Global Polyethylene Terephthalate (PET) Market is estimated to be valued at US$ 43.54 Bn in 2022, according to the Global Polyethylene Terephthalate (PET) Market Report, by Product Type (Carbonated Soft Drink, Bottled Water, Other Drinks, Sheets & Films, Food, Non-Food), by Application (Food and Beverages, Automotive, Electronics, and Others), and by Regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa (MEA), published by Coherent Market Insights.
Global Polyethylene Terephthalate (PET) market was valued at US$ 43.54 Bn in 2022. The Global Polyethylene Terephthalate (PET) market is expected to register a CAGR of 6.7 % over the forecast period (2023–2030), to reach US$ 72.88 Bn by 2030.
Global Polyethylene Terephthalate (PET) Market-Impact of Coronavirus (Covid-19) Pandemic
The market was negatively impacted due to COVID-19. Owing to pandemic scenario, several countries went into lockdown, which led to supply chain disruptions, labor shortages, and work stoppages. Owing to this various end-user industries such as electrical & electronics, consumer goods, food & beverage, and others were severely impacted. This had a negative impact on the demand of polyethylene terephthalate (PET).
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Key Trends and Analysis of the Global Polyethylene Terephthalate (PET) Market:
- Among regions, the global polyethylene terephthalate (PET) market is estimated to grow significantly in the Asia Pacific region due to increasing demand from the food and beverage industry. Asia-Pacific accounted for more than 48% share of the total revenue in 2020, followed by Europe and North America. The developing countries in Asia-Pacific are anticipated to register a steady growth rate, owing to an increase in the growth of the overall economy. Moreover, the rise in investments by key manufacturers is another key aspect that fuels market growth.
- On the basis of product type, the carbonated soft drink segment is expected to hold a dominant position in the global polyethylene terephthalate (PET) market over the forecast period, at a CAGR of over 10.1% in terms of revenue, and 8.1% in terms of volume. Since PET bottles or packaging materials are used as an alternative to silica glass and acrylic materials due to their superior resistance to micro-organisms, the demand for PET will increase, thereby driving the growth of the global polyethylene terephthalate (PET) market.
Key Takeaways of the Global Polyethylene Terephthalate (PET) Market:
- Besides packaging, Polyethylene Terephthalate (PET) is also used in the food industry for clamshells, deli containers, as well as microwave food trays. Growing population, increase in consumers’ disposable income and purchasing power, increasing demand for easily transportable and flexible food packaging, etc., are further expected to increase the demand for PET during the forecast period.
- PET is a very strong and inert material that does not react with foods. It is resistant to attacks by micro-organisms and will not biologically degrade. Additionally, unlike glass, PET is extremely lightweight, easy and efficient to transport, re-sealable for efficient on-the-go hydration, environmentally safe, recyclable, and shatterproof. Owing to its chemical inertness and physical properties, especially glass-like transparency, lightweight, and rigidity, PET is widely used as a food packaging material.
- The government is taking measures to boost the investment in its food processing industry. The government sanctioned about 39 Mega Food Parks (MFPs) to set up in the country under the Mega Food Park scheme. Among these, only 18 MFPs became operational, while the others are under development. The food processing industry is expected to potentially attract an investment of around USD 33 billion by 2024. This is also expected to drive the demand for PET in the market.
- Major players active in the global Polyethylene Terephthalate market include Alpek S.A.B de C.V., RTP Company, BASF SE, The Dow Chemicals Company, Jiangsu Sanfangxiang Group, Indorama Ventures, M&G Chemicals, Nan Ya Plastics Corporation, Far Eastern New Century, and Quadrant AG