May 18, 2024
Polyethylene Terephthalate (PET) Market

The global Polyethylene Terephthalate Market powered by rising consumption in packaging industry

Polyethylene terephthalate or PET is a thermoplastic polymer resin of the polyester family that is clear, tough, and lightweight. PET is widely used in beverage, food, and other liquid packaging, including plastic bottles and jars/containers. It possesses superior properties such as resistance to breakage, clarity, and durability which make it highly suitable for packaging applications. PET provides an effective barrier against oxygen, carbon dioxide, and moisture. It is non-toxic and odorless thus safe for food packaging. PET packaging results in less breakage as compared to glass, is lightweight and affordable. PET plastic bottles and containers are 100% recyclable and making packaging more sustainable. The increasing focus on sustainability and demand for single-use plastics have boosted the growth of PET packaging globally.

The global Polyethylene Terephthalate 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 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends

Rising demand from packaging industry: PET finds over 90% of its applications in packaging industry majorly for beverage bottles. The growth in packaged food and beverages consumption globally due to changing lifestyle and rise in disposable income is driving the PET packaging market. PET bottles are durable, lightweight and 100% recyclable thus preferred material by brands for packaging.

Advancements in manufacturing technologies: Manufacturers are focusing on developing new manufacturing technologies to produce PET materials with improved properties cost-effectively. Novel technologies like solid-state polymerization are helping lower the manufacturing cost and energy usage. Continuous introduction of advanced recycling technologies is further boosting the market growth.

Increasing R&D towards sustainable PET products: With growing environmental concerns, manufacturers are investing heavily in R&D to develop innovative sustainable PET products from recycled content. Development of bio-based PET using renewable feedstock is another key area attracting research attention.

Porter’s Analysis

Threat of new entrants: Low capital requirements and existing competitive rivalry in the market make the threat of new entrants low in the polyethylene terephthalate market.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products.

Bargaining power of suppliers: A large number of raw material suppliers for polyethylene terephthalate give buyers higher bargaining power over suppliers.

Threat of new substitutes: Polyethylene terephthalate faces competition from substitute materials like polypropylene and polyethylene.

Competitive rivalry: The polyethylene terephthalate market is highly competitive due to the presence of numerous regional and global players.

Key Takeaways

The global polyethylene terephthalate market size is expected to witness high growth. The global Polyethylene Terephthalate 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 2024-2031.

Regional analysis related content comprises North America is expected to be the fastest growing region in the polyethylene terephthalate market owing to high demand from the food and beverage industry in the US and Canada.

Key players related content comprises Key players operating in the polyethylene terephthalate market are Medtro, Indorama Ventures, JBF Industries, M&G Chemicals, Far Eastern New Century, and Dhunseri Petrochem.

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