The Polyethylene Terephthalate (PET) Market size was USD 47.68 billion in 2023 and is expected to Reach USD 99.75 billion by 2031 and grow at a CAGR of 9.65% over the forecast period of 2024-2031.
Polyethylene Terephthalate (PET) is an amorphous, semi-crystalline thermoplastic. It belongs to the polyester family. It is a thermoplastic synthetic polymer that can be moulded into practically any shape. It is produced by the polymerization of terephthalic acid with ethylene glycol. PET is a non-hazardous flexible, and lightweight polymer that can easily be recycled and reused. It can also be treated three to four times without losing any of its chemical features. Because of these properties, polyethylene Terephthalate is an ideal choice for use in a range of industries, including electronics, and smart textiles. PET is also widely utilised in the automobile industry and textiles, where it is used in fibre form and is more popularly known as polyester.
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The most extensively recycled plastic is PET. Used PET containers and bottles are frequently melted and processed into fiberfill or carpet fibres. PET can be recycled into its original applications if retrieved in a highly pure state, and procedures for breaking the polymer down into its chemical components for resynthesizing it into PET have been discovered.
PET has been found to leach trioxide and phthalates when exposed to antimony. They are all hazardous to one's health. Although antimony can cause cancer, skin disorders, menstruation, and pregnancy issues, endocrine disruptors are phthalates. This explains why polyethylene Terephthalate is harmful.
KEY DRIVERS
Expansion of the healthcare and cosmetics industries is also expected to drive growth
PET has also gained popularity in the pipes and fittings business
Growing demand for packaging needs in various industry are expected to drive market demand
PET packaging is ideal for food and beverage packaging because it is safe, reduces food waste, extends shelf life, and reduces the considerable environmental effect of food manufacturing. Polyethylene Terephthalate packaging is an excellent form of packaging that passes high food safety regulations.
RESTRAIN
Stringent government laws and regulations imposed on the consumption of plastics
Fluctuating prices of raw materials used to manufacture plastics
Major Type Types used in plastic compounds are dependent on petrochemicals. Geopolitical instability, import-export mismatches, and seasonal changes all may lead to fluctuation in petrochemical pricing. crude oil is a source of petrochemicals. The volatile prices of materials can hamper the growth of the Polyethylene Terephthalate market.
OPPORTUNITY
Improving living conditions and rising personal income are also expected to drive demand for PET in packaging applications
PET is raising demand in building and infrastructure applications which includes siding, fences, windows, and decks
PET can be used in a variety of construction Types, including asphalt blends, concrete, mortars, and paving. PET fibres generated from recycled PET bottles proved effective for concrete reinforcement. The addition of fibres to concrete improves its tensile strength, ductility, and impact strength, as well as its resistance to cracks and wear and tear. PET fiber-reinforced concrete outperforms regular concrete. Also, it can replace traditional glass and wood materials.
CHALLENGES
Availability of Substitute Types in the market may hamper PET growth
Urbanisation contributes to the increase in solid waste generation, resulting in increased environmental consequences and failures in solid waste management. Plastics had an adverse impact on the environment. However, they are a crucial component of modern life, which is why scientists have been concentrating on non-renewable petroleum-based plastic substitutes. Polyethylene furanoate (PEF) is a completely bio-based alternative to petroleum-based polyethylene Terephthalate (PET), which is used to manufacture roughly 500 billion plastic bottles each year.
The Russia-Ukraine war had a significant impact on global economic and geopolitical conditions. Unfortunately, resin prices, notably thermoplastic polymer prices, are projected to rise. Russia is a big exporter of petroleum, but due to the invasion of Ukraine, most nations have cut their imports and sanctioned Russia. The longer sanctions against Russia remain in place, and the fewer oil supplies from Russia we accept, the more likely it is that product prices will spike, leading to a shortage of plastics and polymers. The good news is that due to our reliance on natural gas and local oil, the United States can readily ramp up polyethylene manufacturing, keeping the price low. However, we do not have the capacity to boost polypropylene production by the same amount, therefore we might anticipate seeing a decrease in production.
