The polyethylene terephthalate market valued for $30.3 billion in 2022 and is estimated to reach $54.4 billion by 2032, exhibiting a CAGR of 6.1% from 2023 to 2032
Polyethylene terephthalate is produced by the polymerization of ethylene glycol and terephthalic acid and is globally recognized as a non-toxic, safe, lightweight, strong, and flexible material, which is 100% recyclable. It is used in various applications such as beverage packaging, consumer goods, sheets & films, food packaging, automotive, and construction.
Polyethylene terephthalate is commonly used in food packaging for beverages, trays for fresh produce vegetables, jars for peanut butter and sauces, and films as a barrier layer to protect against contaminants. The rise in demand for PET containers, especially from the food & beverage sector, and the Increase in demand for frozen & processed food are some major factors driving the growth of the global market.
Further, growing demand from automotive and construction industries is propelling the market growth. Polyethylene Terephthalate is widely used to fabricate components in the automotive industry Including wiper arm and gear housings, engine covers, headlamp retainer, and connector housings. In the automotive sector, there is surge in use of recyclable materials due to environmental regulations, which are propelling the reuse and recycling of all the materials deriving from end-of-life vehicles. In recent years, post-consumer materials based on Polyethylene Terephthalate (PET) are ideal for automotive use because they are recyclable and may be made from recycled PET.
In the construction industry, waste PET bottles are widely employed in producing lightweight aggregates. Plastic bottles in shredded form can be utilized as an alternative for aggregates in cementinous concrete composites. PET can also be utilized as polymer additives in bituminous mixes. Also, the usage of PET fiber has a remarkable influence on resisting cracks, wear and tear; enhancing tensile strength; and improving ductility and impact strength of the concrete.
In recent years, polyethylene terephthalate (PET) production has been rising owing to its excellent properties such as resistance against chemicals and corrosion. With the substantial upsurge in the use of plastic on a daily basis, the disposal issue of PET waste has also grown. The only solution to this issue is either to recycle or reuse this plastic waste. Hence, building & construction industries are consistently looking for cheap and effective materials to improve diverse hardened properties of concrete such as compressive strength and tensile strength. Using PET waste in concrete helps reduce environmental concerns and promotes the production of more economical and sustainable construction materials in the coming years.
The polyethylene terephthalate market analysis is done on the basis of type, application, and region. By type, the market is segmented into virgin and recycled. By application, the market is classified into packaging, automotive, construction, medical, and others. The regions covered in the report Include North America, Europe, Asia-Pacific, and LAMEA. The report covers strategies adopted by key players in the market to sustain the competitive environment and Increase their market share.
The key players operating in the polyethylene terephthalate market Include BASF SE, DSM, DuPont, Indorama Ventures Public Company Limited, LANXESS, LOTTE Chemical CORPORATION, LyondellBasell Industries Holdings B.V., NAN YA PLASTICS CORPORATION, RTP Company, and SABIC. In addition, the market drivers, restraints, and opportunities are explained in the report.
Polyethylene terephthalate is produced by the polymerization of ethylene glycol and terephthalic acid and is globally recognized as a non-toxic, safe, lightweight, strong, and flexible material, which is 100% recyclable. It is used in various applications such as beverage packaging, consumer goods, sheets & films, food packaging, automotive, and construction.
Polyethylene terephthalate is commonly used in food packaging for beverages, trays for fresh produce vegetables, jars for peanut butter and sauces, and films as a barrier layer to protect against contaminants. The rise in demand for PET containers, especially from the food & beverage sector, and the Increase in demand for frozen & processed food are some major factors driving the growth of the global market.
Further, growing demand from automotive and construction industries is propelling the market growth. Polyethylene Terephthalate is widely used to fabricate components in the automotive industry Including wiper arm and gear housings, engine covers, headlamp retainer, and connector housings. In the automotive sector, there is surge in use of recyclable materials due to environmental regulations, which are propelling the reuse and recycling of all the materials deriving from end-of-life vehicles. In recent years, post-consumer materials based on Polyethylene Terephthalate (PET) are ideal for automotive use because they are recyclable and may be made from recycled PET.
In the construction industry, waste PET bottles are widely employed in producing lightweight aggregates. Plastic bottles in shredded form can be utilized as an alternative for aggregates in cementinous concrete composites. PET can also be utilized as polymer additives in bituminous mixes. Also, the usage of PET fiber has a remarkable influence on resisting cracks, wear and tear; enhancing tensile strength; and improving ductility and impact strength of the concrete.
In recent years, polyethylene terephthalate (PET) production has been rising owing to its excellent properties such as resistance against chemicals and corrosion. With the substantial upsurge in the use of plastic on a daily basis, the disposal issue of PET waste has also grown. The only solution to this issue is either to recycle or reuse this plastic waste. Hence, building & construction industries are consistently looking for cheap and effective materials to improve diverse hardened properties of concrete such as compressive strength and tensile strength. Using PET waste in concrete helps reduce environmental concerns and promotes the production of more economical and sustainable construction materials in the coming years.
The polyethylene terephthalate market analysis is done on the basis of type, application, and region. By type, the market is segmented into virgin and recycled. By application, the market is classified into packaging, automotive, construction, medical, and others. The regions covered in the report Include North America, Europe, Asia-Pacific, and LAMEA. The report covers strategies adopted by key players in the market to sustain the competitive environment and Increase their market share.
