Polyethylene Terephthalate (PET) Industry Trends

The global PET market is driven by the surge in demand for packaged food and beverages and the rising need for sustainable packaging.

The global polyethylene terephthalate market is driven by factors such as the increasing demand for packaged food and beverages and the growing demand for sustainable packaging. ”

— David Correa

WILMINGTON, DELAWARE, UNITED STATES, May 23, 2024 /EINPresswire.com/ — Allied Market Research published a report titled, “Polyethylene Terephthalate (PET) Market By Type (Virgin, Recycled), By Application (Packaging, Automotive, Construction, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global polyethylene terephthalate (PET) industry generated $30.3 billion in 2022 and is anticipated to reach $54.4 billion by 2032, witnessing a CAGR of 6.1% from 2023 to 2032.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞: Polyethylene Terephthalate Market Sample

𝐏𝐫𝐢𝐦𝐞 𝐃𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐆𝐫𝐨𝐰𝐭𝐡

The global PET market is driven by the surge in demand for packaged food and beverages and the rising need for sustainable packaging. However, increasing crude oil prices and fluctuating raw material costs are expected to hamper growth. Technological advancements in PET production and rising demand in the automotive and electronics industries are projected to offer lucrative opportunities for market growth in the coming years.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 & 𝐃𝐞𝐭𝐚𝐢𝐥𝐬

– Forecast Period: 2023–2032
– Base Year: 2022
– Market Size in 2022: $30.3 billion
– Market Size in 2032: $54.4 billion
– CAGR: 6.1%
– Pages in Report: 250
– Segments Covered: Type, Application, Region

𝐃𝐫𝐢𝐯𝐞𝐫𝐬:

– Changing consumer preferences
– Surge in demand for eco-friendly packaging

𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬:

– Rise in demand for PET in the automotive industry

𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:

– Hazardous effects of plastic packaging
– Volatile raw material prices

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬

𝐓𝐲𝐩𝐞

Virgin:
The virgin segment accounted for around three-fourths of the global PET market revenue in 2022 and is projected to maintain its lead during the forecast period. Virgin PET, made from petrochemical feedstock, offers exceptional properties such as non-reactivity to food and water and shatterproof nature, driving its use in flexible packaging applications.

Recycled:
The recycled segment is expected to witness the fastest CAGR of 6.3% from 2023 to 2032.

𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

Packaging:
The packaging segment held the largest share in 2022, contributing to nearly three-fourths of the global PET market revenue, and is projected to maintain its lead. PET is widely used in producing sheets, films, bottles, microwavable containers, rigid cosmetic jars, and transparent films.

𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧:

The construction segment is projected to display the highest CAGR of 6.6% during the forecast period.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬

Asia-Pacific:
Asia-Pacific accounted for the highest market share in terms of revenue in 2022, around one-third of the global PET market revenue, and is likely to dominate the market through 2032. The region’s growth is driven by the expanding food & beverage industry and rising demand for packaged and ready-to-eat food and beverages.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

– RTP Company
– BASF SE
– DuPont
– DSM
– Lotte Chemical Corporation
– Indorama Ventures Public Company Limited
– SABIC
– LANXESS
– Nan Ya Plastics Corporation
– LyondellBasell Industries Holdings B.V.

The report provides a detailed analysis of these key players, including their business performance, operating segments, product portfolio, and strategic moves.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐚𝐥 𝐃𝐚𝐭𝐚 𝐚𝐧𝐝 𝐆𝐫𝐚𝐩𝐡𝐬, 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬’ 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬: Purchase Options

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
+ 18007925285
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