Rising inflation, worsening financial conditions in most countries, and Russia's invasion of Ukraine caused energy prices to spike in 2022. The uncertainty of a war situation has caused a disruption worldwide energy supply chain. Energy price increases spurred an increase in retail prices, resulting in substantial inflation in several nations throughout the world. A major use of PET is fuelled by disposable consumer spending, which is a major driver of PET pricing. With many countries throughout the world on the verge of recession, there is likely to be a substantial fall in consumer spending, reducing demand for PET and, as a result, prices.
By Type
Virgin
Recycled
By Application
Sheets & Films
Packaging
Beverages
Consumer Goods
Others
By End-User
Food & Beverage
Automotive
Electrical & Electronics
Healthcare
Consumer Goods
Others
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Asia Pacific is the dominating region in the Polyethylene Terephthalate market. Demand for PET is predicted to be driven by consuming packaged food, Recycled Plastics, research & development activities, and rising demand for car films in the Automotive sector. China is the fastest-growing country in case of Population, and with increasing GDP per capita income, packaged food offer growth potential to PET End Users.
North America and Europe are more developed markets than Asia Pacific. Stringent laws in both previous regions have compelled firms to relocate their production landscape to the Asia Pacific growing economies such as China and India. These countries provide land and trained labour at a reduced cost. The US has significant demand from various end-use industries like automotive, packaging, construction, electronics, and others.
Latin American pet market is expected to grow steadily due to the raising use of PET Straps. Increasing Population, fast economic growth, and raising purchasing power in various economies are expected to stimulate consumer goods sales, thereby driving the PET industry.
REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Indorama Ventures Public Co Ltd, SABIC, Far Eastern New Century Corporation, LyondellBasell Industries Holdings B.V., LOTTE Chemical CORPORATION, BASF SE, LANXESS, DuPont, NAN YA PLASTICS CORPORATION, Eastman Chemical Company, and other key players mentioned in the final report.
In 2023 Indorama Ventures Co Ltd and Carbios signed an (MOU) for the construction of the world's first PET bio recycling plant as a Joint Venture in France
In 2023 Indorama Ventures Co Ltd and Evertis, an expert in green PET barrier films, is working to make PET film appropriate for food packaging trays using flake from recycled PET trays. The collaboration is a crucial step towards diverting PET trays from trash or incineration, which will help the EU meet its recycling ambitions and build a circular economy for PET trays.
In 2023 SABIC developed the SABIC Material Finder website to provide customers with the convenience of searching, comparing, and controlling the selection of our specialty thermoplastic materials for a variety of applications.
Ans. The Compound Annual Growth rate for the Polyethylene Terephthalate (PET) Market over the forecast period is 9.65%.
Ans. USD 99.75 Billion is the projected Polyethylene Terephthalate (PET) Market size of the market by 2031.
Ans. Asia Pacific is the fastest-growing region of the Polyethylene Terephthalate (PET) Market.
Ans. USD 47.68 Billion is the Polyethylene Terephthalate (PET) Market size of the market in 2023.
