Authored By: Sarah
11 Jul 2024

 Polyethylene Terephthalate Market Size to grow by USD 21.70 billion between 2024-2028

According to a research report “ Polyethylene Terephthalate Market” by Product (Fibers, Resins, Others) Type (Virgin, Recycled) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 21.70 billion, at a CAGR of over 8.11% during the forecast period. The burgeoning demand for effective and attractive packaging solutions is fueling the growth of the Polyethylene Terephthalate (PET) market. With packaging being the largest consumer segment of PET, this trend is anticipated to persist throughout the forecast period. Packaging plays a pivotal role in product sales, as it not only conveys essential information such as product name and price, but also incorporates desired design, color, and product content details, thereby significantly influencing purchasing decisions. Moreover, packaging offers additional benefits, including product protection, portability, and the option for repeated use.

Browse market data tables, figures, and in-depth TOC on “Polyethylene Terephthalate Market” by Product (Fibers, Resins, Others) Type (Virgin, Recycled) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Product, the Fibers segment is projected to dominate the market size in 2024

The Polyethylene Terephthalate (PET) market represents a significant business opportunity due to its versatile applications in various industries. This high-performance plastic is extensively used in packaging, textiles, and industrial manufacturing. Key market drivers include its lightweight, recyclable, and sustainable properties. Growing consumer awareness towards eco-friendly packaging and increasing demand for durable textiles are expected to fuel market expansion. Businesses seeking to capitalize on these trends should consider investing in the PET industry.

By Type, Virgin  segment is expected to hold the largest market size for the year 2024

The Polyethylene Terephthalate (PET) market exhibits robust growth, driven by its versatile applications in various industries. Key end-use sectors include packaging, textiles, and technical applications. PET's inherent properties, such as high strength, durability, and resistance to moisture and chemicals, make it an ideal choice for these applications. Market expansion is further fueled by increasing consumer preference for lightweight, recyclable, and sustainable packaging solutions. Global demand for PET is projected to continue its upward trend due to these factors.

APAC is forecasted to hold the largest market size by region in 2024

The Polyethylene Terephthalate (PET) market exhibits robust growth, driven by its versatile applications in various industries. This high-performance plastic is widely used in packaging, textiles, and automotive sectors due to its durability, chemical resistance, and recyclability. Market expansion is further fueled by increasing consumer preference for sustainable and eco-friendly products. Global trends towards reducing single-use plastics and promoting circular economy are expected to boost demand for PET in the coming years.

The Polyethylene Terephthalate Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Alpek SAB de CV
  • BASF SE
  • Covestro AG
  • Dhunseri Tea and Industries Ltd.
  • DuPont de Nemours Inc.
  • Eastman Chemical Co.
  • EasyPak LLC
  • Far Eastern New Century Corp.
  • Formosa Plastics Corp.
  • Indorama Ventures Public Co. Ltd.
  • Jiangsu Sanfangxiang Group Co. Ltd.
  • Koninklijke DSM NV
  • Lanxess AG
  • Mitsubishi Chemical Corp.
  • NEO GROUP UAB
  • Plastipak Holdings Inc.
  • Reliance Industries Ltd.
  • Saudi Arabian Oil Co.
  • Toray Industries Inc.
  • Verdeco Recycling Inc.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The Polyethylene Terephthalate (PET) market has experienced significant growth in various industries due to its versatility and durability. However, the market's growth is influenced by several factors, including crude oil prices, which impact the cost of raw materials. PET is widely used in beverage packaging, particularly by major producers, due to its lightweight and barrier properties. However, the market is also expanding into marine applications, woven plastic packaging, and circular innovations. Machinery suppliers and R&D efforts are crucial to advancing the PET market. Circular economy initiatives, such as recycling, have gained traction, with recyclers producing 100% recycled PET foam and exploring nanotechnology and resin manufacturing techniques. Stringent regulations, including those related to material losses during grinding and washing, present technical limitations. Nevertheless, the industry is addressing these challenges through fusion technology and collaborations between stakeholders. The coronavirus period has accelerated the demand for thermal insulation products in various industries, including aerospace, rail, and furniture. Government environmental policies further support the market's growth, making PET a sustainable choice for numerous applications. Despite these opportunities, the PET market faces challenges, such as material losses during processing and technical limitations. Nevertheless, the industry's focus on innovation and circular economy initiatives is driving progress and ensuring a sustainable future for PET.

