Polyethylene Terephthalate Market Growth Analysis - Market Size, Share, Forecast Trends and Outlook Report (2025-2034)

The global polyethylene terephthalate market size reached around USD 38.14 Billion in 2024. The market is projected to grow at a CAGR of 6.60% between 2025 and 2034 to reach nearly USD 72.27 Billion by 2034.

Global Polyethylene Terephthalate Market Growth

As per the 2022 PET Recycling Report published by the National Association for PET Container Resources in North America, average PET recycling rates in the region were recorded at 37.8%. One of the notable polyethylene terephthalate market trends was the rising incorporation of recycled PET (50%) into plastic bottles. In 2022, the use of recycled content in PET bottles grew by 15% in the United States. Over the forecast period, enhanced accessibility to PET recycling infrastructure worldwide is expected to play a critical role in driving the market growth.

The growth of circular economy start-ups worldwide is expected to positively influence the polyethylene terephthalate market dynamics. In 2022, these businesses attracted an investment of USD 5.4 billion from global investors. In Germany alone, there are 171 circular economic start-ups, which makes it a regional leader in Europe (followed by France and the Netherlands). In 2020, the global circular economy size was around EUR 148 billion, which is expected to record a 78% growth by 2030. Since packaging accounts for 40.5% of plastic’s application in Europe, the demand for recycled PET is expected to increase significantly as companies focus on achieving a smaller carbon footprint. rPET can withstand temperatures up to 70 degrees Celsius and can also be used to make fabrics.

Key Trends and Developments

Increasing automotive exports from China; growing demand for packaging; shift towards wearable technology; and rising construction activities are the major factors favouring the polyethylene terephthalate market growth.

October 2024

Indorama Ventures Public Company Limited, in collaboration with ENEOS Corporation, Suntory, Neste, Mitsubishi Corporation and Iwatani, launched the world’s first-ever bio-PET bottle on a commercial scale, created from ISCC+ certified bio-paraxylene (a vegetable oil). The companies are expected to launch 45 million bottles in Japan, thereby accelerating the shift towards sustainability.

February 2024

Eastman Chemical signed an agreement with Dentis Group (a European recycling company) to secure the supply of 30,000 metric tons of postconsumer PET for the methanolysis-based depolymerisation plant currently under construction in Port-Jérôme-sur-Seine, France. This can increase the polyethylene terephthalate market revenue.

October 2023

Celanese Corporation introduced a wide range of sustainable thermoplastic solutions for industrial applications. This included a new blend of PBT/PET (comprising 25% PET-PCR), which can be used for manufacturing windshield wipers, air vents, and junction bars by the automotive industry.

January 2022

Eastman Chemical Company announced its decision to invest around USD 1 billion to establish a hard-to-recycle PET waste recycling facility in France, which is expected to process nearly 160,000 tons of waste annually. This is creating a favourable polyethylene terephthalate market outlook.

Increasing automotive exports from China

As per the China Association of Automobile Manufacturers, automotive exports rose by 33% y-o-y in Q4 2023. The increasing uses of polyethylene terephthalate in manufacturing engine covers, door panels, headlamp retainers, and safety equipment like airbags are aiding the market.

Growing demand for packaging solutions

The burgeoning demand for packaged food and beverage products has brought about a sustained increase in the demand for recycled PET packaging, which can either be rigid or flexible and is well-suited for preserving the shelf life of products.

Shift towards wearable technology

PET is extensively used in manufacturing display screens for smartwatches and other wearable devices since they are extremely durable and can protect the device from the impact of unforeseen accidents. This can fuel the polyethylene terephthalate market development.

Rising construction activities

PET is extensively used in manufacturing durable and lightweight roofing materials and building panels in the construction industry. Besides, it is also used to reinforce concrete to improve its durability and serves as a modifier in asphalt binders.

Global Polyethylene Terephthalate Market Trends

As per the market analysis, nearly 90.9% of its vehicle exports were directed towards Russia (909,000). In Q4 2023, Mexico (66,000), Belgium (42,000), and the United Kingdom (38,000) emerged as the primary export markets for the country, with Russia receiving 112,000 vehicles. This is expected to fuel the polyethylene terephthalate market value over the forecast period. As per industrial analysis, ICE vehicles accounted for 76.8% of exports, followed by new energy vehicles (23.2%).

Global Polyethylene Terephthalate Industry Segmentation

The report titled “Global Polyethylene Terephthalate Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Type

• Virgin
• Recycled

Breakup by Application

• Packaging
• Automotive
• Construction
• Medical
• Others

Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Global Polyethylene Terephthalate Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2024-32, the demand for PET in the Asia Pacific is expected to grow at a CAGR of 7.6% due to the increasing automotive production. Moreover, the polyethylene terephthalate market development is being driven by the growth of e-commerce industry and the establishment of large-scale plastic recycling infrastructure in various countries.

Leading Companies in the Global Polyethylene Terephthalate Market

Major players are focusing on catering to the increasing demand for PET from the automotive industry, which is leading to the polyethylene terephthalate market expansion.

RTP Company

RTP Company was founded in 1982 and is headquartered in Minnesota, United States. It is engaged in developing customised thermoplastic compounds for different applications demanding conductive, elastomeric, wear-resistant, and flame-retardant properties in over 60 different engineering resin systems.

Eastman Chemical Company

Eastman Chemical Company was founded in 1920 and is headquartered in Tennessee, United States. It specialises in producing advanced materials, chemicals, and functional products and additives.

Celanese Corporation

Celanese Corporation was founded in 1912 and is headquartered in Texas, United States. It is a global leader in manufacturing speciality material solutions. In 2023, it reported net sales of USD 10.9 billion.

Indorama Ventures Public Company Limited

Indorama Ventures Public Company Limited was founded in 1994 and is headquartered in Bangkok, Thailand. It specialises in manufacturing PET, woollen yarns, petrochemicals, polyester fibres, Purified Terephthalic Acid, and numerous chemical oxides and derivatives.

Other players included in the polyethylene terephthalate market report are LyondellBasell Industries N.V., Saudi Basic Industries Corporation, NAN YA Plastics Industrial Co., Ltd., LOTTE Chemical CORPORATION, TEIJIN LIMITED, and NEO GROUP, among others.