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.
Drivers 
Restraints 
Opportunities 
Challenges 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.
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.
Free Valuable Insights: Global Polyethylene Terephthalate (PET) Market size to reach USD 46.3 Billion by 2030
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.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 29.9 Billion |
| Market size forecast in 2030 | USD 46.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.7% from 2023 to 2030 |
| Number of Pages | 273 |
| Number of Table | 530 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, Region |
| Country scope |
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| Companies Included | 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. |
By Type (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $46.3 billion by 2030.
Growing demand for sustainable packaging solutions are driving the Market in coming years, however, Challenges posed by raw material price volatility restraints the growth of the Market.
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.
In the year 2022, the market attained a volume of 20,631.9 Kilo Tonnes, experiencing a growth of 3.0% (2019-2022).
The Virgin segment is leading the Market by Type in 2022; there by, achieving a market value of $33.1 Billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $18.5 Billion by 2030.
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