Polyethylene Terephthalate (PET) Market By Type (Virgin, Recycled), By Application (Packaging, Automotive, Construction, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The polyethylene terephthalate market valued for $30.3 billion in 2022 and is estimated to reach $54.4 billion by 2032, exhibiting a CAGR of 6.1% from 2023 to 2032
Polyethylene terephthalate is produced by the polymerization of ethylene glycol and terephthalic acid and is globally recognized as a non-toxic, safe, lightweight, strong, and flexible material, which is 100% recyclable. It is used in various applications such as beverage packaging, consumer goods, sheets & films, food packaging, automotive, and construction.
Polyethylene terephthalate is commonly used in food packaging for beverages, trays for fresh produce vegetables, jars for peanut butter and sauces, and films as a barrier layer to protect against contaminants. The rise in demand for PET containers, especially from the food & beverage sector, and the increase in demand for frozen & processed food are some major factors driving the growth of the global market.
Further, growing demand from automotive and construction industries is propelling the market growth. Polyethylene Terephthalate is widely used to fabricate components in the automotive industry including wiper arm and gear housings, engine covers, headlamp retainer, and connector housings. In the automotive sector, there is surge in use of recyclable materials due to environmental regulations, which are propelling the reuse and recycling of all the materials deriving from end-of-life vehicles. In recent years, post-consumer materials based on Polyethylene Terephthalate (PET) are ideal for automotive use because they are recyclable and may be made from recycled PET.
In the construction industry, waste PET bottles are widely employed in producing lightweight aggregates. Plastic bottles in shredded form can be utilized as an alternative for aggregates in cementinous concrete composites. PET can also be utilized as polymer additives in bituminous mixes. Also, the usage of PET fiber has a remarkable influence on resisting cracks, wear and tear; enhancing tensile strength; and improving ductility and impact strength of the concrete.
In recent years, polyethylene terephthalate (PET) production has been rising owing to its excellent properties such as resistance against chemicals and corrosion. With the substantial upsurge in the use of plastic on a daily basis, the disposal issue of PET waste has also grown. The only solution to this issue is either to recycle or reuse this plastic waste. Hence, building & construction industries are consistently looking for cheap and effective materials to improve diverse hardened properties of concrete such as compressive strength and tensile strength. Using PET waste in concrete helps reduce environmental concerns and promotes the production of more economical and sustainable construction materials in the coming years.
The polyethylene terephthalate market analysis is done on the basis of type, application, and region. By type, the market is segmented into virgin and recycled. By application, the market is classified into packaging, automotive, construction, medical, and others. The regions covered in the report include North America, Europe, Asia-Pacific, and LAMEA. The report covers strategies adopted by key players in the market to sustain the competitive environment and increase their market share.
The key players operating in the polyethylene terephthalate market include BASF SE, DSM, DuPont, Indorama Ventures Public Company Limited, LANXESS, LOTTE Chemical CORPORATION, LyondellBasell Industries Holdings B.V., NAN YA PLASTICS CORPORATION, RTP Company, and SABIC. In addition, the market drivers, restraints, and opportunities are explained in the report.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the polyethylene terephthalate (pet) market analysis from 2022 to 2032 to identify the prevailing polyethylene terephthalate (pet) market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the polyethylene terephthalate (pet) market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global polyethylene terephthalate (pet) market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy TypeVirgin
Recycled
By ApplicationPackaging
Automotive
Construction
Medical
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
UK
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
BASF SE
RTP Company
Indorama Ventures Public Company Limited
NAN YA PLASTICS CORPORATION
DSM
LyondellBasell Industries Holdings B.V.
LANXESS
DuPont
SABIC
LOTTE Chemical CORPORATION
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