Latest Research Reveals Polyethylene Terephthalate (PET) Market Expected to Expand to $41 Billion by 2030, Capturing 10% Share

NEW YORK, May 5, 2023 /PRNewswire/ -- As per Facts and Factors study, 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.

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Polyethylene Terephthalate (PET) Market: Overview

Polyethylene terephthalate (PET) is one of the most common polymers from the polyester family. They are thermoplastic polymers which means that the material becomes mouldable or pliable after a certain degree of elevated temperature and when it is cooled down, it turns into a solid structure. They are used in the clothing industry as they are needed to produce clothing fiber. PET is also used to produce containers for food and fruit packaging. In 2021, the annual production of PET was over 55 million tons globally.

In textile applications, it is commonly referred to as polyester whereas PET is the generally accepted term in the packaging industry. PET is made of repeated units of C10H8O4 and it can be recycled. The final structure being semi-crystalline or amorphous depends on the thermal and processing history of PET. The semi-crystalline PET may appear white, opaque, or transparent depending on the particle size. It was first patented in 1941 and currently, the trademark owner of PET is DuPont Teijin Films.

In its most stable state, PET is a semi-crystalline and colorless resin and its physical properties can be changed by putting the compound through various processes. It is hygroscopic which means that it can hold water molecules through adsorption or absorption from the vicinity. Owing to its high-impact resistance, the compound has gained massive popularity in the packaging industry.

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Key Insights:

• As per the analysis shared by our research analyst, the global polyethylene terephthalate (PET) market is estimated to grow annually at a CAGR of around 10% over the forecast period (2022-2030)
• In terms of revenue, the global polyethylene terephthalate (PET) market size was valued at around USD 37.25 billion in 2021 and is projected to reach USD 41 billion, by 2030.
• The market is projected to grow at a significant rate due to the growing applications in the packaging industry
• Based on type segmentation, virgin was predicted to show maximum market share in the year 2021
• Based on application segmentation, rigid packaging was the leading application in 2021
• On the basis of region, Asia-Pacific was the leading revenue generator in 2021

Facts and Factors published the latest report titled "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" into their research database.

Industry Dynamics:

Global Polyethylene Terephthalate (PET) Market: Growth Drivers

• Growing applications in the packaging industry to propel market growth.

The global polyethylene terephthalate (PET) market is projected to grow due to the growing applications of the polymer in one of the fastest-growing industries which is the packaging industry. PET is the most preferred option for players in the food & beverages industry (F&B) for the safe packaging of various food items. The packaging containers made with PET are extremely durable and offer high-grade protection in terms of physical damage as well as restrict the entry of moisture, dirt, or other contaminants.

Due to the growing demand for food products owing to multiple factors like growth in population, high market penetration, the emergence of hypermarkets & supermarkets, product innovation, and an increase in disposable income is expected to propel the manufacturing and production capacity of PET in the coming years. What makes the compound unique and desirable is its ability to be molded as per consumer requirements while also offering extreme rigidity once the mold is created. 

Global Polyethylene Terephthalate (PET) Market: Restraints

• Growing littering to act as a major restraint during the growth factor.

PET in general is not a toxic compound however, one of the major restraints in the global market growth trajectory is the growing concern over littering. PET plastic bottles are commonly used across the world and littered bottles have become a regular sight not only in underdeveloped nations but in developed economies as well.

A report published in 2021 stated the growing problems the economy of Bangladesh is facing due to garbage and plastic waste and various campaigns for a litter-free economy have already begun.

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Polyethylene Terephthalate (PET) Market: Opportunities

• Assistance in managing resource depletion to provide higher growth opportunities.

One of the major factors that influence the use of PET over other polymers is its ability to use less non-renewable sources of energy. For instance, as compared to petroleum, the amount of crude oil required in the processing of PET is comparatively less. This property gives the compound an upper hand over other polymers as resource depletion continues to remain a major area of concern for global leaders and businesses. As per the report by the Geological Survey of Finland, the average resource-depletion rate currently stands between 5% to 7%.

Polyethylene Terephthalate (PET) Market: Challenges

• Containment of microfiber from microplastics and apparel to pose a major challenge.

Apparel is known to shed microfibers over time while machine drying or during the washing process. Microplastics found in the seabed or at the bottom of the river can enter the food chain or the ecosystem due to their consumption by sea animals. Although studies have concluded that there is no widespread risk associated with PET being present in the food system, more conclusive studies are needed in this regard, which currently lacks in the research world.

Global Polyethylene Terephthalate (PET) Market: Segmentation

• 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.

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List of Key Players in Polyethylene Terephthalate (PET) Market:

• The Dow Chemicals Company
• Nan Ya Plastics Corporation
• BASF SE
• Indorama Ventures

Key questions answered in this report:

• What are the growth rate forecast and market size for POLYETHYLENE TEREPHTHALATE (PET) Market?
• What are the key driving factors propelling the POLYETHYLENE TEREPHTHALATE (PET) Market forward?
• What are the most important companies in the POLYETHYLENE TEREPHTHALATE (PET) Market Industry?
• What segments does the POLYETHYLENE TEREPHTHALATE (PET) Market cover?
• How can I receive a free copy of the POLYETHYLENE TEREPHTHALATE (PET) Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• China to lead Asia-Pacific during the forecast period.

The global polyethylene terephthalate (PET) market is projected to grow owing to the growing use of PET bottles and the subsequent production of PET compounds in China and other parts of the Asia-Pacific region. China not only leads the global chemical industry but is also the largest producer of PET-based resin and consumer of PET bottles. The consumption pattern is driven by the growing population of the country which currently stands at 1.4 billion and the demand in their regional F&B sector.

China is currently focusing on developing most of the products ranging from consumer goods to chemical and other products in-house to make the economy less dependent on international businesses. The country is taking steps toward reducing plastic waste in the country which resulted in the 2018 ban on the import of plastic waste which means the country is producing the compound within the Chinese regions.

Global Polyethylene Terephthalate (PET) Market is segmented as follows:

Polyethylene Terephthalate (PET) Market: By Application Outlook (2023-2030)

• Sheets & Straps
• Rigid Packaging
• Others

Polyethylene Terephthalate (PET) Market: By Type Outlook (2023-2030)

• Recycled
• Virgin

Polyethylene Terephthalate (PET) Market: By Region Outlook (2023-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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