According to a new report, published by KBV research, 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).
The adoption of PET has soared over the years, with its global market expanding exponentially. The versatile nature of PET has spurred its adoption in diverse industries, ranging from packaging to textiles and from beverage containers to pharmaceutical applications. PET's inherent qualities, such as its lightweight nature, high tensile strength, and exceptional chemical resistance, have positioned it as a material of choice for manufacturers worldwide.
Moreover, the pharmaceutical sector has embraced PET due to its chemical stability and suitability for drug packaging. PET bottles, vials, and containers are increasingly used to store and transport pharmaceutical products, offering a reliable, contamination-free solution. The inherent chemical properties of PET ensure that it remains inert, preventing interactions between the packaging material and the pharmaceutical contents. This characteristic is paramount, particularly when dealing with sensitive drugs, biologics, and formulations where even minor chemical alterations can have profound implications on efficacy and safety.
The Virgin segment is leading the Global Polyethylene Terephthalate (PET) Market by Type in 2022; thereby, achieving a market value of $33.1 Billion by 2030. Consumers and businesses are increasingly prioritizing sustainable packaging solutions. Virgin PET is often preferred in producing recyclable and high-quality packaging materials, making it attractive to companies aiming to meet sustainability goals. Some industries, especially those where the appearance and quality of the final product are crucial, may prefer virgin PET due to its consistent properties and appearance. Thus, these factors will assist in the expansion of the segment.
The Medical segment is experiencing a CAGR of 7.8% during (2023 - 2030). The increasing use of single-use medical devices, such as syringes, intravenous tubing, and containers, often involves PET. This is driven by hygiene considerations and the need to prevent cross-contamination. According to the International Trade Administration data, the pharmaceutical industry in China is projected to attain a value of $161.8 billion by 2023, representing an approximate 30% market share on a global scale. Thus, the segment will grow rapidly in the coming years.
Full Report: https://www.kbvresearch.com/polyethylene-terephthalate-market/
The Asia Pacific region dominated the Global Polyethylene Terephthalate (PET) Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $18.5 Billion by 2030. The Europe region is anticipated to grow a CAGR of 5% during (2023 - 2030). Additionally, The North America market would witness a CAGR of 5.5% during (2023 - 2030).
By Type (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
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