Global Polyethylene Terephthalate (PET) Market Share Is Expected To Grow At A CAGR Of 10% By 2030

20-Jan-2023 | Facts and Factors

According to Facts and Factors, the global polyethylene terephthalate (PET) market size was worth around USD 37.25 billion in 2021 and is predicted to grow to around USD 41 billion by 2030 with a compound annual growth rate (CAGR) of roughly 10% between 2022 and 2030.

Polyethylene terephthalate (PET), an aliphatic polyester, in its stable form is semi-crystalline. It is highly recyclable and is used extensively in everyday products. Most PET applications are found in the textiles and packaging industry. It is also widely used to produce moldable parts of automobiles and electronic products.

Browse the full “Polyethylene Terephthalate (PET) Market Market Size, Share, Growth Analysis Report By Application (Sheets & Straps, Rigid Packaging, and Others), By Type (Recycled and Virgin), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/polyethylene-terephthalate-pet-market

PET is known to show high resistance to moisture, impact, solvents, and alcohols, making them highly sought-after polymers in various end-user applications. It has its origins in the family of polyesters and there have been growing efforts in increasing PET polymers by altering Various physical and chemical properties. In ideal situations, PET is stable and is well suited for applications that require the production of products that have high tensile properties and require rigid films.

Owing to factors like durability and scuff resistance, PET has become the most commonly preferred polymer across various industries. PET films are popular because of their excellent barrier properties. Polyethylene terephthalate is also known for its excellent combination of chemical, mechanical, and thermal resistance along with high dimensional stability.

The global polyethylene terephthalate (PET) market is projected to grow owing to the high recyclability offered by the compound. PET is almost the only polymer that is not toxic to the environment and it degrades on its own. In many economies, PET products are recycled extensively and put back in the system for further use. Putting PET through multiple recycling processes does not affect its properties significantly which means the expected output performance remains the same. Governments as well as businesses have invested in establishing recycling plants to encourage the use of PET to manufacture packaging products as well as plastic bottles, which is one the most significantly growing segments of the Food & Beverages (F&B) industry.

For instance, Switzerland is recorded to recycle at least 75% of the PET products produced in the country. The growing emphasis of environmental protection agencies at the international and national levels could further propel more corporations to invest in the use of PET for product packaging or manufacturing. The global market growth could further be driven by the ability of PET to compound with glass fiber making them usable in the production of components of electrical appliances, housing covers, and ignition system elements.

The global market could face certain growth restraints due to the excessive dumping of apparel. Although PET is known to degrade over time without leaving any substantial impact on the environment, however, since PET remains a significant component of modern fast-fashion apparel, there is growing concerned over the number of landfills covered due to clothing waste. Countries like Chile and Western African regions are the most affected in terms of clothing waste, and over time, this could lead to the deterioration of water & soil quality.

The assistance in managing resource depletion could provide higher growth opportunities while the containment of microfiber from microplastics and apparel may pose a major challenge.

Segmental Overview

The global polyethylene terephthalate (PET) market is segmented based on application, type, and region

Based on application, the global market divisions are sheet & straps, rigid packaging, and others. In 2021, the global market witnessed the highest growth in the rigid packaging segment due to the growing demand for eco-friendly and non-toxic packaging material as well as the increasing requirement for packaging products in general. Waste generated from the packaging industry is one of the major parts of the global waste disposal problem.

Most of the unused parts end up in landfills and take years before they completely degrade. The Environment Protection Agency has estimated that over 30% of the annual waste generated in the US is due to products in the packaging sector. This has led to more companies adopting eco-friendly products that can either be recycled or reused.

Based on type, the global market divisions are recycled and virgin. The latter dominated the global market growth in 2021. Virgin PET is produced from natural gas or crude oil and has high demand in the F&B packaging sector. Virgin PET is also used to produce bottles and containers which is a leading cause for the segmental growth. In 2016, more than 480 million tons of PET bottles were produced.

Regional Overview

Asia-Pacific is projected to register the highest growth in the global polyethylene terephthalate (PET) market due to the growing use of the compound in various end-user segments, especially in some of the fastest-growing industrial sectors in developing economies like China and India. While the dominance of China’s chemical industry is world-renowned, India has increased investments in the sector to meet the growing demand for the population and the commercial segment.

For instance, Adidas, a sportswear giant, has undertaken assistance from an Indian-based firm Polygenta Technology Limited to cut down on the use of virgin PET during the manufacturing of Adidas sports products. The Indian firm is the only one in the country that produces yarn from discarded PET bottles.

Report Scope

Competitive Landscape

The global polyethylene terephthalate (PET) market is dominated by players including The Dow Chemicals Company, Nan Ya Plastics Corporation, BASF SE, Indorama Ventures, and others.

Recent Developments:

• In May 2022, Axens and Toray Films announced a collaboration to conduct a study on the European PET recycling facility of Toray Films
• In March 2020, Indorama Ventures Public Company Limited (IVL) announced that the company had recycled over 50 billion PET bottles since 2011

The global polyethylene terephthalate (PET) market is segmented as follows:

By Application

• Sheets & Straps
• Rigid Packaging
• Others

By Type

• Recycled
• Virgin

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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