Ans. The key opportunity is
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact the Ukraine- Russia War
4.2 Impact of Recession
4.3. Introduction
4.3.1 Impact on major economies
4.3.1.1 US
4.3.1.2 Canada
4.3.1.3 Germany
4.3.1.4 France
4.3.1.5 United Kingdom
4.3.1.6 China
4.3.1.7 Japan
4.3.1.8 South Korea
4.3.1.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Polyethylene Terephthalate (PET) Market Segmentation, by Type
8.1 Virgin
8.2 Recycle
9. Polyethylene Terephthalate (PET) Market Segmentation, by Application
9.1 Sheets & Films
9.2 Packaging
9.3 Beverages
9.4 Consumer Goods
9.5 Others
10. Polyethylene Terephthalate (PET) Market Segmentation, by End User
10.1 Food & Beverages
10.2 Automotive
10.3 Electrical & Electronics
10.4 Healthcare
10.5 Consumer Goods
10.6 Others
11. Regional Analysis
11 Introduction
11.1 North America
11.2.1 North America Polyethylene Terephthalate (PET) Market by Country
11.2.2North America Polyethylene Terephthalate (PET) Market by Type
11.2.3 North America Polyethylene Terephthalate (PET) Market by Application
11.2.4 North America Polyethylene Terephthalate (PET) Market by End User
11.2.5 USA
11.2.5.1 USA Polyethylene Terephthalate (PET) Market by Type
11.2.5.2 USA Polyethylene Terephthalate (PET) Market by Application
11.2.5.3 USA Polyethylene Terephthalate (PET) Market by End User
11.2.6 Canada
11.2.6.1 Canada Polyethylene Terephthalate (PET) Market by Type
11.2.6.2 Canada Polyethylene Terephthalate (PET) Market by Application
11.2.6.3 Canada Polyethylene Terephthalate (PET) Market by End User
11.2.7 Mexico
11.2.7.1 Mexico Polyethylene Terephthalate (PET) Market by Type
11.2.7.2 Mexico Polyethylene Terephthalate (PET) Market by Application
11.2.7.3 Mexico Polyethylene Terephthalate (PET) Market by End User
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Polyethylene Terephthalate (PET) Market by Country
11.3.1.2 Eastern Europe Polyethylene Terephthalate (PET) Market by Type
11.3.1.3 Eastern Europe Polyethylene Terephthalate (PET) Market by Application
11.3.1.4 Eastern Europe Polyethylene Terephthalate (PET) Market by End User
11.3.1.5 Poland
11.3.1.5.1 Poland Polyethylene Terephthalate (PET) Market by Type
11.3.1.5.2 Poland Polyethylene Terephthalate (PET) Market by Application
11.3.1.5.3 Poland Polyethylene Terephthalate (PET) Market by End User
11.3.1.6 Romania
11.3.1.6.1 Romania Polyethylene Terephthalate (PET) Market by Type
11.3.1.6.2 Romania Polyethylene Terephthalate (PET) Market by Application
11.3.1.6.4 Romania Polyethylene Terephthalate (PET) Market by End User
11.3.1.7 Turkey
11.3.1.7.1 Turkey Polyethylene Terephthalate (PET) Market by Type
11.3.1.7.2 Turkey Polyethylene Terephthalate (PET) Market by Application
11.3.1.7.3 Turkey Polyethylene Terephthalate (PET) Market by End User
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Polyethylene Terephthalate (PET) Market by Type
11.3.1.8.2 Rest of Eastern Europe Polyethylene Terephthalate (PET) Market by Application
11.3.1.8.3 Rest of Eastern Europe Polyethylene Terephthalate (PET) Market by End User
11.3.2 Western Europe
11.3.2.1 Western Europe Polyethylene Terephthalate (PET) Market by Type
11.3.2.2 Western Europe Polyethylene Terephthalate (PET) Market by Application
11.3.2.3 Western Europe Polyethylene Terephthalate (PET) Market by End User
11.3.2.4 Germany
11.3.2.4.1 Germany Polyethylene Terephthalate (PET) Market by Type
11.3.2.4.2 Germany Polyethylene Terephthalate (PET) Market by Application
11.3.2.4.3 Germany Polyethylene Terephthalate (PET) Market by End User
11.3.2.5 France
11.3.2.5.1 France Polyethylene Terephthalate (PET) Market by Type
11.3.2.5.2 France Polyethylene Terephthalate (PET) Market by Application
11.3.2.5.3 France Polyethylene Terephthalate (PET) Market by End User
11.3.2.6 UK
11.3.2.6.1 UK Polyethylene Terephthalate (PET) Market by Type
11.3.2.6.2 UK Polyethylene Terephthalate (PET) Market by Application
11.3.2.6.3 UK Polyethylene Terephthalate (PET) Market by End User
11.3.2.7 Italy
11.3.2.7.1 Italy Polyethylene Terephthalate (PET) Market by Type
