Polyethylene Terephthalate (PET) Market, By Product Type (Carbonated Soft Drink, Bottled Water, Other Drinks, Sheets & Films, Food, Non-Food), By Application (Food and Beverages, Automotive, Electronics, and Others), and By Regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa (MEA) - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
Polyethylene terephthalate also known as PET, is the common thermoplastic polymer resin of the polyester family. This type of PET is largely used in the production of fibers which finds wide applications in the manufacture of containers, clothing and thermoforming. PET are of two types, virgin and recycle. Rapidly growing popularity of PET among consumers due to rise in preference for packaged and convenience food across the world is increasing, which in turn is propelling the growth of polyethylene terephthalate market. Light weight and unbreakable properties of PET is dominating the market in the over the following decade.
Increasing demand for bottled water is projected to be the key driver for global PET market growth. With the rise in health awareness and easy availability of bottled water, the consumption of bottle water is increasing. PET water bottles are easy to handle, non-breakable and light weight and can be recycled to variety of products such as door panels, winter coats, sheets, industrial strapping, automobile parts and fibers. Technological advancement coupled with increase in demand from various end use industries, such as packaging, automobiles and electronics has fueled the growth of the global polyethylene terephthalate (PET) market in the following years.
Market Dynamics
Based on application, food & beverages application accounted for the largest market share in terms of revenue and contributed 80.3% in 2021. The segment growth is majorly driven by the rising demand for food along with increasing application of Polyethylene Terephthalate in the packaging of the food products.
Among region, Asia Pacific accounted for the largest revenue share in 2021 and contributed a revenue share of 48% in 2021, followed by Europe and North America.
Key features of the study:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook