Crystalline Polyethylene Terephthalate Market Trends [2031]
Crystalline Polyethylene Terephthalate Market Trends [2031]
Segments - Crystalline Polyethylene Terephthalate Market by Manufacturing Process (Molding Process and Extrusion Process), Application (Cups, Trays, Bottles, Films/Sheets, and Others), End-user Industry (Pharmaceutical, Food & Beverage, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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Report Description
Crystalline Polyethylene Terephthalate Market Outlook 2031
The global crystalline polyethylene terephthalate market size was USD 9.7 Billion in 2022 and is likely to reach USD 13.2 Billion by 2031, expanding at a CAGR of 7.88% during 2023–2031. The market is propelled by the rising adoption of advanced materials by the packaging industry.
Expansion of the packaging industry with its increasing penetration in the food & beverage sector is expected to boost the market during the assessment period. There is a high requirement for crystalline polyethylene terephthalate (CPET) due to its physical durability, heat resistance, and lightweight in the beverage industry. With the increasing global consumption of various packed beverages, the market is likely to have a significant propulsion in the coming years.
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As per a survey published in April 2023, the total packed drinking water consumption in 2022 reached close to 472 billion liters. Packed alcoholic beverages ranked second and packaged milk & dairy products ranked third on the global consumption scale.
Most industries opt for CPET as it helps in reducing the packaging weight, thereby lowering the overall transportation costs. The surge in sales of convenient ready-to-eat meals is anticipated to surge the adoption of CPET as it offers heat resistance for microwaveable food. There has been a substantial rise in demand for such foods due to the rapid urbanization and changing lifestyles. These factors are projected to impel the market during the forecast period.
The COVID-19 pandemic impeded the market due to the imposition of lockdown instructions imposed by several governments around the world. The manufacturing activities were completely halted and the import and export in countries was extremely restricted. This disrupted the supply chain and led to a market slowdown during that period.
Impact of Artificial Intelligence (AI) in Crystalline Polyethylene Terephthalate Market
The use of artificial intelligence is likely to provide substantial propulsion to the crystalline polyethylene terephthalate market. AI can optimize the CPET manufacturing processes, improving efficiency and reducing energy consumption. Additionally, it significantly enhances quality control, maintaining product consistency. This ensures better performance of the material in end-use products. As a result, AI is projected to impel the market in the coming period.
Crystalline Polyethylene Terephthalate Market Dynamics
Major Drivers
Growing use of crystalline PET is expected to drive the market during the projection period. There has been a rapid rise in the demand for sustainable packaging solutions in recent years, particularly for bottled beverages and packaged foods. CPET is one of the most sought-after materials for this purpose as it is very versatile in nature. It offers lightweight and durable packaging and is extremely cost-effective. Furthermore, it can be molded into any shape or size and therefore, its increasing use is expected to impel the market in the forecast period.
Existing Restraints
Fluctuations in the raw material prices are likely to hamper the market during the forecast period. The manufacture of CPET-based materials uses crude oil as one of its basic components. Petroleum prices are highly volatile and depend on a lot of factors, including import-export duties, sanctions, geopolitical issues, and availability in the region, among others. This often brings considerable fluctuations in the pricing of CEPT-based end-use products. In addition, there is a major adoption of eco-friendly alternatives such as paper and bagasse in the food & beverage industry. This is projected to impede the market during the assessment period.
Emerging Opportunities
Increasing adoption of CPET by the food & beverage industry is anticipated to provide substantial growth opportunities for the market. CPET is extremely flexible and is able to withstand high temperatures. This makes it ideal for making plastic food trays that are used in a conventional oven. Containers made of CPET material are microwavable, oven-proof, and have a long life. Consequently, there is a high adoption of this material in the food and beverage industry for making plastic wraps and storage containers. With the expansion of the food and beverage industry, the market is projected to have significant propulsion in the forecast period.
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In November 2021, The Coca-Cola Company has recently announced its acquisition of complete ownership of BODYARMOR, a line of sports performance and hydrational beverages. This move is expected to expand the company's beverage portfolio and lead to long-term growth.
