What is the global market size of Polyethylene Terephthalate (PET) Resin Market?

Polyethylene Terephthalate (PET) Resin Market size was valued at USD 80.9 million in 2021 and is poised to grow from USD 85.11 million in 2022 to USD 127.67 million by 2030, growing at a CAGR of 5.2% in the forecast period (2023-2030).

Who are the key vendors in the Global Polyethylene Terephthalate (PET) Resin Market?

The PET resin market is highly competitive. Smaller and mid-sized businesses are increasing their market share by releasing novel ingredients at lower prices, while some of the key players are constantly implementing a variety of marketing strategies like mergers and acquisitions, capital investments, partnerships, and new product development. 'Indorama Ventures Public Company Limited', 'Far Eastern New Century Corporation', 'SABIC', 'Jiangsu Sanfangxiang Group Co., Ltd.', 'Lotte Chemical Corporation', 'DuPont de Nemours, Inc.', 'Alpek S.A.B. de C.V.', 'Teijin Limited', 'Nan Ya Plastics Corporation', 'M&G Chemicals', 'Reliance Industries Limited', 'Eastman Chemical Company', 'JBF Industries Limited', 'TORAY INDUSTRIES, INC.', 'DAK Americas LLC', 'Octal', 'Indorama Corporation', 'Selenis S.A.', 'IVL Dhunseri Petrochem Industries Private Limited', 'Zhejiang Hengyi Group Co., Ltd.'

Polyethylene Terephthalate (PET) Resin Market Size

Polyethylene Terephthalate (PET) Resin Market Insights

Polyethylene Terephthalate (PET) Resin Market size was valued at USD 39.12 billion in 2023 and is poised to grow from USD 41.15 billion in 2024 to USD 61.74 billion by 2032, growing at a CAGR of 5.2% during the forecast period (2025-2032).

The growth of the food and beverage industry, as well as the population's demand for frozen and processed foods, polyethylene terephthalate material's demand for effective and environmentally friendly packaging alternatives worldwide, and consumers' preference for effective and easily recyclable beverage containers, are the key factors driving market expansion. Additionally, during the forecast period, the market will benefit from rise in research and development activities, as well as technological developments, modernization of production methods, and other aspects.

The market for polyethylene terephthalate (PET) resins will face additional challenges during the forecast period due to the rise in stringent government regulations and norms relating to the use of PET material, as well as the rise in the availability of substitute products that are available and lower PET recycling rates because of high contamination.

There should likely be more opportunities for PET as the demand for lightweight packaging for electronics and food increases. In addition, it is expected that rivalry will become increasingly intense over the forecast period. Players are focusing their effort on creating unique technologies to strengthen their market position. Businesses are developing PET manufacturing processes that are both economical and high-quality in an attempt to gain a competitive edge in the market.

US Polyethylene Terephthalate (PET) Resin Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

The PET resin market is highly competitive. Smaller and mid-sized businesses are increasing their market share by releasing novel ingredients at lower prices, while some of the key players are constantly implementing a variety of marketing strategies like mergers and acquisitions, capital investments, partnerships, and new product development. 'Indorama Ventures Public Company Limited (Thailand) ', 'Alpek S.A.B. de C.V. (Mexico) ', 'Far Eastern New Century Corporation (Taiwan) ', 'SABIC (Saudi Basic Industries Corporation) (Saudi Arabia) ', 'Reliance Industries Limited (India) ', 'JBF Industries Ltd. (India) ', 'Lotte Chemical Corporation (South Korea) ', 'Nan Ya Plastics Corporation (Taiwan) ', 'M&G Chemicals (Luxembourg) ', 'DAK Americas LLC (USA) ', 'Petroquímica Suape (Brazil) ', 'Selenis Portugal (Portugal) ', 'Octal Petrochemicals (Oman) ', 'Equipolymers (Switzerland) ', 'Zhejiang Hengyi Group Co., Ltd. (China) ', 'China Resources Chemical Materials Technology Co., Ltd. (China) ', 'Toray Industries, Inc. (Japan) ', 'Teijin Limited (Japan) ', 'Kolon Industries, Inc. (South Korea) ', 'Hyosung Corporation (South Korea)'

To pack beverages, personal care, consumer, and food products, the product is molded and extruded into plastic bottles and containers. Furthermore, polyethylene terephthalate is cheap, has great strength, and is lightweight, all of which contribute to the delivery of more goods in sophisticated packaging while using less fuel during transportation. When compared to options like glass, paper, and aluminum, PET has the best qualities for packaging. The review period will see further growth in product demand due to the ongoing development of light weighting technology and the increasing use of packaging in the e-commerce and healthcare industries.

Industrial manufacturing in emerging nations has risen as a result of increasing infrastructure development investments and the rapid growth of the organized retail industry. These elements will probably have a beneficial impact on the polyethylene terephthalate Resin market as a whole. In China, India, Brazil, Russia, and other rising nations, the growing healthcare and cosmetics sectors are also anticipated to stimulate demand for PET packaging. It is also anticipated that rising per capita disposable income and rising living standards in these and other developing regions will raise costs for PET in packaging applications. Another factor that is likely to drive market demand is the rising demand for packaging in the food and beverage sector. The need for PET packaging is also being driven by the variety of sectors of consumable goods in which it has a wide range of uses. Over the coming years, market growth is anticipated to be driven by rising investments in the packaging industry for the creation of technologically advanced packaging solutions at pricing.

North America dominated the global market. The demand for packaging materials in the food and beverages industry has considerably risen in the United States. PET is used to swap replacement parts in vehicles since it helps to reduce weight and wear and tear. Furthermore, the demand from the nation's healthcare industry is expected to propel market growth. Also, it accelerates trouble-free functioning for a long period of time. It has been revealed by a number of automakers that they intend to prosper here. The US automotive market growth will be increased as a result, driving up demand for PET. In the near future, the country's polyethylene terephthalate market will grow as a result of this rising demand.