The global Polyethylene Terephthalate market reached a value of about USD 59.01 billion in 2021. The industry is projected to grow at a CAGR of around 8.5% in the forecast period of 2022-2027 to reach a value of about USD 94.64 billion by 2027.
The global Polyethylene Terephthalate industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is primarily driven by the application of the product in the manufacturing of plastic bottles. In the industry report, the key demand indicator is the highest category spender by region—Asia.
The most standard thermoplastic polymer resin of the polyester family, polyethene terephthalate or PET, is used in clothing fibres, containers for liquids and foods, thermoforming for manufacturing, and in combination with glass fibre for engineering resins. It is a strong, stiff synthetic fibre and resin that belongs to the polyester family of polymers. PET fibres are spun into permanent-press textiles and blow-molded into disposable drinking bottles. The Polyethylene Terephthalate industry report comprises segments by application (Fibre, Blow Molding, Sheet, Films, Engineering, Plastics, and Others) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).
Asia accounts for the largest share in the market, owing to the economy's overall growth. Factors such as the growing population, rise in disposable income, rapid urbanisation, etc., are driving the industry's growth. Also, as China is the primary producer of PET, it leads the market's expansion in the region. The demand for polyethene terephthalate in Asia is predicted to be driven by rising packaged food consumption and rising demand for car films in countries such as China, India, Indonesia, and Malaysia.
The market is being driven by the rise in demand for PET containers, primarily from the food and beverage segment is augmenting the market's expansion. The growing population and rise in disposable incomes lead to increased expenditure on food items which is likely to give a significant thrust to the market growth. The increased demand for the material for sustainable packaging alternatives paired with the rising demand for packaged and processed foods is further propelling the industry's growth.
However, factors like the strict regulations from the government paired with the availability of substitutes in the market are likely to hamper the market's growth.
The global Polyethylene Terephthalate industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Polyethylene Terephthalate regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
PET is made by combining pure terephthalic acid (PTA) and ethylene glycol (EG) monomers in the presence of a catalyst. Excess EG and other reaction products such as propylene glycol (PG) and triethylene glycol (TEG) are collected and recycled after the reaction.
As the product provides water and moisture barriers, it is extensively used in manufacturing bottles for mineral water and carbonated drinks, which is likely to impact the market positively. The industry is witnessing growth due to the substance's properties like being safe, non-toxic, lightweight, strong, and flexible. As a result, it is used in a wide range of applications, including beverage packaging, consumer goods, healthcare, food packaging, etc., furthering the market's growth. In addition, the increasing R&D initiatives by the manufacturers are likely to have a positive impact on the market.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The PET resin industry is a market that is semi-consolidated. The bulk of the big firms has consolidated their resin manufacturing and distribution activities to increase resin quality and extend their regional footprint. Key manufacturers have made significant financial investments in R&D to produce sophisticated goods that meet market demands.
1. Executive Summary
2. PET Industry Snapshot
2.1. PET Market Outlook
2.2. PET Industry Analysis by Application
2.2.2. Blow Molding
2.2.6. Plastics &Others
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East & Africa
3. Impact of Recent Events
4. PET Value Chain Analysis
5. PET Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. PET Cost Structure
9. PET Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. PET Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Feedstock Market Analysis
13.1. Market Overview
13.2. Price Analysis
14. Industry Best Practices
14.1. Sourcing Strategy
14.2. Procurement Model
14.3. Contract Structure
14.4. Negotiation Levers
14.5. Pricing Model
14.6. Key Factors Influencing the Quotation
15. Key Supplier Analysis
15.1. Indorama Ventures Public Company Limited
15.2. Alpek Group/DAK Americas LLC
15.3. China Resources Packaging Materials Co. Ltd.
15.4. Jiangsu Sanfangxiang Group
15.5. Hengli Petrochemical Co., Ltd.
The global Polyethylene Terephthalate market size was valued at USD 59.01 billion in 2021.
As per the application provided, the fibre segment is anticipated to lead the market between 2022 and 2027.
The significant demand for the substance in the packaging sector is one of the essential drivers of the Polyethylene Terephthalate market growth.
Indorama Ventures Public Company Limited, Alpek Group/DAK Americas LLC, China Resources Packaging Materials Co. Ltd., Jiangsu Sanfangxiang Industrial Group, and Hengli Petrochemical Co., Ltd. are some of the leading players in the market.
The Asia region of the Polyethylene Terephthalate industry holds a significant share in the market.
The global Polyethylene Terephthalate market attained a value of USD 59.01 billion in 2021, driven by the rise in demand for PET containers, primarily from the food and beverage segment, augmenting the market's expansion. The increased demand for the material for sustainable packaging alternatives paired with the rising demand for packaged and processed foods is further propelling the industry's growth. Aided by the growing efforts by prominent key players to introduce sustainable packaging solutions, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 8.5%. The market is projected to reach USD 94.64 billion by 2027. Some of the leading players in the industry are Indorama Ventures Public Company Limited, Alpek Group/DAK Americas LLC, China Resources Packaging Materials Co. Ltd., Jiangsu Sanfangxiang Industrial Group, Hengli Petrochemical Co., Ltd.
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