The Global Polyethylene Terephthalate (PET) Market size is expected to reach $46.3 billion by 2030, rising at a market growth of 5.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 20,631.9 Kilo Tonnes, experiencing a growth of 3.0% (2019-2022).
Governments and industries in the Asia Pacific region have been working towards sustainable practices, including increased PET recycling. Consequently, the Asia Pacific segment captured $11,603.5 million revenue in the market in 2022. Also, the China market consumed 2,424.16 kilo tonnes of volume in 2022. Environmental concerns and regulations have led to a greater emphasis on recycling in market. This trend can impact the overall market dynamics. Thus, the segment will expand rapidly in the upcoming years.
The beverage sector, spanning water, soft drinks, juices, and alcoholic beverages, stands as a dominant consumer of PET packaging. As beverages are often distributed on a large scale, the reduced weight of PET containers compared to alternative materials lowers shipping costs and environmental impact, making it an economically viable choice. Therefore, owing to these factors, the market will grow rapidly in the upcoming years.
Additionally, the global trends of urbanization and evolving consumer lifestyles are pivotal drivers in the packaging industry, emphasizing the demand for convenient and portable solutions. As per Statistics Canada, in 2021, nearly three in four Canadians (73.7%) lived in one of Canada's large urban centers, up from 73.2% five years earlier. Urbanization often corresponds with a faster-paced lifestyle, where consumers seek convenient and time-efficient solutions.
However, the demand for is intricately tied to the prices of its key raw materials, namely purified terephthalic acid (PTA) and monoethylene glycol (MEG). PET, derived from these feedstocks, is vulnerable to price fluctuations, posing a substantial challenge for manufacturers. The challenge extends beyond the production phase, affecting pricing strategies, supply chain management, and, ultimately, the ability of market players to maintain healthy profit margins.
By Type Analysis
Based on type, the market is segmented into virgin and recycled. In 2022, the recycled segment garnered a 27.0% revenue share in the market. In terms of volume, recycled segment registered 5,330.0 kilo tonnes in 2022. Governments, industries, and organizations worldwide are promoting circular economy models. Utilizing recycled materials supports closing the loop, reducing the need for new raw materials, and minimizing waste.
By Application Analysis
On the basis of application, the market is divided into packaging, automotive, construction, medical, and others. The packaging segment recorded the 69.53% revenue share in the market in 2022. In terms of volume, packaging segment would register 20,219.4 kilo tonnes by 2030. The rise in consumer demand for convenience and on-the-go products has led to an increased consumption of packaged goods.
By Regional Analysis
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America segment procured a 25.21% revenue share in the market in 2022. In terms of volume, North America segment utilized 4,928.0 kilo tonnes in 2022. PET is widely used to produce bottles, containers, and other packaging materials. The demand for PET in North America may be influenced by the growth in the food and beverage, personal care, and pharmaceutical industries, which are major consumers of PET packaging.
List of Key Companies Profiled
- Lanxess AG
- LOTTE Chemical Corporation (LOTTE Corp.)
- DuPont de Nemours, Inc.
- LyondellBasell Industries Holdings B.V.
- BASF SE
- Indorama Ventures Public Company Limited (Indorama Resources Ltd.)
- RTP Company, Inc.
- SABIC (Saudi Arabian Oil Company)
- Nan Ya Plastics Corp. (NPC)
- Koninklijke DSM N.V.