Market Research Overview

The polyethylene terephthalate (PET) industry has seen a significant shift towards the use of recycled PET (rPET) pellets and flakes in recent years, driven by consumer preferences for sustainable packaging and increasing population concerns over the environmental impact of non-biodegradable plastic packaging. PET recycling facilities play a crucial role in this process, transforming used PET bottles and other waste into valuable raw materials for various industries. The PET industry caters to a wide range of sectors, including electronics, where PET is used in capacitors, sensors, relays, switches, and other components due to its excellent electrical properties. In the medical field, PET is used for thermal lamination in medical devices and labels, as well as in barrier packaging for pharmaceuticals and cosmetics. rPET is also widely used in food and beverage packaging, particularly for items such as flavored milk, boxes, cartons, perfumes, hair care products, and personal care items. The use of rPET in flexible packaging, such as wrappers, sachets, and pouches, is increasing due to its versatility, transparency, and shatter-resistance. The recycling process involves several steps, including grinding and washing, which can result in material losses and technical limitations. However, advancements in recycling technology, such as fusion technology and nanotechnology, are addressing these challenges and improving the quality of rPET. The demand for rPET is expected to grow further due to stringent regulations on plastic waste and the circular economy movement. The use of rPET in industrial packaging, household products, and even in new applications such as 100% recycled PET foam, is on the rise. The price of raw materials, such as terephthalic acid, dimethyl terephthalate (DMT), monoethylene glycol (MEG), and ethylene glycol, can impact the cost of rPET production. However, the benefits of using rPET, such as its recyclability, shatter-resistance, resealability, and versatility, make it a cost-effective and sustainable alternative to virgin plastics. Trade associations and authentic industry journals regularly release reports on the latest trends and developments in the PET industry, including the use of rPET in various applications and the impact of raw material prices on the industry. In the circular economy, rPET is a valuable resource that can be reused and recycled multiple times, reducing the need for crude oil and minimizing the environmental impact of plastic waste. The use of rPET in various industries, from electronics to food and beverage packaging, is expected to continue growing, driven by consumer preferences, population growth, and government environmental policies. However, it's important to note that the recycling process can have effects on the environment, such as the use of energy and water, and the potential release of toxins. It's crucial that recycling facilities implement best practices to minimize these effects and ensure the safe and sustainable production of rPET. The use of rPET in various industries, from electronics to food and beverage packaging, is expected to continue growing, driven by consumer preferences, population growth, and government environmental policies. In the circular economy, rPET is a valuable resource that can be reused and recycled multiple times, reducing the need for crude oil and minimizing the environmental impact of plastic waste. However, it's important to note that the recycling process can have effects on the environment, such as the use of energy and water, and the potential release of toxins. It's crucial that recycling facilities implement best practices to minimize these effects and ensure the safe and sustainable production of rPET. The PET industry is constantly evolving, with R&D efforts focusing on improving the quality and sustainability of rPET, as well as exploring new applications for this versatile material. For example, rPET is being used in the production of recycled PET foam for use in marine applications, as well as in the aerospace, rail, and furniture industries. The Coronavirus period has highlighted the importance of a circular economy and the need to reduce reliance on single-use plastics. The use of rPET in packaging for various non-food items, such as cosmetics and personal care products, has increased significantly during this time. In conclusion, the PET industry is a dynamic and evolving sector that plays a crucial role in various industries, from electronics to food and beverage packaging. The use of rPET is expected to continue growing, driven by consumer preferences, population growth, and government environmental policies. It's important for recycling facilities to implement best practices to ensure the safe and sustainable production of rPET and minimize the environmental impact of the recycling process. The future of the PET industry lies in circular innovations and the continued exploration of new applications for this versatile material.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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