polyethylene terephthalate market was valued at $ 23,891 million in 2022 and is predicted to reach $ 38,014 million in 2028, registering a CAGR of 6.4% between 2023 and 2028.
PET is a popular choice in the textile, packaging, and automotive sectors. and electronics for their versatile characteristics, good environmental profile, and recyclability. The unique set of chemical and physical characteristics that PET offers make it suitable compared to other plastics in these industries. PET is known as polyester when employed in the textile industry. The textile industry is the main consumer of PET, which it is employed to produce polyester yarns and fibers. Polyester fiber represents approximately 50% of the total call for fibers in the world. Furthermore, PET is widely employed to pack food and beverages, especially water, soft drinks, and juices in a convenient size. PET resins do not react with water or food, making them suitable for consumable packaging. Furthermore, they are unbreakable and are therefore a suitable substitute for glass containers.
The packaging segment offers the maximum market potential in the PET market, due to the escalating calls for PET materials for efficient and environmentally friendly packaging alternatives on a worldwide scale and the escalating call for packaged foods and processed. In addition, the growing consumer inclination towards efficient and easily recyclable beverage packaging and the expansion in its use as a green substitute is further driving expansion in this segment. The use of PET in electricity and electronics has undergone significant advances due to the constant expansion of per capita disposable income and the escalating call for lightweight materials. The packaging segment is supposed to post a CAGR of 7.1% during the foreseen period. However, strict environmental regulations and the threat of substitutes are predicted to affect overall market expansion in both developed and developing countries. Furthermore, investments in R&D activities to produce innovative and less hazardous PET materials should offer expansion opportunities in the future.
The main driver of worldwide polyethylene terephthalate market expansion is a high call for the product in the production of fabrics and of textiles. Polyester filament and polyester fibers are the two main forms of polyester fiber employed in the textile industry. The key factors driving the call for PET (polyester) in the textile industry are its greater versatility, physical properties, lower price, and recyclability, which offers a unique set of advantages unmatched by other natural or synthetic fibers. With the rapidly growing textile industries (weaving, garment manufacturing, dyeing, and finishing) in the Asia Pacific and the Middle East, and Africa, the call for polyester fibers and therefore PET is predicted to increase.
The fluctuation of commodity prices (ethylene glycol) due to volatility in crude oil prices is predicted to be a key factor hampering the expansion of the worldwide market during the reporting period.
The packaging industry is predicted to be a lucrative market for polyethylene terephthalate. The escalating consumption of PET for the manufacture of bottles or containers, employed for a wide range of consumable products such as soft drinks, alcoholic beverages, medicines, detergents, and cosmetics, as well as for water, is predicted to drive the call for PET in the future near. PET has been approved as safe by various health and safety agencies around the world for use with food and beverages. It is a very inert material that resists the attack of microorganisms and does not react with food products, which is why it is highly preferred for packaging food, beverages, and pharmaceutical products. Furthermore, the recyclability of the polymer makes it a very durable material, which is predicted to further fuel callin polyethylene terephthalate market in the coming years.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
6.4% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
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By Application:
Packaging applications became the largest segment in 2020, with a market share of more than 32.0%. The growing packaging industry, driven by high consumption in emerging economies, is supposed to drive calls for plastics such as polyethylene and PET during the foreseen period. Regulators have established several guidelines for the safe use of packaging materials in food contact applications, which is influencing the call for the PET market in this segment.
By Packaging Application:
PET is widely employed in packaging applications due to its characteristics such as durability and lightness. The material finds many uses in bottled water and soft drink packaging. At the same time, the juice packaging segment is predicted to become the fastest-growing application segment, as PET packaging is easier to recycle compared to other materials.
Polyethylene Terephthalate MarketRegional Analysis:
The polyethylene Terephthalate Market Report includes the segmentation of Regions:
Asia-Pacific dominated the worldwide polyethylene terephthalate market in 2018, with a market share of around 40%. The expanding textile industry and the strong expansion of the food and beverage industry in the region, especially in the emerging economies of China, India, and Southeast Asian countries, are the main drivers of the regional polyethylene terephthalate market. Population expansion, gradual westernization, rising per capita income, and improved living standards are stimulating the consumption of bottled beverages. Regional markets in North America and Europe are predicted to post moderate expansion over the foreseen period. Most of the glass substitution has already been achieved in these developed regions, and the shift in consumer behavior towards less consumption of carbonated soft drinks is the main factor negatively affecting the expansion of regional markets. The Middle East and Africa are predicted to be the other lucrative market for polyethylene terephthalate due to the high expansion potential of the major economies, including the United Arab Emirates, Egypt, Turkey, and South Africa, due to the expansion of the textile and textile industries in these countries. Taking into account the market at the country level, China had around 15% of the world market in 2021, after the United States (with a market share of around 12%).
The World Health Organization (WHO) estimates that 89 million medical masks, 76 million examination gloves, and 1.6 million glasses will be needed to respond to Coronavirus each month for the duration of the pandemic. So, this indicates the need for the industry to rise to the challenge of ensuring a COVID-19-free world.
Some of the key players operating in the global polyethylene terephthalate market are
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