Polyethylene Terephthalate (PET) Market is Estimated To Witness High Growth Owing To Rising Demand for Packaged Food and Beverages

Polyethylene Terephthalate (PET) Market



The Polyethylene Terephthalate (PET) Market is estimated to be valued at US$ 46.46 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Polyethylene terephthalate, commonly referred to as PET, is a thermoplastic polymer resin of the polyester family that is clear, tough, and versatile. It is widely used for packaging applications such as bottles for food and beverages due to its desirable properties such as barrier protection, lightweight, rigidity, transparency and moldability.

Market key trends:
One of the major trend driving the growth of the PET market is the rising demand for packaged food and beverages. Due to growing urbanization and changing lifestyles, there is growing demand for ready-to-eat foods and packaged beverages. PET is a preferred material for packaging such products due to its barrier protection, impact resistance and relatively inexpensive cost compared to other materials. This has led to PET being extensively used for packaging bottled water, carbonated soft drinks, juices, cooking oils and other food items. The lightweight properties of PET also reduce transportation and logistical costs for packaged food and beverage producers.

Porter’s Analysis

Threat of new entrants: The PET market requires large capital investments and economies of scale which create barriers for new companies. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products like glass, HDPE, etc. Bargaining power of suppliers: A few big suppliers exist for key raw materials like paraxylene and terephthalic acid giving them some bargaining power. Threat of new substitutes: Substitute materials like glass, HDPE, etc. pose threats but PET maintains lead due to attributes like lightweight and shatter resistance. Competitive rivalry: Intense competition exists among key players to gain market share.

SWOT Analysis

Strengths: PET is lightweight, durable, shatter resistant and 100% recyclable. It has wide applications in bottles, films and fibers industries.

Weaknesses: PET degrades into microplastics on exposure to sun. Developing fully circular economy remains a challenge.

Opportunities: Growth in non-beverage applications and demand for recycled PET presents opportunities.

Threats: Substitute materials and stringent regulations around plastic usage and recycling pose threats.

Key Takeaways

Global Polyethylene Terephthalate (PET) Market Demand is expected to witness high growth, exhibiting CAGR of 6.7% over the forecast period, due to increasing demand from packaging industry for PET bottles, food service containers and thermoformed packaging solutions.

Asia Pacific dominates the global PET market currently, owing to presence of large packaging and plastics industry in China and India. The APAC PET market is projected to grow at the fastest pace during the forecast period.

Key players operating in the PET market are Alpek S.A.B de C.V., RTP Company, BASF SE, The Dow Chemicals Company, Jiangsu Sanfangxiang Group, Indorama Ventures, M&G Chemicals, Nan Ya Plastics Corporation, Far Eastern New Century, and Quadrant AG. These key players are focusing on capacity expansion, acquisitions and diversifying their product portfolio with recycled PET grades to strengthen their market position. 

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