted the demand for packaging and wrapping films across the e-commerce industry. Online purchase of essential goods including groceries, medicines, packed foods, and beverages grew tremendously during this period, which fueled the need for packaging materials in the pharma and consumer goods sectors. The e-commerce and healthcare industries also witnessed robust growth in their sales, further amplifying the adoption of PET packaging products. The packaging sector has now returned to pre-COVID-19 levels and is operating in full capacity. This has positively impacted the polyethylene terephthalate (PET) market growth.
Get a Quote Now:
Report Coverage:
The polyethylene terephthalate market report offers an in-depth analysis of the industry and focuses on vital aspects, such as product types, leading companies, and applications. It also provides valuable quantitative data regarding volume & value, research methodology for market data, market analysis, and insights into the latest market trends. The report highlights key developments in the market and the overall competitive landscape as well. Apart from these factors, the report encompasses various other factors that have contributed to the market's growth over the years.
Drivers and Restraints:
PET Finds Extensive Use in Packaging Industry
PET is typically used to manufacture plastic containers and bottles to pack beverages and personal care, consumer, and food products. This polymer comes at a low cost and provides excellent insulation, robust strength, and lightweight properties. These features make PET a suitable packaging product for deliveries. PET containers and sheets are being widely used to pack various goods that customers order from online stores. The e-commerce sector is also expanding due to lower product prices, attractive discounts, easy accessibility of online products, and supportive shipping & return policies. People are becoming more conscious about the environment and opting for recyclable packaging, which will expand the polyethylene terephthalate (PET) market size during the forecast timeframe.
Wide Availability of Substitutes Might Hinder Market Growth
Substitute polymers, such as polypropylene, polyethylene, and polystyrene are widely available, which might restrain the consumption of PET products. These substitutes offer the same benefits as PET, such as low thermal conductivity, high flexibility, lightweight, great stress-bearing capacity, and cost-effectiveness. Moreover, governments are imposing strict regulations on the production and sales of plastics as the production process of plastic increases pollution levels and severely affects the environment. As per the ClinMed International Library, long-term use of and high-temperature exposure to plastics can release harmful chemical compounds into food, beverages, and water. The indiscriminate dumping of plastics on land and open-air burning can cause some serious health problems due to air pollution. These factors will hamper the market growth.
Regional Insights:
Asia Pacific to Hold the Largest Share in Polyethylene Terephthalate Market
The Asia Pacific polyethylene terephthalate (PET) market was valued at USD 16.98 billion in 2022. Plastic production in the region is undergoing some important advancements to make it more sustainable. China has captured the leading market share and is the fastest-growing country in the region. This rapid growth is credited to the increased recycling of plastics, growing R&D activities, and expanding packaging, electrical, and electronics industries.
Competitive Landscape:
Companies to Expand Their Business Operations to Maintain Market Leadership
Key producers involved in the market include Sabic, Indorama Ventures, Reliance Industries, and Dupont. These organizations are engaged in capacity improvement, acquisitions, product innovations, and collaborations. For example, Indorama Ventures produces polymers and has nearly 19 PET production plants across four continents in 11 countries. The company claims that at least one in five PET bottles supplied across the world is made from Indorama’s resins. The firm’s plastic products are used as a raw material to make sheets, bottles, fibers, films, and filaments. It has adopted a wide range of growth strategies, such as expansions and acquisitions to improve its business competence.
Ask for Customization:
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Polyethylene Terephthalate (PET) Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Polyethylene Terephthalate (PET) Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Type (Value, and Volume)
- Virgin
- Recycled
- By Application (Value, and Volume)
- Rigid Packaging
- Film
- Sheets and Straps
- Others
- By Region (Value, and Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued...!
Speak to Our Expert:
Notable Industry Development:
July 2021: Indorama Ventures Public Company Limited (IVL), established a factory in Karawang, West Java, to recycle 1.92 billion polyethylene terephthalate (PET) plastic bottles each year. Through this plan, the company aims to support the governments’ aim to reduce ocean trash.
Read Related Insights:
Thermoformed Plastics Market to Reach USD 59.74 Billion by 2027; Rising Food Consumption to Brighten Business Opportunities, states Fortune Business Insights™
2023 Update: Plastics Market Size to Hit $643.37 Billion by 2029 | Fortune Business Insights™
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner,
Mahalunge Road, Baner, Pune - 411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Follow Us: LinkedIn | Facebook | Twitter