Global Polyethylene Terephthalate (PET) Market Report Segmentation
By Type (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
- Packaging
- Automotive
- Construction
- Medical
- Others
By Geography (Volume, kilo Tonnes, USD Billion, 2019-2030)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Polyethylene Terephthalate (PET) Market, by Type
- 1.4.2Global Polyethylene Terephthalate (PET) Market, by Application
- 1.4.3Global Polyethylene Terephthalate (PET) Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
- 3.3Porter's Five Forces Analysis
Chapter 4.Global Polyethylene Terephthalate (PET) Market by Type
- 4.1Global Virgin Market by Region
- 4.2Global Recycled Market by Region
Chapter 5.Global Polyethylene Terephthalate (PET) Market by Application
- 5.1Global Packaging Market by Region
- 5.2Global Automotive Market by Region
- 5.3Global Construction Market by Region
- 5.4Global Medical Market by Region
- 5.5Global Others Market by Region
Chapter 6.Global Polyethylene Terephthalate (PET) Market by Region
- 6.1North America Polyethylene Terephthalate (PET) Market
- 6.1.1North America Polyethylene Terephthalate (PET) Market by Type
- 6.1.1.1North America Virgin Market by Country
- 6.1.1.2North America Recycled Market by Country
- 6.1.2North America Polyethylene Terephthalate (PET) Market by Application
- 6.1.2.1North America Packaging Market by Country
- 6.1.2.2North America Automotive Market by Country
- 6.1.2.3North America Construction Market by Country
- 6.1.2.4North America Medical Market by Country
- 6.1.2.5North America Others Market by Country
- 6.1.3North America Polyethylene Terephthalate (PET) Market by Country
- 6.1.3.1US Polyethylene Terephthalate (PET) Market
- 6.1.3.1.1US Polyethylene Terephthalate (PET) Market by Type
- 6.1.3.1.2US Polyethylene Terephthalate (PET) Market by Application
- 6.1.3.2Canada Polyethylene Terephthalate (PET) Market
- 6.1.3.2.1Canada Polyethylene Terephthalate (PET) Market by Type
- 6.1.3.2.2Canada Polyethylene Terephthalate (PET) Market by Application
- 6.1.3.3Mexico Polyethylene Terephthalate (PET) Market
- 6.1.3.3.1Mexico Polyethylene Terephthalate (PET) Market by Type
- 6.1.3.3.2Mexico Polyethylene Terephthalate (PET) Market by Application
- 6.1.3.4Rest of North America Polyethylene Terephthalate (PET) Market
- 6.1.3.4.1Rest of North America Polyethylene Terephthalate (PET) Market by Type
- 6.1.3.4.2Rest of North America Polyethylene Terephthalate (PET) Market by Application
- 6.2Europe Polyethylene Terephthalate (PET) Market
- 6.2.1Europe Polyethylene Terephthalate (PET) Market by Type
- 6.2.1.1Europe Virgin Market by Country
- 6.2.1.2Europe Recycled Market by Country
- 6.2.2Europe Polyethylene Terephthalate (PET) Market by Application
- 6.2.2.1Europe Packaging Market by Country
- 6.2.2.2Europe Automotive Market by Country
- 6.2.2.3Europe Construction Market by Country
- 6.2.2.4Europe Medical Market by Country
- 6.2.2.5Europe Others Market by Country
- 6.2.3Europe Polyethylene Terephthalate (PET) Market by Country
- 6.2.3.1Germany Polyethylene Terephthalate (PET) Market
- 6.2.3.1.1Germany Polyethylene Terephthalate (PET) Market by Type
- 6.2.3.1.2Germany Polyethylene Terephthalate (PET) Market by Application
- 6.2.3.2UK Polyethylene Terephthalate (PET) Market
- 6.2.3.2.1UK Polyethylene Terephthalate (PET) Market by Type
- 6.2.3.2.2UK Polyethylene Terephthalate (PET) Market by Application
- 6.2.3.3France Polyethylene Terephthalate (PET) Market