The key players operating in the polyethylene terephthalate market Include BASF SE, DSM, DuPont, Indorama Ventures Public Company Limited, LANXESS, LOTTE Chemical CORPORATION, LyondellBasell Industries Holdings B.V., NAN YA PLASTICS CORPORATION, RTP Company, and SABIC. In addition, the market drivers, restraints, and opportunities are explained in the report.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the polyethylene terephthalate (pet) market analysis from 2022 to 2032 to identify the prevailing polyethylene terephthalate (pet) market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the polyethylene terephthalate (pet) market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global polyethylene terephthalate (pet) market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Virgin
- Recycled
By Application
- Packaging
- Automotive
- Construction
- Medical
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- BASF SE
- RTP Company
- Indorama Ventures Public Company Limited
- NAN YA PLASTICS CORPORATION
- DSM
- LyondellBasell Industries Holdings B.V.
- LANXESS
- DuPont
- SABIC
- LOTTE Chemical CORPORATION
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: POLYETHYLENE TEREPHTHALATE (PET) MARKET, BY TYPE
CHAPTER 5: POLYETHYLENE TEREPHTHALATE (PET) MARKET, BY APPLICATION
CHAPTER 6: POLYETHYLENE TEREPHTHALATE (PET) MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Polyethylene Terephthalate Market,' The polyethylene terephthalate market was valued at $30.3 billion in 2022, and is estimated to reach $54.4 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032.Polyethylene terephthalate (PET) is a thermoplastic polymer that belongs to the polyester family. It is a synthetic polymer made from repeating units of ethylene glycol and terephthalic acid or its dimethyl ester. PET is a clear, strong, and lightweight material with excellent mechanical, thermal, and barrier properties. PET is known for its transparency, which allows it to be used in applications where the visibility of the contents is important, such as in beverage bottles. It has high tensile strength, good dimensional stability, and resistance to impact, making it suitable for various packaging and industrial applications.
Further, consumer demand for eco-friendly packaging is expected to rise as consumers become more aware of the lifecycle and environmental impact of the products. Undoubtedly, sustainability continues to play a relatively much greater role in consumer purchasing decisions, which is a major factor consequently driving change in the packaging industry.
Further, companies are focusing on achieving long-term sustainability goals such as minimizing resource use and waste in the creation of their packaging; improving transport efficiencies; and focusing on after use, disposal, and recycling. They are using eco-friendly packaging materials, focusing on creative product design, and emphasizing efficiencies throughout the entire manufacturing process. Stringent regulations regarding sustainability and change in preferences towards more sustainable packaging materials favor the growth of the paperboard polyethylene terephthalate, which in turn drives the global polyethylene terephthalate market.
The polyethylene terephthalate market is segmented on the basis of type, application, and region. By type, the market is segmented into virgin and recycled. The recycled segment is the fastest growing segment. Recycled polyethylene terephthalate (rPET) is made by gathering and sorting post-consumer PET and industrial waste, refining the material into flakes, then cleansing and drying them to produce a granulate that can be turned into new products. rPET can be produced in two methods including post-consumer and post-industrial. Post-Consumer recycling is effective in removing plastic from the environment and reprocessing to compose rPET. In the post-industrial method, PET is collected as waste during the production process. This can be reused, making production more sustainable and efficient. It is also reprocessed to produce rPET. rPET has wide applications in several industries such as automotive and consumer goods.
Recycled polyethylene terephthalate (rPET) is gaining traction as it helps reduce greenhouse gas emissions by about 70% when compared with virgin polyethylene terephthalate and requires 79% less energy to produce. Also, rPET has a smaller carbon footprint. Various government initiatives toward plastic recycling, along with high investments, have bolstered the demand for rPET. Moreover, the ban on landfills has been introduced in various developed countries in Europe such as Austria, the Netherlands, France, Denmark, Germany, Belgium, and several countries in North America including the U.S. and Canada.
- By application, the market is classified into packaging, automotive, construction, medical, and others. The packaging segment dominated the market in 2022. Polyethylene Terephthalate (PET) is extensively used for producing plastic bottles and containers for various beverages, including water, carbonated drinks, juices, sports drinks, and alcoholic beverages. It offers clarity, transparency, and a glass-like appearance, making it an ideal material for showcasing the product. PET bottles are lightweight, shatterproof, and have excellent barrier properties to protect the contents from moisture, oxygen, and other contaminants. Besides, PET is commonly used as a material for blister packaging, which is widely used in the pharmaceutical, healthcare, and consumer goods industries. Blister packs made of PET provide a clear, protective cover for individual items while allowing consumers to see the product before purchase. PET's rigidity and barrier properties help protect the product from external factors such as moisture, light, and physical damage.
- By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region is expected to be the fastest-growing market for polyethylene terephthalate. The Asia-Pacific region has a large and rapidly growing population, which leads to increased consumption of packaged goods and beverages. PET is extensively used in the production of bottles and containers for beverages, including water, carbonated drinks, juices, and alcoholic beverages. The growing population directly drives the demand for PET packaging in the region. Also, the ongoing urbanization in countries such as China, India, and Southeast Asian nations has led to lifestyle changes and an increase in disposable income. Urban populations have higher consumption patterns, including the purchase of packaged products. PET is the preferred material for packaging due to its lightweight, transparency, and durability, making it the ideal choice for urban consumers.
Key Market Insights
- Based on type, the recycled segment is the fastest growing segment.
- By application, the packaging segment dominated the market in 2022, growing with a CAGR of 6.1%.
- Region wise, Asia-Pacific is the fastest growing region with a CAGR of 6.5%.
Companies Mentioned
- BASF SE
- RTP Company
- Indorama Ventures Public Company Limited
- NAN YA PLASTICS CORPORATION
- DSM
- LyondellBasell Industries Holdings B.V.
- LANXESS
- DuPont
- SABIC
- LOTTE Chemical CORPORATION
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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