June 19, 2024
Polyethylene Terephthalate (PET) Market

The Growing PET Market is Estimated to Witness Strong Growth Owing to Increasing Demand for Recyclable and Lightweight Packaging Materials

Polyethylene terephthalate (PET) is a thermoplastic polymer resin of the polyester family that is clear, strong, and dimensionally stable. It is widely used in plastic bottles for water and carbonated soft drinks due to its stiffness, safety, clarity, and ability to maintain its shape for empty space. PET is known for its heat resistance and ability to be recycled. The growing demand for recyclable, lightweight, and affordable packaging materials from industries such as beverages, personal care, food, and household cleaners is driving the PET bottle market.

The Global Polyethylene Terephthalate (PET) Market is estimated to be valued at US$ 53.53 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the PET bottle market are Medtronic, Abbott Laboratories, Boston Scientific, Biotronik, Koninklijke Philips, Nihon Kohden, Fukuda Denshi, Hill-Rom Holdings, Mindray Medical, Schiller AG, Spacelabs Healthcare, GE Healthcare, Cardiac Science Corporation, Lifewatch AG, Beijing Choice Electronic Tech Co, Vivaquant, Preventice Solutions, iRhythm Technologies, Applied Cardiac Systems, BioTelemetry. These key players are investing in expanding their production facilities and product portfolios to cater to the growing demand.

The increasing usage of PET across industries like food and beverage, personal care, chemicals, pharmaceuticals provides immense opportunities for market players to expand their operations. The rising demand for sustainable and recycled packaging from consumers is encouraging companies to utilize more recycled PET resin in bottles.

Bolstering growth in Asia Pacific’s beverage and packaged food industry has propelled the need for PET bottles in the region. Countries like China, India, Indonesia, and Vietnam are major export and manufacturing hubs, inducing global brands to strengthen their presence. Moreover, favorable government policies supporting reuse and recycling are attracting investors to Asia Pacific.

Market Drivers

One of the key drivers for the Polyethylene Terephthalate (PET) Market Growth is the increasing global demand for bottled beverages like water, sodas, juices, and other drinks. PET offers an affordable and lightweight packaging solution for the beverage industry. Strong economic growth, rising health awareness, and busy lifestyles are fueling the consumption of packaged beverages worldwide. PET bottles are very convenient for on-the-go consumption. The unmatched barrier properties and clarity of PET make it the material of choice for packaging in the beverage industry.

PEST Analysis

Political: PET market is regulated by various government bodies regarding manufacture, use and disposal of PET products. Any new regulations can affect the market.

Economic: Strong economic growth and rising disposable incomes are increasing consumption of beverages and other packaged products boosting demand for PET. High crude oil prices impact the overall costs.

Social: People are increasingly health conscious and prefer PET packaged products over others due to perceived health benefits. Environmental concerns around use of plastics can impact market negatively.

Technological: Advancements in polymer chemistry and processing technologies help develop new PET grades for innovative applications. Investments in R&D for developing biodegradable and recycling technologies present opportunities.

Geographical Regions with High Market Concentration

The Asia Pacific region accounts for the largest share of the global PET market in terms of value, led by China, India and other Southeast Asian countries. This is attributed to massive demand for packaged beverages and food products from the growing middle class in these economies.

Fastest Growing Region

The Middle East and Africa region is projected to be the fastest growing market for PET during the forecast period due to rising urbanization, population growth and adoption of Western lifestyles resulting in increased consumption of packaged consumer goods in countries like Saudi Arabia, United Arab Emirates, South Africa etc.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it