- 6.2.3.3.1France Polyethylene Terephthalate (PET) Market by Type
- 6.2.3.3.2France Polyethylene Terephthalate (PET) Market by Application
- 6.2.3.4Russia Polyethylene Terephthalate (PET) Market
- 6.2.3.4.1Russia Polyethylene Terephthalate (PET) Market by Type
- 6.2.3.4.2Russia Polyethylene Terephthalate (PET) Market by Application
- 6.2.3.5Spain Polyethylene Terephthalate (PET) Market
- 6.2.3.5.1Spain Polyethylene Terephthalate (PET) Market by Type
- 6.2.3.5.2Spain Polyethylene Terephthalate (PET) Market by Application
- 6.2.3.6Italy Polyethylene Terephthalate (PET) Market
- 6.2.3.6.1Italy Polyethylene Terephthalate (PET) Market by Type
- 6.2.3.6.2Italy Polyethylene Terephthalate (PET) Market by Application
- 6.2.3.7Rest of Europe Polyethylene Terephthalate (PET) Market
- 6.2.3.7.1Rest of Europe Polyethylene Terephthalate (PET) Market by Type
- 6.2.3.7.2Rest of Europe Polyethylene Terephthalate (PET) Market by Application
- 6.3Asia Pacific Polyethylene Terephthalate (PET) Market
- 6.3.1Asia Pacific Polyethylene Terephthalate (PET) Market by Type
- 6.3.1.1Asia Pacific Virgin Market by Country
- 6.3.1.2Asia Pacific Recycled Market by Country
- 6.3.2Asia Pacific Polyethylene Terephthalate (PET) Market by Application
- 6.3.2.1Asia Pacific Packaging Market by Country
- 6.3.2.2Asia Pacific Automotive Market by Country
- 6.3.2.3Asia Pacific Construction Market by Country
- 6.3.2.4Asia Pacific Medical Market by Country
- 6.3.2.5Asia Pacific Others Market by Country
- 6.3.3Asia Pacific Polyethylene Terephthalate (PET) Market by Country
- 6.3.3.1China Polyethylene Terephthalate (PET) Market
- 6.3.3.1.1China Polyethylene Terephthalate (PET) Market by Type
- 6.3.3.1.2China Polyethylene Terephthalate (PET) Market by Application
- 6.3.3.2Japan Polyethylene Terephthalate (PET) Market
- 6.3.3.2.1Japan Polyethylene Terephthalate (PET) Market by Type
- 6.3.3.2.2Japan Polyethylene Terephthalate (PET) Market by Application
- 6.3.3.3India Polyethylene Terephthalate (PET) Market
- 6.3.3.3.1India Polyethylene Terephthalate (PET) Market by Type
- 6.3.3.3.2India Polyethylene Terephthalate (PET) Market by Application
- 6.3.3.4South Korea Polyethylene Terephthalate (PET) Market
- 6.3.3.4.1South Korea Polyethylene Terephthalate (PET) Market by Type
- 6.3.3.4.2South Korea Polyethylene Terephthalate (PET) Market by Application
- 6.3.3.5Australia Polyethylene Terephthalate (PET) Market
- 6.3.3.5.1Australia Polyethylene Terephthalate (PET) Market by Type
- 6.3.3.5.2Australia Polyethylene Terephthalate (PET) Market by Application
- 6.3.3.6Malaysia Polyethylene Terephthalate (PET) Market
- 6.3.3.6.1Malaysia Polyethylene Terephthalate (PET) Market by Type
- 6.3.3.6.2Malaysia Polyethylene Terephthalate (PET) Market by Application
- 6.3.3.7Rest of Asia Pacific Polyethylene Terephthalate (PET) Market
- 6.3.3.7.1Rest of Asia Pacific Polyethylene Terephthalate (PET) Market by Type
- 6.3.3.7.2Rest of Asia Pacific Polyethylene Terephthalate (PET) Market by Application
- 6.4LAMEA Polyethylene Terephthalate (PET) Market
- 6.4.1LAMEA Polyethylene Terephthalate (PET) Market by Type
- 6.4.1.1LAMEA Virgin Market by Country
- 6.4.1.2LAMEA Recycled Market by Country
- 6.4.2LAMEA Polyethylene Terephthalate (PET) Market by Application
- 6.4.2.1LAMEA Packaging Market by Country
- 6.4.2.2LAMEA Automotive Market by Country
- 6.4.2.3LAMEA Construction Market by Country
- 6.4.2.4LAMEA Medical Market by Country
- 6.4.2.5LAMEA Others Market by Country
