According to the latest research report titled, “Polyethylene Terephthalate (PET) Market Report (2023 – 2029)” by Mordor Intelligence, the market is estimated at USD 25.35 Billion in 2023 and growing at a CAGR of 6.31% during the forecast period. 

The foremost consumer of PET resin is the global packaging industry, which stands as the largest end-user in this sector. The expanding prospects of end-user categories like FMCG, food and beverages, pharmaceuticals, and among others, are contributing significantly to the burgeoning demand in the plastic packaging sector. Projections indicate a notable increase in global plastic packaging production, rising from 140 million tons in 2023 to approximately 180 million tons by 2029. As a result, the increasing need in the packaging sector is expected to significantly contribute to the growing demand for PET resin over the projected period. 

 Report Summary 

• Market Size (2023): USD 25.35 Billion 
• Market Size (2029): USD 36.61 Billion 
• CAGR (2023 – 2029): 6.31% 
• Study Period: (2017-2029) 
• Largest Share by End User Industry: Packaging 
• Forecast Units: Value (USD Billion)   
• Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends     

Which are the Top Companies in the Polyethylene Terephthalate (PET) Market?     

The Polyethylene Terephthalate (PET) Market is concentrated with the leading five companies holding a combined market share of 39.47%. The prominent market participant, Indorama Ventures Public Company Limited, secured a dominant position in 2022 with a market share of 12.20%. Boasting the highest annual production capacity of approximately 4.4 million tons of PET resin, the company emerged as the leading entity in the global market. 

Prominent players in the polyethylene terephthalate (PET) market are: 

• Alfa S.A.B. de C.V. 
• China Petroleum & Chemical Corporation 
• China Resources (Holdings) Co.,Ltd. 
• Far Eastern New Century Corporation 
• Indorama Ventures Public Company Limited 
• JBF Industries Ltd 
• Reliance Industries Limited 
• SABIC 
• Sanfame Group 
• Zhejiang Hengyi Group Co., Ltd. 

Other Reports that Might be of Your Interest 

• Europe Polyethylene Terephthalate (PET) Market Report: The Europe Polyethylene Terephthalate (PET) Market size is estimated at 5.05 billion USD in 2023 and is expected to reach 7.17 billion USD by 2029, growing at a CAGR of 6.02% during the forecast period (2023-2029). 
• South America Polyethylene Terephthalate (PET) Market Report: The South America Polyethylene Terephthalate (PET) Market size is estimated at 2.34 billion USD in 2023 and is expected to reach 3.53 billion USD by 2029, growing at a CAGR of 7.08% during the forecast period (2023-2029). 

 

Key Highlights from the Polyethylene Terephthalate (PET) Market Report 

 

1. Catalyzing Growth: The Impetus of Technological Advances in the Electronics Industry 

• The rapid pace of technological innovation in electronic products is driving the consistent demand for new and fast electrical and electronic products. 
• In 2022, the global revenue of electrical and electronics stood at USD 5,807 billion, with Asia-Pacific holding a 74% market share, followed by Europe with a 13% share.  
• The global electrical and electronics market is expected to record a CAGR of 6.71% during the forecast period. 
• The global production of electrical and electronics is poised for a robust growth rate of 5.9% in 2027, indicating a significant expansion in manufacturing activities within the sector. 
• The continuous evolution of technology is projected to drive an increased demand for consumer electronics. Notably, the global consumer electronics industry is estimated to achieve a revenue milestone of approximately USD 904.6 billion by 2027, reflecting a substantial increase from the USD 719.1 billion recorded in 2023. 
• The overall demand for electrical and electronic products is expected to be led by ongoing technological development, showcasing the pivotal role of innovation in shaping market trends and consumer preferences by 2029. 

2. Anticipated Peak Growth in Asia-Pacific and Middle East Regions 

The Asia-Pacific region is the largest consumer and the most lucrative market globally, accounting for approximately 47% of the total PET volume consumption in 2022. China and India emerge as the primary consumers, collectively representing 65.64% of the volume consumption in 2022. This dominance is primarily attributed to the packaging and electronics sectors in these nations. Notably, in India, the government’s initiatives to boost the production of electrical and electronic goods, coupled with a CAGR of 7.19% in the electronics industry by volume, are expected to further drive the demand for PET. 

Presently, the Middle East stands as the world’s most rapidly expanding market, exhibiting a CAGR of 7.15% in value. This growth is predominantly attributed to the escalating manufacturing output of electrical and electronics products and the heightened demand for food and beverage packaging. Projections indicate that Saudi Arabia and the United Arab Emirates will continue to be the foremost consumers in the region, accounting for approximately 47% and 41% of consumption volumes by 2029, respectively. 

What are the Latest Developments in the Polyethylene Terephthalate (PET) Market?    

• In October 2022, Indorama Ventures Public Company Limited announced the opening of the largest PET recycling plant in partnership with Coca-Cola Beverages, to recycle approximately 2 billion additional used PET (polyethylene terephthalate) plastic bottles in the Philippines each year. 
• In July 2022, Alfa SAB de CV restarted construction of the integrated PTA-PET plant in Corpus Christi, Texas, via a joint venture (Corpus Christi Polymers) with Indorama Ventures and Far Eastern New Century.  

Mordor Intelligence Report on the Polyethylene Terephthalate (PET) Market segments the market based on product type, application, and geography: 

• By End User Industry (Market Size & Forecast based on Value (USD Billion), 2023-2029)   

• Automotive 
• Building and Construction 
• Electrical and Electronics 
• Industrial and Machinery 
• Packaging 
• Other End-user Industries 

• By Region (Market Size & Forecast based on Value (USD Billion), 2023-2029)   

• Africa 

• Nigeria 
• South Africa 
• Rest of Africa 

• Asia-Pacific 

• Australia 
• China 
• India 
• Japan 
• Malaysia 
• South Korea 
• Rest of Asia-Pacific 

• Europe 

• France 
• Germany 
• Italy 
• Russia 
• United Kingdom 
• Rest of Europe 

• Middle East 

• Saudi Arabia 
• United Arab Emirates 
• Rest of Middle East 

• North America 

• Canada 
• Mexico 
• United States 

• South America 

• Argentina 
• Brazil 
• Rest of South America 

In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the polyethylene terephthalate (PET) industry. Get a glance at the Polyethylene Terephthalate (PET) Market Report (2023 – 2028) 

About Mordor Intelligence 

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With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.   

Other Related Reports that Might be of Interest 

• Asia-Pacific Polyethylene Terephthalate (PET) Market Report: The Asia-Pacific Polyethylene Terephthalate (PET) Market size is estimated at 10.80 billion USD in 2023 and is expected to reach 15.59 billion USD by 2029, growing at a CAGR of 6.30% during the forecast period (2023-2029) 
• North America Polyethylene Terephthalate (PET) Market Report: The North America Polyethylene Terephthalate (PET) Market size is estimated at 5.05 billion USD in 2023 and is expected to reach 7.14 billion USD by 2029, growing at a CAGR of 5.94% during the forecast period (2023-2029). 

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