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

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.