- 6.4.3LAMEA Polyethylene Terephthalate (PET) Market by Country
- 6.4.3.1Brazil Polyethylene Terephthalate (PET) Market
- 6.4.3.1.1Brazil Polyethylene Terephthalate (PET) Market by Type
- 6.4.3.1.2Brazil Polyethylene Terephthalate (PET) Market by Application
- 6.4.3.2Argentina Polyethylene Terephthalate (PET) Market
- 6.4.3.2.1Argentina Polyethylene Terephthalate (PET) Market by Type
- 6.4.3.2.2Argentina Polyethylene Terephthalate (PET) Market by Application
- 6.4.3.3UAE Polyethylene Terephthalate (PET) Market
- 6.4.3.3.1UAE Polyethylene Terephthalate (PET) Market by Type
- 6.4.3.3.2UAE Polyethylene Terephthalate (PET) Market by Application
- 6.4.3.4Saudi Arabia Polyethylene Terephthalate (PET) Market
- 6.4.3.4.1Saudi Arabia Polyethylene Terephthalate (PET) Market by Type
- 6.4.3.4.2Saudi Arabia Polyethylene Terephthalate (PET) Market by Application
- 6.4.3.5South Africa Polyethylene Terephthalate (PET) Market
- 6.4.3.5.1South Africa Polyethylene Terephthalate (PET) Market by Type
- 6.4.3.5.2South Africa Polyethylene Terephthalate (PET) Market by Application
- 6.4.3.6Nigeria Polyethylene Terephthalate (PET) Market
- 6.4.3.6.1Nigeria Polyethylene Terephthalate (PET) Market by Type
- 6.4.3.6.2Nigeria Polyethylene Terephthalate (PET) Market by Application
- 6.4.3.7Rest of LAMEA Polyethylene Terephthalate (PET) Market
- 6.4.3.7.1Rest of LAMEA Polyethylene Terephthalate (PET) Market by Type
- 6.4.3.7.2Rest of LAMEA Polyethylene Terephthalate (PET) Market by Application
Chapter 7.Company Profiles
- 7.1Lanxess AG
- 7.1.1Company Overview
- 7.1.2Financial Analysis
- 7.1.3Segmental and Regional Analysis
- 7.1.4Research & Development Expenses
- 7.1.5Recent strategies and developments:
- 7.1.5.1Acquisition and Mergers:
- 7.1.6SWOT Analysis
- 7.2LOTTE Chemical Corporation (LOTTE Corp.)
- 7.2.1Company Overview
- 7.2.2Financial Analysis
- 7.2.3Segmental and Regional Analysis
- 7.2.4Research & Development Expenses
- 7.3DuPont de Nemours, Inc.
- 7.3.1Company Overview
- 7.3.2Financial Analysis
- 7.3.3Segmental and Regional Analysis
- 7.3.4Research & Development Expense
- 7.3.5SWOT Analysis
- 7.4LyondellBasell Industries Holdings B.V.
- 7.4.1Company Overview
- 7.4.2Financial Analysis
- 7.4.3Segmental and Regional Analysis
- 7.4.4Research & Development Expenses
- 7.4.5Recent strategies and developments:
- 7.4.5.1Product Launches and Product Expansions:
- 7.4.6SWOT Analysis
- 7.5BASF SE
- 7.5.1Company Overview
- 7.5.2Financial Analysis
- 7.5.3Segmental and Regional Analysis
- 7.5.4Research & Development Expense
- 7.5.5SWOT Analysis
- 7.6Indorama Ventures Public Company Limited (Indorama Resources Ltd.)
- 7.6.1Company Overview
- 7.6.2Financial Analysis
- 7.6.3Recent strategies and developments:
- 7.6.3.1Geographical Expansions:
- 7.6.4SWOT Analysis
- 7.7RTP Company, Inc.
- 7.7.1Company Overview
- 7.7.2SWOT Analysis
- 7.8SABIC (Saudi Arabian Oil Company)
- 7.8.1Company Overview
- 7.8.2Financial Analysis
- 7.8.3Segmental and Regional Analysis
- 7.8.4Recent strategies and developments:
- 7.8.4.1Product Launches and Product Expansions:
- 7.8.5SWOT Analysis
- 7.9Nan Ya Plastics Corp. (NPC)
- 7.9.1Company Overview
- 7.9.2Financial Analysis
- 7.9.3Segmental and Regional Analysis
- 7.9.4SWOT Analysis
- 7.10.Koninklijke DSM N.V.
- 7.10.1Company Overview
- 7.10.2Financial Analysis
- 7.10.3Segmental and Regional Analysis
- 7.10.4Research & Development Expense
- 7.10.5SWOT Analysis
Chapter 8.Winning Imperatives of Polyethylene Terephthalate (PET) Market