Global Polyethylene Terephthalate (PET) Resin Market Growth 2024-2030
Polyethylene Terephthalate (PET) Resin, valued at US$ 103.26 billion in 2023, are projected to reach US$ 136.31 billion by 2030, with a 4.0% CAGR attributed to rising demand in dow
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According to Publisher’s latest study, the global Polyethylene Terephthalate (PET) Resin market size was valued at US$ 103260 million in 2023. With growing demand in the downstream market, the Polyethylene Terephthalate (PET) Resin is forecast to a readjusted size of US$ 136310 million by 2030 with a CAGR of 4.0% during the review period.
Market Overview
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The research report highlights the growth potential of the global Polyethylene Terephthalate (PET) Resin market. Polyethylene Terephthalate (PET) Resin is expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimisation remain crucial for the widespread adoption of Polyethylene Terephthalate (PET) Resin. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalise on the immense opportunities presented by the Polyethylene Terephthalate (PET) Resin market. Polyethylene terephthalate (PET), also called PETE, is a type of engineering resin.
Key Features:
The report on the Polyethylene Terephthalate (PET) Resin market reflects various aspects and provides valuable insights into the industry.
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Manmayi Raval
Research Consultant
Market Size and Growth: The research report provides an overview of the current size and growth of the Polyethylene Terephthalate (PET) Resin market. It may include historical data, market segmentation by Type (e.g., PET Filament, PET Staple), and regional breakdowns.
Market Drivers: Growing Packaging Industry: The demand for PET resin is being driven by the packaging industry's continued rapid expansion, which is a result of consumers' growing desire for convenient and on-the-go items.
Transition to Eco-Friendly Packaging: Pressure from regulations and environmental concerns has pushed PET resin usage for eco-friendly packaging. PET is a desirable material for companies and customers who care about the environment because it can be recycled and has the potential to be circular.
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Growth in End-Use Industries: The demand for PET resin is mostly driven by the expansion of the bottled beverage sector and the textile industry, especially in emerging markets.
Technological Innovations: To further propel market expansion, ongoing research and development activities are concentrated on improving the barrier performance, thermal stability, and processability of PET resin.
Challenges- Volatility of Raw Material costs: The manufacture of PET resin is highly dependent on raw materials like terephthalic acid and ethylene glycol, which means that changes in petrochemical costs might have an impact on the market.
Environmental Concerns: Although PET resin is recyclable, there are still issues with infrastructure related to collecting, sorting, and recycling that make it difficult to create a truly circular economy for PET products.
Alternative Materials' Competition: PET resin faces competition from the introduction of substitute packaging materials like aluminium and bioplastics, particularly in specialized markets where sustainability is a key concern.
Regulatory Compliance: Strict laws governing food safety, recycling goals, and environmental requirements demand compliance actions, which complicate the production and application of PET resin.
Technological Developments: The research report can delve into the latest technological developments in the Polyethylene Terephthalate (PET) Resin industry. This includes advancements in Polyethylene Terephthalate (PET) Resin technology, Polyethylene Terephthalate (PET) Resin new entrants, Polyethylene Terephthalate (PET) Resin new investment, and other innovations that are shaping the future of Polyethylene Terephthalate (PET) Resin.
Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Polyethylene Terephthalate (PET) Resin market. It includes factors influencing customers' purchasing decisions, and preferences for Polyethylene Terephthalate (PET) Resin products.
Government Policies and Incentives: The research report analyses the impact of government policies and incentives on the Polyethylene Terephthalate (PET) Resin market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting the Polyethylene Terephthalate (PET) Resin market. The report also evaluates the effectiveness of these policies in driving market growth.
Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provides market forecasts and outlook for the Polyethylene Terephthalate (PET) Resin industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.
Recommendations and Opportunities: To address changing market expectations, PET resin development must adopt innovative ways. Product differentiation and competitiveness in the market can be fuelled by enhanced attributes including increased thermal stability and barrier performance. Furthermore, making research and development investments to investigate cutting-edge uses for packaging outside of the box, including 3D printing and auto parts, can lead to profitable business opportunities. This focus on innovation ensures that the sector stays at the forefront of technological improvement and meets specific market needs, which promotes resilience and sustainable growth in a dynamic market environment.
Recent developments- Increased recycling capacity in Brazil was announced by key participant Indorama Ventures Public Company Limited in August 2023. This denotes a drive within the industry to expand the infrastructure for recycling to fulfil the increasing demand for recycled PET [2]. In June 2023, Far Eastern New Company declared its intention to grow its PET recycling enterprise, to recycle more than 20 million bottles yearly. This is in line with the increasing emphasis on collecting more used PET for recycling [2].
Market Segmentation:
The Polyethylene Terephthalate (PET) Resin market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.