Scope of the Crystalline Polyethylene Terephthalate Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Crystalline Polyethylene Terephthalate Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Manufacturing Process (Molding Process and Extrusion Process), Application (Cups, Trays, Bottles, Films/Sheets, and Others), End-user Industry (Pharmaceutical, Food & Beverage, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Treform Packaging AB; the Mitsubishi Chemical Group of companies; SABIC; Petrotemex; Petro Polymer Shargh (PPS); LA SEDA DE Barcelona (LSB); Dow; Indorama Ventures Public Company Limited; Far Eastern New Century Corporation; Alpek, S.A.B. de C.V.; and Alpek Polyester. |
Crystalline Polyethylene Terephthalate Market Segment Insights
Manufacturing Process Segment Analysis
Based on the manufacturing process, the crystalline polyethylene terephthalate market is divided into molding process and extrusion process. The molding process segment is projected to hold the major share of the market during the projection period due to its large-scale application in the manufacturing of plastic bottles for a wide range of purposes. Molding helps in creating three-dimensional structures out of plastic and is therefore intensively used in the manufacturing of several types of plastic products. With the growing demand for various plastic-based consumer products, this segment is likely to experience a considerable surge in the coming years.
Application Segment Analysis
On the basis of application, the global market is segregated into cups, trays, bottles, films/sheets, and others. The bottles segment is projected to register a high CAGR during the forecast period owing to their widespread usage in the packaging of beverages, ranging from juices and syrups to soft drinks and alcohol. Crystalline PET bottles have anti-microbial properties and are highly cost-effective. Furthermore, it is among the few plastics that can be crystal clear and give a sparkling, luxury appeal to the glass without having the same fragility. This is anticipated to impel the segment during the assessment period.
End-user Industry Segment Analysis
On the basis of the end-user industry, the crystalline polyethylene terephthalate market is segmented into pharmaceutical, food & beverage, and others. The food & beverage segment is anticipated to register a robust growth rate during the forecast period due to the extensive applications of CPET plastic in the food & beverage industry. This plastic is used in the manufacturing of food packages and bottles for beverages. Furthermore, since CPET is highly durable as a material and has visual appeal as an end product, it is ideal for the delivery of packaged food products including processed meat and poultry without damaging the content. These factors are projected to create lucrative prospects for the segment’s growth.
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In July 2022, Tyson Foods, a prominent food company in the United States, formed a strategic partnership with Tanmiah, a supplier of fresh and value-added meat and poultry products. As part of this collaboration, Tyson Foods has purchased a 15% stake in Tanmiah's subsidiary and a 60% stake in Supreme Foods Processing Company in a move to strengthen its market position.
Regional Outlook
In terms of region, the global crystalline polyethylene terephthalate market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period. China is the largest producer and consumer of PET bottles due to its growing population and demand in the F&B sector, while India is also contributing to regional revenue with its rising chemical industry. The increasing demand for PET in overseas markets and domestically is expected to drive the market in this region during the projection period.
The market in North America is likely to witness substantial propulsion in the coming years owing to its high capacity for production and excellent industrial infrastructure. There is a strong presence of several global key market players in this region. Moreover, the major consumption of processed food is also leading to a major adoption of CPET for making food containers and wraps. This is anticipated to impel the market in this region in the years to come.
Segments
The crystalline polyethylene terephthalate market has been segmented on the basis of
Manufacturing Process
- Molding Process
- Extrusion Process
Application
- Cups
- Trays
- Bottles
- Films/Sheets
- Others
End-user Industry
- Pharmaceutical
- Food & Beverage
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Treform Packaging AB
- the Mitsubishi Chemical Group of companies
- SABIC
- Petrotemex
- Petro Polymer Shargh (PPS)
- LA SEDA DE Barcelona (LSB)
- Dow
- Indorama Ventures Public Company Limited
- Far Eastern New Century Corporation
- Alpek, S.A.B. de C.V.
- Alpek Polyester
Competitive Landscape
Key players competing in the global crystalline polyethylene terephthalate market are Treform Packaging AB; the Mitsubishi Chemical Group of companies; SABIC; Petrotemex; Petro Polymer Shargh (PPS); LA SEDA DE Barcelona (LSB); Dow; Indorama Ventures Public Company Limited; Far Eastern New Century Corporation; Alpek, S.A.B. de C.V.; and Alpek Polyester.