11.3.2.7.2 Italy Polyethylene Terephthalate (PET) Market by Application
11.3.2.7.3 Italy Polyethylene Terephthalate (PET) Market by End User
11.3.2.8 Spain
11.3.2.8.1 Spain Polyethylene Terephthalate (PET) Market by Type
11.3.2.8.2 Spain Polyethylene Terephthalate (PET) Market by Application
11.3.2.8.3 Spain Polyethylene Terephthalate (PET) Market by End User
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Polyethylene Terephthalate (PET) Market by Type
11.3.2.9.2 Netherlands Polyethylene Terephthalate (PET) Market by Application
11.3.2.9.3 Netherlands Polyethylene Terephthalate (PET) Market by End User
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Polyethylene Terephthalate (PET) Market by Type
11.3.2.10.2 Switzerland Polyethylene Terephthalate (PET) Market by Application
11.3.2.10.3 Switzerland Polyethylene Terephthalate (PET) Market by End User
11.3.2.11.1 Austria
11.3.2.11.2 Austria Polyethylene Terephthalate (PET) Market by Type
11.3.2.11.3 Austria Polyethylene Terephthalate (PET) Market by Application
11.3.2.11.4 Austria Polyethylene Terephthalate (PET) Market by End User
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Polyethylene Terephthalate (PET) Market by Type
11.3.2.12.2 Rest of Western Europe Polyethylene Terephthalate (PET) Market by Application
11.3.2.12.3 Rest of Western Europe Polyethylene Terephthalate (PET) Market by End User
11.4 Asia-Pacific
11.4.1 Asia-Pacific Polyethylene Terephthalate (PET) Market by country
11.4.2 Asia-Pacific Polyethylene Terephthalate (PET) Market by Type
11.4.3 Asia-Pacific Polyethylene Terephthalate (PET) Market by Application
11.4.4 Asia-Pacific Polyethylene Terephthalate (PET) Market by End User
11.4.5 China
11.4.5.1 China Polyethylene Terephthalate (PET) Market by Type
11.4.5.2 China Polyethylene Terephthalate (PET) Market by End User
11.4.5.3 China Polyethylene Terephthalate (PET) Market by Application
11.4.6 India
11.4.6.1 India Polyethylene Terephthalate (PET) Market by Type
11.4.6.2 India Polyethylene Terephthalate (PET) Market by Application
11.4.6.3 India Polyethylene Terephthalate (PET) Market by End User
11.4.7 Japan
11.4.7.1 Japan Polyethylene Terephthalate (PET) Market by Type
11.4.7.2 Japan Polyethylene Terephthalate (PET) Market by Application
11.4.7.3 Japan Polyethylene Terephthalate (PET) Market by End User
11.4.8 South Korea
11.4.8.1 South Korea Polyethylene Terephthalate (PET) Market by Type
11.4.8.2 South Korea Polyethylene Terephthalate (PET) Market by Application
11.4.8.3 South Korea Polyethylene Terephthalate (PET) Market by End User
11.4.9 Vietnam
11.4.9.1 Vietnam Polyethylene Terephthalate (PET) Market by Type
11.4.9.2 Vietnam Polyethylene Terephthalate (PET) Market by Application
11.4.9.3 Vietnam Polyethylene Terephthalate (PET) Market by End User
11.4.10 Singapore
11.4.10.1 Singapore Polyethylene Terephthalate (PET) Market by Type
11.4.10.2 Singapore Polyethylene Terephthalate (PET) Market by Application
11.4.10.3 Singapore Polyethylene Terephthalate (PET) Market by End User
11.4.11 Australia
11.4.11.1 Australia Polyethylene Terephthalate (PET) Market by Type
11.4.11.2 Australia Polyethylene Terephthalate (PET) Market by Application
11.4.11.3 Australia Polyethylene Terephthalate (PET) Market by End User
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Polyethylene Terephthalate (PET) Market by Type
11.4.12.2 Rest of Asia-Pacific Polyethylene Terephthalate (PET) Market by Application
11.4.12.3 Rest of Asia-Pacific Polyethylene Terephthalate (PET) Market by End User
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Polyethylene Terephthalate (PET) Market by Country
11.5.1.2 Middle East Polyethylene Terephthalate (PET) Market by Type
11.5.1.3 Middle East Polyethylene Terephthalate (PET) Market by Application
11.5.1.4 Middle East Polyethylene Terephthalate (PET) Market by End User
11.5.1.5 UAE
11.5.1.5.1 UAE Polyethylene Terephthalate (PET) Market by Type
11.5.1.5.2 UAE Polyethylene Terephthalate (PET) Market by Application
11.5.1.5.3 UAE Polyethylene Terephthalate (PET) Market by End User
11.5.1.6 Egypt
