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

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.