What Has Been the Growth Trajectory for the Polyethylene Terephthalate Market in Recent Years?
The polyethylene terephthalate market has seen considerable growth due to a variety of factors.
• Over the past few years, the polyethylene terephthalate market has experienced a sharp increase in size. Its worth is projected to rise from $47.63 billion in 2024 to $52.44 billion in 2025, with a compound annual growth rate (CAGR) of 10.1%.
The significant growth seen in the historic period is due to the growing demand for packaged foods, a rise in automotive production, and an upsurge in the manufacturing of plastic products.
What Can Be Expected from the Polyethylene Terephthalate Market in the Coming Years?
The polyethylene terephthalate market is expected to maintain its strong growth trajectory in upcoming years.
• The market for polyethylene terephthalate is poised to experience a significant increase in the coming years, with its value projected to rise to $74.67 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.2%.
Potential growth during this forecasted period can be linked to the escalating demand in the packaging sector, a surge in requests for ready-to-eat commodities, and an uptick in urbanization. Some of the prevailing trends anticipated during this period comprise establishing new recycling facilities, engaging in partnerships and collaborations, conducting bio recycling of pet, and directing investments towards the enlargement of facilities.
What Are the Critical Driver Fuelling the Polyethylene Terephthalate Market's Growth?
Growth in the polyethylene terephthalate market has been driven by its escalating usage in food and beverage containers like the packaging for carbonated soft drinks. The rise in demand for bottled beverages and alternatives for glass and metal containers have led to an increased interest in polyethylene terephthalate due its adaptable shape and size. The Plastics Industry Association, a US organization, provided evidence of this in 2022 when it made known that the plastics industry had generated $600.4 billion in total shipments in 2021, which included $468 billion directly and $132 billion from its upstream suppliers. Growth is anticipated to continue in 2022 and 2023. Therefore, the increasing requirement for polyethylene terephthalate within the food and beverage packaging sector during the historic period has acted as a catalyst for the market's expansion.
How Is the Polyethylene Terephthalate Market segmented?
The polyethylene terephthalate market covered in this report is segmented –
1) By Product Type: Virgin, Recycle
2) By Application: Beverages, Sheets And Films, Consumer Goods, Food Packaging, Other Applications
3) By End-User Industry: Packaging, Electrical And Electronics, Automotive, Construction, Other End Uses Industries
Subsegments:
1) By Virgin: Bottles, Films, Fibers, Sheets
2) By Recycle: rPET for Bottles, rPET for Sheets, rPET for Textiles, rPET for Other Applications
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What New Trends Are Influencing the Polyethylene Terephthalate Market?
Major corporations are progressively producing bio-based PET by utilizing materials that are partially recyclable. Bio-based PET, a bio-plastic that is light in weight, recyclable, decomposable, and reusable, is extracted from biomass. It is formed from 30% plant-sourced ethanol glycol and a 70% proportion of terephthalic acid derived from fossils. Bio-based PET is widely utilized in the packaging of a range of products including soft drinks, alcoholic drinks, food items, cosmetics, pharmaceuticals, and cooking oils. The preference for eco-friendly products and strict regulatory guidelines are key factors promoting the use of environmentally conscious products across industries, thereby enhancing the demand for bio-based PET. For instance, Eastlon comprises 30% of renewable raw materials and has similar mechanical and thermal properties as fossil PET. It is a drop-in bioplastic that is typically used in transparent packaging and bottles. Eastlon is wholly recyclable. A demonstration facility is set to be established in Ontario, Canada, with an anticipated capacity of 18,000 tons of biomass. This plant is expected to start generating 100% bio-based PET bottles by 2020.
Who Are the Key Players in the Polyethylene Terephthalate Market?
Major companies operating in the polyethylene terephthalate market include:
• Indorama Ventures Public Company Limited
• Far Eastern New Century Corporation
• Alpek S.A.B de C.V
• Reliance Industries Limited
• SABIC
• Nan Ya Plastics Corporation
• Lotte Chemical Corporation
• China Petroleum & Chemical Corporation
• BASF SE
• LyondellBasell
• Isan Exim Plastotech Private Limited
• Overseas Polymers Pvt Ltd
• G Polyplast Industries
• China Resources (Holdings) C0 Ltd
• Xinjiang Blue Ridge Tunhe Sci.&Tech. Co Ltd
• Equipolymers
• Neo Group Uab
• and Sibur Holding Pjsc
• MOL Group
• Polief
• JBF Industries
• Eastman Chemical Company
• Alfa S.A.B. de C.V.
• I.V.L Dhunseri Polyester Co.
• Compania Ecologica Gw S.A.C.
• Schenker Peru Srl
• Horizon Technologies FZE
• Astra Polymers
• Equate Petrochemical Company
• Pepson Plastics
• Constantia Flexibles Corporation
• Nampak
What Is The Most Dominant Region In The Polyethylene Terephthalate Market?
Asia-Pacific was the largest region in the polyethylene terephthalate market in 2024. North America was the second-largest region in the global polyethylene terephthalate market. The regions covered in the polyethylene terephthalate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
