Polyethylene Terephthalate (PET) Resin Market Outlook 2031:
The polyethylene terephthalate (PET) resin market size was valued at USD 44.30 Billion in 2022 and is projected to reach USD 100.26 Billion by 2031, expanding at a CAGR of 9.5% during the forecast period 2023 - 2031. The growth of the market is attributed to increasing demand for recyclable & sustainable materials.
PET is made from mono ethylene glycol (MEG), pure terephthalic acid (PTA), and dimethyl terephthalate as basic ingredients. PET is a durable thermoplastic resin used to make a variety of items including pouches, canes, bottles, and films & sheets.
They are colorless & extremely light in nature, and these plastics are regarded re-usable in nature since they do not emit any toxins and are also safe for humans. Electronics, food & beverage, healthcare, consumer products, and other sectors utilize these polymers widely.
The COVID-19 pandemic had a negative impact on the polyethylene terephthalate (PET) resin market. Several nations went into lockdown as a result of the pandemic, causing supply chain problems and labor shortage. The end-user sectors such as electrical & electronics, consumer products, food & beverage, and others were severely harmed as a result of the pandemic.
The worldwide vehicle output is expected to drop by roughly 17% in 2020 as compared to the previous year owing mostly to the COVID-19 pandemic, although other factors have also had an impact.
Polyethylene Terephthalate (PET) Resin Market Trends, Drivers, Restraints, and Opportunities
- Increasing PET collection & recycling rates and rapid growing food & beverage sector are projected to drive the market.
- Growing use of PET bottles for alcoholic beverages, agrochemicals, cosmetics, and pharmaceuticals, edible oil is estimated to foster the market growth.
- Rising use of both sustainable & recyclable is estimated to fuel the market growth.
- The presence of substitutes can restrain the market.
- Stricter laws governing the use of PET and an increase in the use of alternatives such as high-density polyethylene can hamper the market.
- A move away from flexible packaging and introduction & development of bio-based PET packaging products can create lucrative opportunities for the key players.
Scope of Polyethylene Terephthalate (PET) Resin Market Report
The report on the 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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Polyethylene Terephthalate (PET) Resin Market - Global 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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Product Types (Bottles, Films & Sheets, and Others) and End-users (Food & Beverage, Automotive, Electrical & Electronics, Healthcare, Consumer Goods, and Others)
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Geographic Scope
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Asia Pacific, North America, Europe, Latin America, and Middle-East & Africa
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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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Indorama Ventures Public Company Limited.; Alpek S.A.B.de. C.V.; Far Eastern New Century Corporation.; Sinopec Group.; and CR Chemical Material Technology Inc.
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Polyethylene Terephthalate (PET) Resin Market Segment Insights
Bottles segment is projected to expand at a considerable CAGR
Based on product types, the market is divided into bottles, films & sheets, and others. The bottles segment is segment is projected to expand at a considerable CAGR during the forecast period. Plastic bottles is composed of polyethylene terephthalate (PET) and are extensively used for mineral water & soft drinks as it is excellent water & moisture barrier material.
PET bottles can be recycled for a variety of reasons. For instance, they are used in solar water treatment, in which empty PET bottles are filled with water and kept in the sun to allow UV light to purify the water. PET bottles filled with sand, dirt, fly-ash, or any other material such as domestic plastic garbage, when adequately compacted, may be used as a construction material instead of conventional bricks, according to the Indian Journal of Science & Technology.
When compared to conventional bricks, the strength metrics of filled plastic bottles are on the upper end. The eco-bricks are lightweight and have the same thermal qualities as regular bricks. When compared to concrete blocks, eco-bricks offer a high sound reduction index.
Food & beverage segment is expected to grow at a rapid pace
On the basis of end-users, the market is segregated into food & beverage, automotive, electrical & electronics, healthcare, consumer goods, and others. The food & beverage expected to grow at a rapid pace during the forecast period as they are highly used engineering plastic products in the packaging industry.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the polyethylene terephthalate (PET) resin market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period owning to increasing population, disposable income and urbanization in developing nations.
With capacity of more than 2 million tons, China is a significant producer of PET resins, with the PetroChina Group and Jiangsu Sangfangxiang among the world's leading manufacturers in terms of volume.
Segments
The polyethylene terephthalate (PET) resin market has been segmented on the basis of
Product Types
- Bottles
- Films & Sheets
- Others
End-users
- Food & Beverage
- Automotive
- Electrical & Electronics
- Healthcare
- Consumer Goods
- Others
Regions
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the polyethylene terephthalate (PET) resin market include Indorama Ventures Public Company Limited.; Alpek S.A.B.de. C.V.; Far Eastern New Century Corporation.; Sinopec Group.; CR Chemical Material Technology Inc.
Some of the key players are constantly implementing several marketing strategies such as mergers & acquisitions, capital investments, partnerships, new product development, and smaller & mid-sized businesses are expanding their market share by releasing novel ingredients at lower rates.
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