1. Segmentation by type
• PET Filament
• PET Staple
• PET Chips
2. Segmentation by application
• Clothing Fabric
• Technical Textiles
• Bottle Packaging Container
• Automotive Decoration
• Electronics & Electrical
• Building and Construction
• Others
Regional Insights: The PET resin market is dominated by the Asia-Pacific region due to the region's large manufacturing hubs, strong industrialization, and growing middle-class population. Japan, China, and India are a few nations that significantly contribute to both production and consumption. America and Europe are closely behind, with established markets marked by strict laws and an increasing inclination for environmentally friendly packaging options.
3. Americas
• United States
• Canada
• Mexico
• Brazil
4. APAC
• China
• Japan
• Korea
• Southeast Asia
• India
• Australia
5. Europe
• Germany
• France
• UK
• Italy
• Russia
6. Middle East & Africa
• Egypt
• South Africa
• Israel
• Turkey
• GCC Countries
Competitive Landscape: The research report provides an analysis of the competitive landscape within the Polyethylene Terephthalate (PET) Resin market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market. The top five companies accounted for more than 43% of the sales market in 2018, and the companies are Indorama Ventures, Alpek, FENC, Since CR Chemicals and Zhejiang Hengyi. The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
• Tongkun Group
• Xin Feng Ming Group
• Zhejiang Hengyi
• Indorama Ventures
• Alpek
• FENC
• Reliance Industries
• Sheng Hong Group
• Hengli Group
• Billion Industrial
• Rongsheng Petrochemical
• Sanfangxiang Group
• Sinopec Yizheng
• Since CR Chemicals
• JBF
• Octal
• NanYa
• Wankai New Materials
• Dhunseri Petrochem & Tea
• SABIC
• NEO GROUP
• Lotte Chemical
• Toray
• KoKsan
• Sibur (Polief)
• Advance
Table of Contents
1 Scope of the Report
1.1 Market Introduction
1.2 Years Considered
1.3 Research Objectives
1.4 Market Research Methodology
1.5 Research Process and Data Source
1.6 Economic Indicators
1.7 Currency Considered
1.8 Market Estimation Caveats
2 Executive Summary
2.1 World Market Overview
2.1.1 Global Polyethylene Terephthalate (PET) Resin Annual Sales 2019-2030
2.1.2 World Current & Future Analysis for Polyethylene Terephthalate (PET) Resin by Geographic Region, 2019, 2023 & 2030
2.1.3 World Current & Future Analysis for Polyethylene Terephthalate (PET) Resin by Country/Region, 2019, 2023 & 2030
2.2 Polyethylene Terephthalate (PET) Resin Segment by Type
2.2.1 PET Filament
2.2.2 PET Staple
2.2.3 PET Chips
2.3 Polyethylene Terephthalate (PET) Resin Sales by Type
2.3.1 Global Polyethylene Terephthalate (PET) Resin Sales Market Share by Type (2019-2024)
2.3.2 Global Polyethylene Terephthalate (PET) Resin Revenue and Market Share by Type (2019-2024)
2.3.3 Global Polyethylene Terephthalate (PET) Resin Sale Price by Type (2019-2024)
2.4 Polyethylene Terephthalate (PET) Resin Segment by Application
2.4.1 Clothing Fabric
2.4.2 Technical Textiles
2.4.3 Bottle Packaging Container
2.4.4 Automotive Decoration
2.4.5 Electronics & Electrical
2.4.6 Building and Construction
2.4.7 Others
2.5 Polyethylene Terephthalate (PET) Resin Sales by Application
2.5.1 Global Polyethylene Terephthalate (PET) Resin Sale Market Share by Application (2019-2024)
2.5.2 Global Polyethylene Terephthalate (PET) Resin Revenue and Market Share by Application (2019-2024)
2.5.3 Global Polyethylene Terephthalate (PET) Resin Sale Price by Application (2019-2024)
3 Global Polyethylene Terephthalate (PET) Resin by Company
3.1 Global Polyethylene Terephthalate (PET) Resin Breakdown Data by Company
3.1.1 Global Polyethylene Terephthalate (PET) Resin Annual Sales by Company (2019-2024)
3.1.2 Global Polyethylene Terephthalate (PET) Resin Sales Market Share by Company (2019-2024)
3.2 Global Polyethylene Terephthalate (PET) Resin Annual Revenue by Company (2019-2024)
3.2.1 Global Polyethylene Terephthalate (PET) Resin Revenue by Company (2019-2024)
3.2.2 Global Polyethylene Terephthalate (PET) Resin Revenue Market Share by Company (2019-2024)
3.3 Global Polyethylene Terephthalate (PET) Resin Sale Price by Company
3.4 Key Manufacturers Polyethylene Terephthalate (PET) Resin Producing Area Distribution, Sales Area, Product Type
3.4.1 Key Manufacturers Polyethylene Terephthalate (PET) Resin Product Location Distribution
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