The Europe Polyethylene Terephthalate (PET) Resin Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 4.5% during the forecast period, 2023 – 2031. Growth of the market is attributed to growing demands for polyethylene terephthalate in the food and beverage sector, such as in carbonated soft drink packaging and packaged food due to increasing frozen and processed food consumption.
PET stands for polyethylene terephthalate, which is a thermoplastic polymer resin made from the reaction of nonethylene glycol (MEG) with purified terephthalic acid (PTA). Polyethylene terephthalate is used in a variety of sectors, including automotive, food and beverage packaging, and electronics.
PET is a semi-crystalline, colorless resin in its native condition. PET may be semi-rigid to stiff depending on how it is produced, and it is extremely lightweight. It works effectively as a gas and moisture barrier as well as an excellent barrier to alcohol and it’s tough and resistant to damage. When chloroform and other chemicals, such as toluene, are introduced to PET, it becomes white.
Coca-Cola introduces plant bottle packaging, which uses recyclable PET drinking bottles that contain up to 30% plant matter. Coca-Cola has sold over 44 billion plant bottle containers worldwide as of 2015. Since its inception in 2009, the package has saved the equivalent of about 428,000 MT of carbon dioxide emissions.
In addition, factors such as fast urbanization, creative packaging, and strong economic growth are estimated to boost the polyethylene terephthalate resin market.
According to European Union (EU) Circular Economy Action Plan is to achieve the target to make all packaging recyclable and reusable by 2030
A French institution stated in April 2020 that it has discovered a highly efficient, optimized enzyme that surpasses all PET hydrolases previously reported. This discovery might be a critical step toward realizing the notion of a circular PET economy.
Europe Polyethylene Terephthalate (PET) Resin Market Trends, Drivers, Restraints, and Opportunities
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Rising adoption of bio-based PET products is expected to boost market in the future.
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Increasing eco-conscious bakers are expected to fuel the market in the coming years.
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Growing need for food packaging that is both transportable and versatile are major factors propelling the market.
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High economic growth, growing urbanization, and creative packaging are the major factors fueling the market in the coming years.
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Rising use as a substrate in thin film solar cells is expected to drive the market.
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High cost of polyethylene terephthalate (PET) is estimated to hamper the market expansion.
Scope of Europe Polyethylene Terephthalate (PET) Resin Market Report
The report on the Europe polyethylene terephthalate (Pet) resin market 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
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Details
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Report Title
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Europe Polyethylene Terephthalate (Pet) Resin market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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End-user Industries (Automotive, Healthcare, Food & Beverages, Consumer Goods, Electrical & Electronics, and Others), Product Types (Films & Sheets, Bottles, and Others)
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Regional Scope
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Europe
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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BASF SE; Polisan Hellas; SABIC; Indorama Ventures Public Company Limited
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Europe Polyethylene Terephthalate (PET) Resin Market Segment Insights
The food & beverages segment is anticipated to expand at a rapid CAGR
On the basis of end-user industries, the Europe polyethylene terephthalate (Pet) resin market is fragmented into automotive, healthcare, food & beverages, consumer goods, electrical & electronics, and others. The food & beverages segment is expected to constitute a key share of the market during the forecast period owing to rising usage in food and beverage industry such as manufacturing of water bottle, milk container, carbonated drinks bottles, jars, packaging containers, tubs and others.
The bottles segment is expected to grow at a significant pace
In terms of product types, the Europe polyethylene terephthalate (Pet) resin market is segregated into films & sheets, bottles, and others. The bottles segment is expected to represent a key share of the market in the coming years due to high demand of biodegradable and recycle PET in bottling industries and plastic bottles made from PET are widely used for soft drinks.
Segments
The Europe polyethylene terephthalate (Pet) resin market has been segmented on the basis of
End-user Industries
- Automotive
- Healthcare
- Food & Beverages
- Consumer Goods
- Electrical & Electronics
- Others
Product Types
- Films & Sheets
- Bottles
- Others
Region
Key Players
- BASF SE
- Polisan Hellas
- SABIC
- Indorama Ventures Public Company Limited
Competitive Landscape
Key players competing in the Europe polyethylene terephthalate (Pet) resin market include BASF SE; Polisan Hellas; SABIC; Indorama Ventures Public Company Limited.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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