by The global Polyethylene Terephthalate (PET) Market is estimated to be valued at US$ 46.46 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyethylene terephthalate or PET is a thermoplastic polymer resin of the polyester family that is clear, tough, and versatile in nature. PET is majorly used in plastic bottles for water and carbonated soft drinks due to its moisture and gas barrier properties. Its lightweight and high strength also make it suitable for various packaging applications.
Market key trends:
One of the key trends in the PET market is increasing demand from the packaged food and beverage industry. PET is widely used for packaging various food items such as salad dressings, edible oils, sauces, and others due to its good moisture and gas barrier properties. It helps maintain the freshness, taste, and nutritional value of food. The rising consumption of packaged and ready-to-eat food has propelled the growth of the PET packaging industry. Further, increasing health awareness has boosted the consumption of bottled water, which is a major application area of PET. Rising disposable incomes in developing nations are also fueling the sales of bottled beverages, thereby driving the PET market.
SWOT Analysis
Strength: PET is known for its good mechanical properties. It is lightweight, strong and has high tensile strength. PET offers superior versatility and can be used to manufacture packaging films, bottles, sheets and fibers.
Weakness: Recycling of PET poses challenges. Used PET bottles often contain residues that are difficult to remove through conventional recycling processes. Dependence on crude oil for raw materials also poses risks associated with volatility in crude oil prices.
Opportunity: Growth in demand for PET from packaging industry driven by growing consumption of bottled beverages and packaged food. Increasing use of recycled PET content to manufacture new PET products offers opportunity to improve sustainability.
Threats: Presence of substitutes like HDPE and PLA which are also used for packaging applications. Stricter environmental regulations around plastic waste management and recycling may impact PET industry.
Key Takeaways
Global Polyethylene Terephthalate (PET) Market Demand is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand for packaged food and beverages. PET is a widely used material for packaging various food and beverage products owing to its superiority over other plastics.
Regional analysis: Asia Pacific dominates the global PET market and is expected to continue its dominance in the coming years. China accounts for over one-third of the global PET demand led by its huge packaging industry. India and Southeast Asian countries are also witnessing rapid PET consumption supported by growing middle-class population and their consumption patterns.
Key players operating in the PET market are Alpek S.A.B de C.V., RTP Company, BASF SE, The Dow Chemicals Company, Jiangsu Sanfangxiang Group, Indorama Ventures, M&G Chemicals, Nan Ya Plastics Corporation, Far Eastern New Century, and Quadrant AG. Major players are focused on capacity expansion, partnerships, and production of PET using recycled content to strengthen their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