11.5.1.6.1 Egypt Polyethylene Terephthalate (PET) Market by Type
11.5.1.6.2 Egypt Polyethylene Terephthalate (PET) Market by Application
11.5.1.6.3 Egypt Polyethylene Terephthalate (PET) Market by End User
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Polyethylene Terephthalate (PET) Market by Type
11.5.1.7.2 Saudi Arabia Polyethylene Terephthalate (PET) Market by Application
11.5.1.7.3 Saudi Arabia Polyethylene Terephthalate (PET) Market by End User
11.5.1.8 Qatar
11.5.1.8.1 Qatar Polyethylene Terephthalate (PET) Market by Type
11.5.1.8.2 Qatar Polyethylene Terephthalate (PET) Market by Application
11.5.1.8.3 Qatar Polyethylene Terephthalate (PET) Market by End User
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Polyethylene Terephthalate (PET) Market by Type
11.5.1.9.2 Rest of Middle East Polyethylene Terephthalate (PET) Market by Application
11.5.1.9.3 Rest of Middle East Polyethylene Terephthalate (PET) Market by End User
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by country
11.5.2.2 Africa Polyethylene Terephthalate (PET) Market by Type
11.5.2.3 Africa Polyethylene Terephthalate (PET) Market by Application
11.5.2.4 Africa Polyethylene Terephthalate (PET) Market by End User
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Polyethylene Terephthalate (PET) Market by Type
11.5.2.5.2 Nigeria Polyethylene Terephthalate (PET) Market by Application
11.5.2.5.3 Nigeria Polyethylene Terephthalate (PET) Market by End User
11.5.2.6 South Africa
11.5.2.6.1 South Africa Polyethylene Terephthalate (PET) Market by Type
11.5.2.6.2 South Africa Polyethylene Terephthalate (PET) Market by Application
11.5.2.6.3 South Africa Polyethylene Terephthalate (PET) Market by End User
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Polyethylene Terephthalate (PET) Market by Type
11.5.2.7.2 Rest of Africa Polyethylene Terephthalate (PET) Market by Application
11.5.2.7.3 Rest of Africa Polyethylene Terephthalate (PET) Market by End User
11.6 Latin America
11.6.1 Latin America Polyethylene Terephthalate (PET) Market by Country
11.6.2 Latin America Polyethylene Terephthalate (PET) Market by Type
11.6.3 Latin America Polyethylene Terephthalate (PET) Market by Application
11.6.4 Latin America Polyethylene Terephthalate (PET) Market by End User
11.6.5 Brazil
11.6.5.1 Brazil America Polyethylene Terephthalate (PET) by Type
11.6.5.2 Brazil America Polyethylene Terephthalate (PET) by Application
11.6.5.3 Brazil America Polyethylene Terephthalate (PET) by End User
11.6.6 Argentina
11.6.6.1 Argentina America Polyethylene Terephthalate (PET) by Type
11.6.6.2 Argentina America Polyethylene Terephthalate (PET) by Application
11.6.6.3 Argentina America Polyethylene Terephthalate (PET) by End User
11.6.7 Colombia
11.6.7.1 Colombia America Polyethylene Terephthalate (PET) by Type
11.6.7.2 Colombia America Polyethylene Terephthalate (PET) by Application
11.6.7.3 Colombia America Polyethylene Terephthalate (PET) by End User
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Polyethylene Terephthalate (PET) by Type
11.6.8.2 Rest of Latin America Polyethylene Terephthalate (PET) by Application
11.6.8.3 Rest of Latin America Polyethylene Terephthalate (PET) by End User
12 Company profile
12.1 Indorama Ventures Public Co Ltd
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 SABIC
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Far Eastern New Century Corporation
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 LyondellBasell Industries Holdings B.V
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 LOTTE Chemical CORPORATION
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 BASF SE
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 LANXESS
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 NAN YA PLASTICS CORPORATION
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Eastman Chemical Company
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 DuPont
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Use Case and Best Practices
15. Conclusion
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