Polyethylene Terephthalate (PET) Resin Market: Innovations and Growth in the Global Plastic Packaging Industry

 


Global Polyethylene Terephthalate (PET) Resin market is expected to grow significantly between 2023 and 2030, expanding from 28,494.61 metric kilotons in 2023 to 35,509.47 metric kilotons by 2030, at a compound annual growth rate (CAGR) of 4.50%.
However, the impact of the COVID-19 pandemic on the market was adverse due to the enforcement of lockdown measures in various countries. These measures disrupted supply chains, caused labor shortages, and halted work processes. Consequently, there was a decrease in the demand for polyethylene terephthalate resin across diverse sectors such as consumer goods, food and beverage, electrical and electronics, and consumer products. Despite this setback, there is a silver lining as the automobile industry reported a 3% growth in manufacturing, as indicated by the OICA in late 2021 compared to the preceding year. This positive trend is anticipated to facilitate the industry's continued expansion in 2022.

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Polyethylene Terephthalate Industry Segmentation

PET, a transparent, durable, and lightweight plastic resin, is commonly used in the production of bottles, jars, containers, and packaging materials. The widespread utilization of PET resin in packaging applications is attributed to its hygienic nature, lightweight properties, and recyclability. As a result, it is predominantly consumed in the food and beverage industry, followed by consumer goods and other end-use products. The market for polyethylene terephthalate (PET) resin is segmented based on product type, end-user industry, and geography, including Asia-Pacific, North America, Europe, South America, the Middle East, and Africa. In terms of product type, the market is divided into bottles, films and sheets, and other product types. Regarding end-user industry, the market is categorized into food and beverage, consumer goods, and other end-user industries. The report also provides market sizes and forecasts for 15 countries across major regions. Volume-based market sizing and forecasts have been conducted for each segment.

Product Type
  • Bottles
  • Films and Sheets
  • Other Product Types (Fibers, Thermoforming, and Glass Fiber)
End-user Industry
  • Food and Beverage
  • Consumer Goods
  • Other End-user Industries
Geography
  • Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
North America
  • United States
  • Canada
  • Mexico
Europe
  • Germany
  • United Kingdom
  • Italy
  • France
  • Rest of Europe
South America
  • Brazil
  • Argentina
  • Rest of South America
Middle-East and Africa
  • Saudi Arabia
  • South Africa
  • Rest of Middle-East and Africa
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Polyethylene Terephthalate Market Leaders
  • ·Indorama Ventures Public Company Limited
  • ·Far Eastern New Century Corporation
  • ·Alpek S.A.B. de C.V.
  • ·SABIC
  • ·China Petrochemical Corporation
Key Growth Factors in Polyethylene Terephthalate (Pet) Resin Market
 
  • Packaging Industry Demand: PET resin's popularity as a lightweight, transparent, and recyclable material makes it a preferred choice in the packaging industry. The surge in packaged food, beverages, cosmetics, and personal care products contributes significantly to the market's growth.
  • Sustainable Packaging Trend: The increasing focus on sustainability and eco-friendly packaging solutions drives the demand for PET resin. Its recyclability and potential for use in mono-material packaging align with consumers' and industries' growing environmental concerns.
  • Beverage Bottling Sector: PET's exceptional barrier properties against moisture and gases make it ideal for beverage bottling. The continued growth in the beverage industry, including bottled water, carbonated drinks, and juices, propels the demand for PET resin.
  • Expanding Textile and Fiber Industry: PET resin finds applications in the textile and fiber industry for producing polyester fibers. The growth of the apparel and home textile sectors boosts the demand for PET resin for manufacturing fabrics and clothing.
  • Rising Automotive Manufacturing: PET resin is increasingly being used in automotive interiors due to its lightweight nature, durability, and design flexibility. As the automotive industry experiences innovation and growth, the demand for PET resin in vehicle components rises.
  • Emerging Economies' Consumption: Growing consumer populations and rising disposable incomes in emerging economies are driving increased consumption of packaged goods, which, in turn, fuels demand for PET resin in packaging and related industries.
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What Do You Get in a MarketDigits Study?
  • ·Factors affecting the overall development of the global Polyethylene Terephthalate (Pet) Resin Market
  • ·Factor that might restrain the growth of the global market in the coming years of the forecast period.
  • ·What is present competitive scenario of the global Polyethylene Terephthalate (Pet) Resin Market and its intricate details concerning potential business prospects of leading market players
  • ·Pricing strategies of several different market players in the global Polyethylene Terephthalate (Pet) Resin Market
Polyethylene Terephthalate (Pet) Resin Market Frequently Asked Questions (FAQs):
  • What is the market trend in polyethylene terephthalate?
  • Who is the largest producer of PET resin in the world?
  • What is an interesting fact about polyethylene terephthalate?
  • What is the demand of PET resin in India?

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