Polyethylene Terephthalate Global Market Report 2024

The polyethylene terephthalate market size has grown strongly in recent years. It will grow from $43.22 billion in 2023 to $47.3 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The expansion witnessed in the historical period can be attributed to a heightened demand for packaged foods, a surge in automotive production, and an increased manufacturing output of plastic products.

The polyethylene terephthalate market size is expected to see strong growth in the next few years. It will grow to $67.13 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the forecast period is linked to an upsurge in demand from the packaging industry, a rise in the popularity of ready-to-eat products, and the increasing pace of urbanization driving market expansion. Key trends expected in the forecast period encompass the establishment of new recycling plants, strategic partnerships and collaborations, the bio-recycling of PET, and significant investments aimed at expanding facilities.

The increased demand for polyethylene terephthalate in food and beverage packaging, particularly in carbonated soft drink packaging, has been a driving factor in the growth of the polyethylene terephthalate market. Polyethylene terephthalate's versatility in shape and size makes it an ideal choice for bottled drinks and serves as a replacement for glass and metal containers. According to the Plastics Industry Association, a US-based organization representing the plastic industry, there was a 0.9% increase in plastics manufacturing shipments in 2020, followed by a 2.2% increase in 2021. The surge in demand within the food and beverage packaging industry, especially for polyethylene terephthalate, has played a crucial role in driving market growth during the historic period.

Anticipated growth in the polyethylene terephthalate market is further fueled by increasing demand from the automotive sector. The automotive industry, encompassing activities from design to sales, relies on polyethylene terephthalate (PET) for its versatility, durability, and resistance to environmental factors. PET is extensively used in both interior and exterior components of modern vehicles, contributing to their performance, safety, and visual appeal. In May 2023, the European Automobile Manufacturers Association reported that global vehicle production in 2022 reached 85.4 million units, indicating a substantial 5.7% increase compared to 2021. Additionally, Brand Finance plc noted that the automobile sector achieved approximately 78 million unit sales in 2022, marking a significant 10% increase compared to both 2021 and 2020. Consequently, the rising demand from the automotive industry is a key driver for the growth of the polyethylene terephthalate market.


Major corporations are increasingly producing bio-based Polyethylene Terephthalate (PET) utilizing partially recyclable materials. Bio-based PET is a bioplastic material sourced from biomass, offering attributes such as lightweight, recyclability, biodegradability, and reusability. Comprising 30% plant-derived ethanol glycol and 70% terephthalic acid derived from fossils, bio-based PET finds applications in soft drink, alcoholic beverage, food product, cosmetic, pharmaceutical, and edible oil packaging. The drive towards environmentally friendly products, coupled with stringent regulations, has stimulated the demand for bio-based PET. Notably, Eastlon, consisting of 30% renewable raw materials, exhibits similar mechanical and thermal properties as fossil PET, making it a drop-in bioplastic suitable for transparent packaging and bottles. Additionally, Eastlon is 100% recyclable. To further advance bio-based PET production, a demonstration plant with an anticipated capacity of 18,000 tons of biomass will be constructed in Ontario, Canada, aiming to produce 100% bio-based PET bottles by 2020.

Major companies are embracing strategic partnerships to fortify their capabilities, broaden market reach, and sustain competitiveness. These partnerships encompass various forms and objectives, signifying a collaborative effort to leverage each other's strengths and resources for mutual benefits. For instance, in October 2022, Indorama Ventures, a Thailand-based petrochemical company, joined forces with Coca-Cola Beverages Philippines Inc., a US-based beverage company, with the shared goal of establishing the largest PET recycling plant. This strategic collaboration seeks to address plastic waste challenges by reducing plastic waste, closing the loop on the PET lifecycle, meeting the growing demand for recycled PET, creating job opportunities, boosting the local economy, and contributing to environmental sustainability. The establishment of the PET recycling plant signifies a substantial investment in sustainability, aligning with efforts to positively impact the environment.

In June 2021, acquired CarbonLite’s Texas, a US-based PET Recycling Facility, marking a strategic move towards enhancing U.S. recycling capacity. The undisclosed acquisition aims to contribute towards Indorama Ventures' global target of recycling 50 billion bottles (750,000 metric tons) annually by 2025, reinforcing their commitment to sustainable practices in PET recycling.


Major companies operating in the polyethylene terephthalate market report are Indorama Ventures Public Company Limited, Far Eastern New Century Corporation, Alpek S.A.B de C.V, Reliance Industries Limited, SABIC, Nan Ya Plastics Corporation, Lotte Chemical Corporation, China Petroleum & Chemical Corporation, BASF SE, LyondellBasell, Isan Exim Plastotech Private Limited, Overseas Polymers Pvt Ltd., G Polyplast Industries, Zydex Industries, China Resources (Holdings) C0 Ltd., Xinjiang Blue Ridge Tunhe Sci.&Tech. Co Ltd., Equipolymers, Neo Group Uab, and Sibur Holding Pjsc, MOL Group, Polief, JBF Industries, LADA-LIST, FibroGreenPlast, Trident Plastics Inc., Applied Plastics Co., Inc., CS Hyde Company, Ensinger Penn Fiber Inc., Calpex Plastics, Industrial Custom Products, Meyer Plastics, Inc., Plastic Depot, Eastman Chemical Company, Alfa S.A.B. de C.V., Repro Plastics Canada Inc., Farletza S.A., Raymond Huard, Opp Film SA, Companhia Integrada Textil De Pernambuco Citepe, I.V.L Dhunseri Polyester Co., Compania Ecologica Gw S.A.C., Schenker Peru Srl, Horizon Technologies FZE, Astra Polymers, Equate Petrochemical Company, Pepson Plastics, Constantia Flexibles Corporation, Nampak.

Asia-Pacific was the largest region in the polyethylene terephthalate market in 2023. North America was the second-largest region in the global polyethylene terephthalate market. The regions covered in the polyethylene terephthalate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the polyethylene terephthalate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

Polyethylene terephthalate comes in two main product types virgin and recycled. The recycling process involves reusing a material after undergoing various changes or treatments. PET finds applications in diverse sectors, including beverages, sheets and films, consumer goods, food packaging, and others such as cosmetic bottles and household products. Its usage spans across multiple end-use industries, including packaging, electrical and electronics, automotive, construction, and others such as material handling and strapping.

The polyethylene terephthalate market research report is one of a series of new reports that provides polyethylene terephthalate market statistics, including polyethylene terephthalate industry global market size, regional shares, competitors with a polyethylene terephthalate market share, detailed polyethylene terephthalate market segments, market trends and opportunities, and any further data you may need to thrive in the polyethylene terephthalate industry. This polyethylene terephthalate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The polyethylene terephthalate market consists of the sales of polyethylene terephthalate used in the production of PET bottles and jars, carpet, clothing, industrial strapping, rope, and automotive parts. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.