The global polyethylene terephthalate (PET) market is projected to experience a consistent growth trajectory, with a compound annual growth rate (CAGR) of 3.4%. Beginning at US$ 27.1 billion in 2021, the market is estimated to reach US$ 28.6 billion by 2022. By the end of 2032, it is anticipated to expand substantially, nearing the US$ 40 billion mark. This growth can be attributed to various factors such as increasing demand for PET in packaging applications, especially in the food and beverage industry, alongside innovations in recycling technologies contributing to sustainability efforts within the industry.
Polyethylene Terephthalate popularly known as PET is a thermoplastic polymer resin produced due to the reaction of raw materials such as mono ethylene glycol (MEG) and purified terephthalic acid. This material is known to exhibit exceptional barrier properties towards moisture and water. Polyethylene Terephthalate finds applications across diverse industries such as automotive, food, and beverage packaging, and electronics, among others.
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Over the recent years, Reliance Industries have announced an opening in Dahej, Gujrat, for making polyester plastic. Furthermore, the company is also expected to commission a 650KTA polyethylene terephthalate (PET) resin capacity and purified terephthalic acid (PTA) plant. It will increase their global share by almost four percent and would also lower the operational cost and achieve full chain margins.
Key Takeaways
- Surging demand for polyethylene terephthalate is predicted to come from the food and beverage packaging sectors such as carbonated soft drinks packaging, increased demand for packaged food due to the rise in consumption of frozen and processed food, rise in demand for electronics and automotive applications/industries, and eco-friendly substitution are the most important driving force in the Polyethylene Terephthalate market.
- In addition, increasing urbanization, innovative packaging, and high economic growth are rapidly contributing to increasing the demand for polyethylene terephthalate regardless of geographical location.
Competitive Landscape
Some of the key participants present in the global demand of the polyethylene terephthalate market are focusing on research and development activities along with other strategic steps such as mergers and acquisitions in order to get an edge over the global landscape.
Top Key Players in the Market
- Indorama Ventures Public Company Limited
- Alpek SAB de CV
- Sinopec Group
- Far Eastern New Century Corporation
- CR Chemical Materials Technology Inc.
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More Insights into the Polyethylene Terephthalate Market
The food and beverage sector is expected to account for robust growth within the Asia Pacific region. The rising income levels along with the swelling population levels are some of the major factors that have been steering the growth of the food industry in the province.
Attributing to enhanced living standards, the food and beverage sector in China is experiencing a significant boost. Consequently, there is an increasing demand for packaged, ready-to-cook, and ready-to-eat food, as well as an array of beverages.
Over the span of time, consumption of packaging material has significantly swelled, and a shift is predicted to sustainable and recyclable material is likely to drive the market in the coming future. Moreover, with enormous scope for growth in the region, novel investments are being observed in the food and beverage sector, envisioned to set up individual confectionaries, food processing, and beverage-making facilities.
The plastics industry is crucial for the European economy and plays a huge part in its recovery plan. Together, the plastic raw material producers, plastics converters, plastics recyclers, and machinery manufacturers, represent a value chain that employs over 1.5 million people in Europe, through more than 55,000 companies, most of them SMEs, operating in all European countries.
Attributing to the surging partnerships between an interrelated plastics value chain and hefty investments by all local and global investors, the PET market will adopt innovative ideas to offer sustainable solutions.
Likewise, recycling rates of plastic packaging waste in Europe range between 26% and 52%. European Union (EU) has published the new Directive on Packaging and Packaging Waste which sets higher recycling targets per material, along with a new calculation method for recycling performances. Thus, the increment in the adoption of recycling plastic waste is burgeoning the demand for the PET market.
On the basis of geography, the United States accounted for the largest market share, holding more than two-thirds of the global landscape. A substantial increase in demand for packaging materials in the food & beverage segment in the United States has been witnessed over recent years. PET is used to swap parts in vehicles, as it aids to reduce weight, as well as wear & tear.
Attributing to the aforementioned factors, the growth of the U.S. automotive market is expected to grow at an exponential pace. This increasing demand will enhance the growth of the country’s polyethylene terephthalate market in the forthcoming future.
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