Polyethylene Terephthalate (PET) Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Chemical & Materials
Report Code - OMR-CM-284
Format: PDF, PPT, and Excel
Polyethylene Terephthalate (PET) Market to Skyrocket at a CAGR Rate of 6.0%; Factors such as Increased Consumption of Frozen Foods and Non-Alcoholic Beverages and Rising Demand from the Automotive Sector to Accept Growth Status
Polyethylene terephthalate is a thermoplastic polymer resin frequently used in textile fibers, food and beverage packaging, industrial thermoforming, and specialty resins when mixed with glass fiber. It is also known as polyethylene terephthalate (PET), polyethylene terephthalate (PETE), or the now-defunct PETP or PET-P.
Because of government bans on people's movement brought on by the COVID-19 pandemic, many people were obliged to shop online. As a result, packing and wrapping supplies saw a spike in demand from the online retail sector. Due to the growing acceptance of online shopping for daily necessities, including groceries, packaged meals, and beverages, the demand for packaging products in the F&B and pharmaceutical industries increased.
Key Takeaways of the Polyethylene Terephthalate (PET) Market
By Application
The most common use case in 2022 was the packaging. The expansion of the packaging sector, driven by rising consumer spending in developing countries, is expected to increase demand for polyethylene and PET over the coming years.
By Region
The growth of the population and the rising purchasing power of its middle and upper classes, as well as the increasing urbanization of developing countries, have all contributed to a surge in demand for fast-moving consumer goods in the Asia-Pacific region.
Recycled PET Adoption and Packaging Demand to Widen Market Viability
The market is poised to grow significantly as the packaging, food & beverage, and automotive sectors expand their need for recycled PET. Some of the most significant companies in this industry focus on manufacturing inventive recyclable plastics in response to increased greenhouse gas emissions and pollution from plastic waste. Further making this polymer highly recyclable are the kilotons of used PET bottles and containers recycled yearly.
Food & Beverage Demand to Activate Revenue Factors
This industry is a significant user of PET resins due to the widespread use of PET-based package items in the drinks and food industries. The three main applications of PET in the packaging sector are containers (including bottles, jars, and tubs), thin-oriented films (containing bags and snack food wrappers), and relatively rigid sheets for thermoforming (including trays and blisters).
Global Polyethylene Terephthalate (PET) Market Prominent Players
• SABIC (Saudi Arabia)
• Far Eastern New Century (Taiwan)
• DAK Americas (U.S.)
• Dupont (U.S.)
• Reliance Industries (India)
• Jiangsu Sanfangxiang Group Co., Ltd. (China)
• Lotte Chemical Corporation (South Korea)
• Octal Petrochemicals (U.S.)
• Indorama Ventures (Thailand)
• Nan Ya Plastics Corporation (South Korea)
Report Scope for Polyethylene Terephthalate (PET) Market
Type
• Virgin
• Recycled
Application
• Packaging
o Food Packaging
o Beverage Packaging
 Carbonated Beverages
 Alcoholic Beverages
o Non-Food Packaging
• Films & Sheets
• Consumer Goods
• Others
Polyethylene Terephthalate (PET) Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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