Global Polyethylene Terephthalate (PET) Resin Market

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 News

  • 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.
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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 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. '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.'

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.

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.

North America dominated the 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.

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Global Polyethylene Terephthalate (PET) Resin Market

Report ID: SQMIG15A2135

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