USD 80.9 million
Polyethylene Terephthalate (PET) Resin Market Size, Share, Growth Analysis, By Product Type(Bottles, Sheet & Films, cups, cans), By Application(beverages, consumer goods, food packaging and others.), By End-user(Packaging, Electrical & Electronics, Automotive, Construction), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2135 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
95
|Figures:
76
Polyethylene Terephthalate (PET) Resin Market Insights
Polyethylene Terephthalate (PET) Resin Market size was valued at USD 80.9 million in 2019 and is poised to grow from USD 85.11 million in 2023 to USD 127.67 million by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).
The growth of the food and beverage industry, as well as the population's demand for frozen and processed foods, polyethylene terephthalate material's demand for effective and environmentally friendly packaging alternatives worldwide, and consumers' preference for effective and easily recyclable beverage containers, are the key factors driving market expansion. Additionally, during the forecast period, the market will benefit from rise in research and development activities, as well as technological developments, modernization of production methods, and other aspects.
The market for polyethylene terephthalate (PET) resins will face additional challenges during the forecast period due to the rise in stringent government regulations and norms relating to the use of PET material, as well as the rise in the availability of substitute products that are available and lower PET recycling rates because of high contamination.
There should likely be more opportunities for PET as the demand for lightweight packaging for electronics and food increases. In addition, it is expected that rivalry will become increasingly intense over the forecast period. Players are focusing their effort on creating unique technologies to strengthen their market position. Businesses are developing PET manufacturing processes that are both economical and high-quality in an attempt to gain a competitive edge in the market.
US Polyethylene Terephthalate (PET) Resin Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Packaging
Fastest Growth
Packaging
Growth Rate
5.2% CAGR
Global Polyethylene Terephthalate (PET) Resin Market ($ Bn)
Country Share for North America Region (%)
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Polyethylene Terephthalate (PET) Resin Market Segmental Analysis
Global Polyethylene Terephthalate (PET) Resin market is segmented on the basis of Product Type, Application, End-user, and region. By Product Type, the market is segmented into Bottles, Sheet & Films, cups, cans, pouches and others. By Application, the market is segmented into beverages, consumer goods, food packaging and others. By End-Use, the market is segmented into Packaging, Electrical & Electronics, Automotive, Construction, healthcare, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Polyethylene Terephthalate (PET) Resin Market Analysis by Product Type
The market for polyethylene terephthalate (PET) resin has been segmented into bottles, sheets and films, consumer products, food packaging, and others based on the kind of product. Due to the food and beverage industry's widespread transition from glass to PET bottles during the projection period, the segment of bottles is expected to develop at the greatest CAGR among the segments. PET bottles can also be recycled for a huge variety of uses. For instance, in impoverished countries, they are used for solar water treatment, in which empty PET bottles are filled with water and kept in the sun to allow ultraviolet radiation to purify the water. Additionally, eco-bricks made of PET bottles are used in developing nations in Latin America, Africa, and Asia. These drivers of PET bottle demand considerably boost market expansion during the anticipated period.
Polyethylene Terephthalate (PET) Resin Market Analysis by End User
Based on the end-use industry, the polyethylene terephthalate (PET) resin market is divided into packaging, electrical & electronics, automotive, construction, and others. The packaging sector has the highest revenue among the segments and dominates the polyethylene terephthalate (PET) resin market. PET resin is widely utilized in the food, beverage, and pharmaceutical packaging industries. During the forecast period, the market expansion is anticipated to be stimulated by the expanding global food and beverage industry as well as the rising demand for PET resin in the automotive sector.
Global Polyethylene Terephthalate (PET) Resin Market By End User
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Polyethylene Terephthalate (PET) Resin Market Regional Insights
North America dominated the global market. The demand for packaging materials in the food and beverages industry has considerably risen in the United States. PET is used to swap replacement parts in vehicles since it helps to reduce weight and wear and tear. Furthermore, the demand from the nation's healthcare industry is expected to propel market growth. Also, it accelerates trouble-free functioning for a long period of time. It has been revealed by a number of automakers that they intend to prosper here. The US automotive market growth will be increased as a result, driving up demand for PET. In the near future, the country's polyethylene terephthalate market will grow as a result of this rising demand.
The Asia-Pacific region is expected to grow at the fastest CAGR. It is anticipated that the market in the Asia Pacific will be driven by rising packaged food consumption together with rising demand for automotive films in nations like China, India, Indonesia, and Malaysia. By 2025, the market share for the region is projected to be 38% of total sales. This can be attributed to various environmental regulations set forth by international organizations like the Environmental Protection Agency (EPA), International Union for Conservation of Nature (IUCN), and Intergovernmental Panel on Climate Change (IPCC), which are likely to affect the demand for polyethylene terephthalate in the region. The fastest-growing economies in the region, China and India, provide the consumer goods market a variety of growth opportunities due to rising GDP per capita and an improving domestic consumer goods production environment. The PET industry may be affected by increased consumer goods sales as a result of population growth, strong economic activity, and higher purchasing power in Latin American and Asian markets.
