Polyethylene Terephthalate (PET) & Polybutylene Terephthalate (PBT) Resins Market Forecasts to 2028 – Global Analysis By Type (Recycled, Transparent & Non-Transparent), and By Geography

Polyethylene Terephthalate (PET) & Polybutylene Terephthalate (PBT) Resins Market Forecasts to 2028 – Global Analysis By Type (Recycled, Transparent & Non-Transparent), and By Geography

According to Stratistics MRC, the Global Polyethylene Terephthalate (PET) & Polybutylene Terephthalate (PBT) Resins Market is accounted for $31.16 billion in 2021 and is expected to reach $53.74 billion by 2028 growing at a CAGR of 8.10% during the forecast period. Polyethylene terephthalate is a recyclable polyester and is used in many applications compared to other thermosetting materials. This advantage of being reusable helps the manufacturers to have a cost advantage. Recycling PET increases the consumption of PET bottles and supports the demand for PET resin.

Market Dynamics:

Driver:

Highly recyclable plastic resin

Polyethylene terephthalate is a highly recyclable plastic and widely used recycled plastic across the globe. Polyethylene terephthalate is used for many applications. Various main beverage and FMCG companies have committed to including 50% recycled content in their plastic packaging. So, the demand for food-grade-certified recycled materials is likely to increase. Few PET converters have identified this as an opportunity to expand their food-grade rPET production capacities domestically.

Restraint:

Fluctuations in raw material prices

The change in crude oil and petrochemicals' prices has increased the cost of raw materials. The price of polyethylene terephthalate resin is determined by market dynamics and influenced by the price of crude oil. Fluctuations in prices of raw materials increase the operating cost, resulting in an expensive end product. PET resin is manufactured from crude oils; hence, changes in crude oil prices will impact the price of PET resin.

Opportunity:

High demand for sustainable packaging solutions

Increasing concerns about environmental pollution have augmented the demand for sustainable packaging solutions, including recycled plastic. Packaging manufacturers are focusing on developing sustainable and green packaging products which can be recycled and reused. These manufacturers are investing in R&D activities and technologies to develop sustainable packaging solutions which are environment-friendly, cost-effective, and do not compromise on the protection level offered to the packed product, which is providing ample opportunities for the market.

Threat:

Costs of recycled plastics

Raw materials needed for the manufacture of virgin plastics are petrochemicals such as oil and natural gas. Many additives are added while manufacturing plastic products; some of these are fillers and colorants. Recycling companies are not usually aware of the elements added to plastic that affect the manufacturing of recycled plastic products. Sorting and separating plastic is highly labor-intensive and expensive than manufacturing new plastic products from petrochemicals, which is inexpensive.

The transparent & non-transparent polyethylene terephthalate segment is expected to be the largest during the forecast period

The transparent & non-transparent polyethylene terephthalate segment is estimated to have a lucrative growth owing to the rise in demand for PET containers, especially from the food & beverage sector, and the increase in demand for frozen & processed food.

The polyethylene terephthalate (PET) applications segment is expected to have the highest CAGR during the forecast period

The polyethylene terephthalate (PET) applications segment is anticipated to witness the fastest CAGR growth during the forecast period as the advantages of conventional packaging plastics have increased engineering plastic products such as PET containers and bottles in the packaging sector.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to increasing demand for PET resin in different applications, especially bottles, films, and food packaging segments, growth in auto sales and electronics market in emerging economies, and a high number of players in industries such as automobile and electrical & electronics.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period owing to increasing regulations and guidelines for the packaging industry for developments in design and materials which are sustainable and easily recyclable.

Key players in the market

Some of the key players profiled in the Polyethylene Terephthalate (PET) & Polybutylene Terephthalate (PBT) Resins Market include Toray Industries, Inc., SABIC, Mitsubishi Chemical Corporation, Koninklijke DSM N.V., Jiangsu Sanfangxiang Group Co., Ltd., Indorama Ventures Limited, Far Eastern New Century Corporation, DowDuPont, Inc., BASF, Alpek and M&G Chemicals SA.

Key Developments:

In Jan 2022, SABIC launched two novel polybutylene terephthalate (PBT) compounds, LNP Elcrin WF006XXPiQ and LNP Elcrin WF0061XPiQ. These are the first two grades of a new material range that includes pre-consumer recycled glass fibers retrieved from waste streams in industrial processes.

In July 2019, BASF launched the worldwide first thermoformable PBT for extrusion and thermoforming. The material is a great choice for extrusion of films and thermoforming of packaging or technical parts.

Types Covered:
• Recycled Polyethylene Terephthalate
• Transparent & Non-Transparent Polyethylene Terephthalate

Applications Covered:
• Polybutylene Terephthalate (PBT) Applications
• Polyethylene Terephthalate (PET) Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances