Polyethylene Terephthalate Compounding Market Size, Share & Trends Analysis By Application (Packaging, Electrical & Electronics, Industrial Machinery, Automotive), By Region, And Segment Forecasts, 2024 - 2030

Polyethylene Terephthalate Compounding Market Size, Share & Trends Analysis By Application (Packaging, Electrical & Electronics, Industrial Machinery, Automotive), By Region, And Segment Forecasts, 2024 - 2030

Polyethylene Terephthalate Compounding Market Growth & Trends

The global polyethylene terephthalate (PET) compounding market size is expected to reach USD 20.67 billion in 2030 and is expected to grow at a CAGR of 5.6% from 2024 to 2030. Rising polymer demand in end-use industries such as packaging, automotive, electrical & electronics and constructions is expected to remain a key driving force for PET compounding market growth.

Strong demand for PET bottles coupled with growing packaged food & beverage industry in emerging economies of Asia Pacific and Latin America such as China, India, Mexico, and Brazil are anticipated to fuel industry growth significantly.

Regulatory agencies to reduce Green House Gas (GHG) emissions by means of vehicular weight reduction and fuel efficiency improvements have formulated policies and guidelines. Automotive manufacturers & OEMs in order to meet these regulations have adopted plastics as a replacement for metals such as aluminum and steel.

Packaging accounted for over 55% of overall market volume in 2015. Growth in packaging industry can be attributed to the suitability of PET compounds to meet customer requirements with more durable, lightweight and corrosion-resistant parts.

Polyethylene Terephthalate Compounding Market Report Highlights

• Increasing substitution for glass, metals, wood, natural rubber and man-made materials by PET is driving the global market
• Developing recycling processes that utilize lesser input in terms of fluids, energy, and machinery is crucial for production improvisation
• Government regulations restricting petrochemical derived polymers consumption in applications such as food packaging, and medical devices are expected to further boost bio-based PET production
• BASF and Avantium Dutch technology firm formed a joint venture company to focus on polyethylene furanoate (PEF) and furandicarboxylic acid (FDCA), a bio-based polymer to replace polyethylene terephthalate
• Polyethylene terephthalate (PET) compounding market is highly fragmented among multinational players and small domestic companies

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