Global Polyethylene Terephthalate (PET) Resin Market By Region
- Largest
- Fastest
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Polyethylene Terephthalate (PET) Resin Market Dynamics
Polyethylene Terephthalate (PET) Resin Market Drivers
Growing Packaging Industry Consumption to Drive Market Growth
- To pack beverages, personal care, consumer, and food products, the product is molded and extruded into plastic bottles and containers. Furthermore, polyethylene terephthalate is cheap, has great strength, and is lightweight, all of which contribute to the delivery of more goods in sophisticated packaging while using less fuel during transportation. When compared to options like glass, paper, and aluminum, PET has the best qualities for packaging. The review period will see further growth in product demand due to the ongoing development of light weighting technology and the increasing use of packaging in the e-commerce and healthcare industries.
Increase in the amount of polyethylene terephthalate to pack foods and drinks
- The global polyethylene terephthalate market grows as a result of rising demand for polyethylene terephthalate in food and beverage packaging, such as the packaging for carbonated soft drinks. Due to its versatility in shape and size, polyethylene terephthalate is the best option to glass and metal containers for the growing demand for bottled beverages.
Polyethylene Terephthalate (PET) Resin Market Restraints
Presence of substitute products will impede market growth
- Consumption of the product will be limited by the accessibility of substitutes such polypropylene, polyethylene, and polystyrene. These alternatives cost less and have qualities that are comparable to polyethylene terephthalate. The consumption of plastics was also subject to a number of strict regulatory regulations. This is due to the substantial pollution and negative effects on the environment caused by the plastic manufacturing process. According to the CLIN Med International Library, prolonged exposure to high temperatures and the use of plastic products can result in dangerous chemical components seeping into liquids, foods, and water. Unsafe substances may be emitted into the air as a result of the careless disposal of plastics on land and open-air burning, endangering people's health.
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Polyethylene Terephthalate (PET) Resin Market Competitive Landscape
The PET resin market is highly competitive. Smaller and mid-sized businesses are increasing their market share by releasing novel ingredients at lower prices, while some of the key players are constantly implementing a variety of marketing strategies like mergers and acquisitions, capital investments, partnerships, and new product development.
Polyethylene Terephthalate (PET) Resin Market Top Player’s Company Profiles
- Indorama Ventures Public Company Limited
- Far Eastern New Century Corporation
- SABIC
- Jiangsu Sanfangxiang Group Co., Ltd.
- Lotte Chemical Corporation
- DuPont de Nemours, Inc.
- Alpek S.A.B. de C.V.
- Teijin Limited
- Nan Ya Plastics Corporation
- M&G Chemicals
- Reliance Industries Limited
- Eastman Chemical Company
- JBF Industries Limited
- TORAY INDUSTRIES, INC.
- DAK Americas LLC
- Octal
- Indorama Corporation
- Selenis S.A.
- IVL Dhunseri Petrochem Industries Private Limited
- Zhejiang Hengyi Group Co., Ltd.
Polyethylene Terephthalate (PET) Resin Market Recent Developments
- In February 2022, Alpek finalized a deal to purchase OCTAL Holding SAOC (hereafter "Octal"). Alpek's global position will be strengthened by the acquisition, and its value-added production options for Polyethylene Terephthalate (PET) sheets would increase.
- In January 2022, Indorama Ventures suggested purchasing NN, a Vietnamese PET converter. Right now, the company is in the process of acquiring NN shares. The anticipated acquisition is meant to help IVL solidify its position in the packaging business in high-growth regions of Asia-Pacific.
Polyethylene Terephthalate (PET) Resin Key Market Trends
- Industrial manufacturing in emerging nations has risen as a result of increasing infrastructure development investments and the rapid growth of the organized retail industry. These elements will probably have a beneficial impact on the polyethylene terephthalate Resin market as a whole. In China, India, Brazil, Russia, and other rising nations, the growing healthcare and cosmetics sectors are also anticipated to stimulate demand for PET packaging. It is also anticipated that rising per capita disposable income and rising living standards in these and other developing regions will raise costs for PET in packaging applications. Another factor that is likely to drive market demand is the rising demand for packaging in the food and beverage sector. The need for PET packaging is also being driven by the variety of sectors of consumable goods in which it has a wide range of uses. Over the coming years, market growth is anticipated to be driven by rising investments in the packaging industry for the creation of technologically advanced packaging solutions at pricing.
Polyethylene Terephthalate (PET) Resin Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global polyethylene terephthalate Resin Market analysis, the market is expected to grow as a result of the increasing use of PET bottles for alcoholic beverages, agrochemicals, cosmetics, pharmaceuticals, and edible oil. Growing demand for recyclable and recyclable products is expected to propel market growth. The demand for environmental and energy-efficient packaging, increasing food and beverage packaging consumption, and the high PET recycling rate globally all will have a direct effect. Future opportunities for market growth are likely to come from rising popularity of bio-Based PET, increasing R&d activities, and increasing financial investments in PET technology.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 80.9 million |
| Market size value in 2031 | USD 127.67 million |
| Growth Rate | 5.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Polyethylene Terephthalate (PET) Resin Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Polyethylene Terephthalate (PET) Resin Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Polyethylene Terephthalate (PET) Resin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Polyethylene Terephthalate (PET) Resin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Polyethylene Terephthalate (PET) Resin Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Polyethylene Terephthalate (PET) Resin Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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