These companies incorporate development strategies such as acquisitions, mergers, partnerships, product launches, collaboration, and production expansion to expand their consumer base worldwide. For instance,
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In February 2022, Alpek S.A.B. de C.V., a prominent chemical manufacturer based in Mexico, announced its acquisition of PET packaging solutions provider OCTAL Holding SAOC for USD 620 million. This strategic move will allow Alpek to enhance its position in the PET segment by forward integrating its business to better serve the growing customer demand for PET resins.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Crystalline Polyethylene Terephthalate Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Crystalline Polyethylene Terephthalate Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Crystalline Polyethylene Terephthalate Market - Supply Chain
4.5. Global Crystalline Polyethylene Terephthalate Market Forecast
4.5.1. Crystalline Polyethylene Terephthalate Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Crystalline Polyethylene Terephthalate Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Crystalline Polyethylene Terephthalate Market Absolute $ Opportunity
5. Global Crystalline Polyethylene Terephthalate Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by Applications
5.3.1. Cups
5.3.2. Trays
5.3.3. Bottles
5.3.4. Films/Sheets
5.3.5. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Crystalline Polyethylene Terephthalate Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by End Users
6.3.1. Pharmaceutical
6.3.2. Food & Beverage
6.3.3. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Crystalline Polyethylene Terephthalate Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Crystalline Polyethylene Terephthalate Demand Share Forecast, 2019-2026
8. North America Crystalline Polyethylene Terephthalate Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by Applications
8.4.1. Cups
8.4.2. Trays
8.4.3. Bottles
8.4.4. Films/Sheets
8.4.5. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by End Users
8.7.1. Pharmaceutical
8.7.2. Food & Beverage
8.7.3. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Crystalline Polyethylene Terephthalate Demand Share Forecast, 2019-2026
9. Latin America Crystalline Polyethylene Terephthalate Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by Applications
9.4.1. Cups
9.4.2. Trays
9.4.3. Bottles
9.4.4. Films/Sheets
9.4.5. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by End Users
9.7.1. Pharmaceutical
9.7.2. Food & Beverage
9.7.3. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Crystalline Polyethylene Terephthalate Demand Share Forecast, 2019-2026
10. Europe Crystalline Polyethylene Terephthalate Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by Applications
10.4.1. Cups
10.4.2. Trays
10.4.3. Bottles
10.4.4. Films/Sheets
10.4.5. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by End Users
10.7.1. Pharmaceutical
10.7.2. Food & Beverage
10.7.3. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Crystalline Polyethylene Terephthalate Demand Share Forecast, 2019-2026
11. Asia Pacific Crystalline Polyethylene Terephthalate Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by Applications
11.4.1. Cups
11.4.2. Trays
11.4.3. Bottles
11.4.4. Films/Sheets
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by End Users
11.7.1. Pharmaceutical
11.7.2. Food & Beverage
11.7.3. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Crystalline Polyethylene Terephthalate Demand Share Forecast, 2019-2026
12. Middle East & Africa Crystalline Polyethylene Terephthalate Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by Applications
12.4.1. Cups
12.4.2. Trays
12.4.3. Bottles
12.4.4. Films/Sheets
12.4.5. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Crystalline Polyethylene Terephthalate Market Size and Volume Forecast by End Users
12.7.1. Pharmaceutical
12.7.2. Food & Beverage
12.7.3. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Crystalline Polyethylene Terephthalate Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Crystalline Polyethylene Terephthalate Market: Market Share Analysis
13.2. Crystalline Polyethylene Terephthalate Distributors and Customers
13.3. Crystalline Polyethylene Terephthalate Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Treform Packaging AB
13.4.2. the Mitsubishi Chemical Group of companies
13.4.3. SABIC
13.4.4. Petrotemex
13.4.5. Petro Polymer Shargh (PPS)
13.4.6. LA SEDA DE Barcelona (LSB)
13.4.7. Dow
13.4.8. Indorama Ventures Public Company Limited
13.4.9. Far Eastern New Century Corporation
13.4.10. Alpek, S.A.B. de C.V.
13.4.11. Alpek Polyester
Methodology
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