Polyethylene Terephthalate Market Expected to Reach $54.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Polyethylene Terephthalate Market," The polyethylene terephthalate market size was valued at $30.3 billion in 2022, and is estimated to reach $54.4 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032.

Polyethylene terephthalate is a thermoplastic polymer resin in the polyester family. It is produced by polymerizing monoethylene glycol and terephthalic acid. It is used for thermoforming in clothing fibers, liquid and food containers, and engineering resins. Its excellent water and moisture barrier properties make it popular in the food and beverage industry, particularly for plastic bottles.

The demand for eco-friendly packaging materials is also on the rise, with companies focusing on long-term sustainability goals and creative product design to respond to consumer pressures. In addition to that, the global FMCG industry has seen a surge in the consumption of PET bottles due to their cost-effectiveness, superior quality, and longer shelf life.

Further, the rapid development of the global FMCG industry has led to a plethora of advances in the consumption of PET bottles across the globe which has further experienced rapid growth in the past couple of decades. Emerging economies such as India, China, and Brazil are expected to account for a significant share of the global polyethylene terephthalate market and are expected to experience a rapidly growing population base during the forecast period.

The preference for PET bottles in the market is high, owing to benefits such as reduced costs, superior quality, and longer shelf life. The increasing demand for consumer goods is projected to increase the overall demand for PET packaging products such as cartons, boxes, and wrappers during the forecast period.

Moreover, increasing consumer preference, especially for lightweight and durable packaging coupled with rising concerns regarding the recyclability of plastics are some major aspects driving the demand for polyethylene terephthalate across the globe. Also, rising environmental concerns due to the toxicity of plastics, PET bottles are considered safer and more cost-effective due to their longer shelf life and ease of recyclability. The preference for polyethylene terephthalate is relatively higher over alternate raw materials such as glass and cans owing to their brittle nature and higher costs.

However, plastic packaging is hazardous to the environment and human health due to its non-biodegradable nature, the release of toxins, and the use of chemicals like cadmium, lead, mercury, and hormone disruptors. These concerns are increasing demand for glass and metal packaging, which may impede market growth. In addition, fluctuations in crude oil prices affect the plastic industry and may hamper the growth of the global polyethylene terephthalate industry.

Nevertheless, the growing shift towards sustainable packaging is predicted to offer lucrative growth opportunities for market growth. Polyethylene terephthalate is a lightweight and durable material that can be easily molded into different shapes, making it ideal for use in automotive components such as door panels, seat backs, and trunk liners. Its high strength-to-weight ratio makes it an attractive alternative to other materials such as metal or glass. In addition, it helps to reduce the weight of the vehicle which improves fuel efficiency and reduces emissions.

PET is also resistant to chemicals and can withstand high temperatures which makes it suitable for use in under-the-hood components such as engine covers and air intake manifolds. Its ability to be easily recycled is also an attractive feature for the automotive industry. In addition to that, polyethylene terephthalate is a lightweight, durable, and recyclable property that makes it a promising material for various applications such as interior and exterior trims, under-the-hood components, and other automotive parts.

The polyethylene terephthalate market is segmented on the basis of type, application, and region. By type, the market is segmented into virgin and recycled. By application, the market is classified into packaging, automotive, construction, medical, and others. By region, the polyethylene terephthalate market shareis analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region is expected to be the fastest-growing market for polyethylene terephthalate.

Key players in the polymer coating industry include BASF SE, DSM, DuPont, Indorama Ventures Public Company Limited, LANXESS, LOTTE Chemical CORPORATION, LyondellBasell Industries Holdings B.V., NAN YA PLASTICS CORPORATION, RTP Company, and SABIC.

Key findings of the study:

• By type, the virgin segment was the highest revenue contributor to the market in 2022, growing with a CAGR of 6.0%.
• Based on application, the packaging segment was the highest revenue contributor to the market in 2022.
• Region wise, Asia-Pacific dominated the market in 2022.