The Europe Polyethylene Terephthalate (PET) Market would witness market growth of 5.0% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 4,841.8 Kilo Tonnes, showcasing a growth of 2.5% (2019-2022).
In the market, "recycled" refers to PET resin that has been recovered from post-consumer or post-industrial waste sources and processed for reuse in new products. Recycled PET (rPET) offers significant environmental benefits compared to virgin PET, as it reduces the demand for raw materials, conserves energy, and diverts plastic waste from landfills or incineration. rPET is commonly used in a variety of applications, including packaging, textiles, and automotive components, where sustainability and resource efficiency are paramount considerations. Therefore, the UK Market consumed 273.57 Kilo Tonnes recycled PET in 2022.
The Germany market dominated the Europe Polyethylene Terephthalate (PET) Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,858 Million by 2030. The UK market is exhibiting a CAGR of 4.1% during (2023 - 2030). Additionally, The France market would experience a CAGR of 5.8% during (2023 - 2030).
As consumer preferences evolve, customization and design innovations have become key trends in the market. Manufacturers are exploring novel shapes, sizes, and labeling techniques to differentiate their products and meet the aesthetic preferences of diverse consumer segments. Consumers are placing greater emphasis on the visual appeal of products. PET manufacturers are responding by exploring innovative designs, vibrant colors, and eye-catching patterns to enhance the aesthetic appeal of their products. Beyond aesthetics, functional customization is gaining prominence.
Innovations in PET formulations seek to enhance its barrier properties, making it suitable for a broader range of applications, including packaging solutions requiring improved resistance to gases, moisture, and external contaminants. Incorporating functional additives into PET formulations is driving innovations in specialty applications. These additives impart specific properties, such as flame resistance, UV resistance, or antimicrobial features, expanding the scope of PET in niche markets.
As per the Office for National Statistics, the United Kingdom, the cost of new construction projects in Great Britain increased significantly (15.3%) in 2021 after declining by 15.9% in 2020 to reach £100,199 million. The largest drivers of the annual increase—private housing, private infrastructure, and new public infrastructure—increased by 23.7%, 28.1%, and 37.4%, respectively. Therefore, Europe's rising construction and pharmaceutical sectors will boost the region’s demand for PET.
Free Valuable Insights: The Global Polyethylene Terephthalate (PET) Market will Hit USD 46.3 Billion by 2030, at a CAGR of 5.7%
Based on Type, the market is segmented into Virgin and Recycled. Based on Application, the market is segmented into Packaging, Automotive, Construction, Medical, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Type (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, kilo Tonnes, USD Billion, 2019-2030)
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