Global Extruded PET Market Report and Forecast 2024-2032

Global Extruded PET Market Outlook

The global extruded PET market size reached approximately USD 10.40 billion in 2023. The market is estimated to grow at a CAGR of 6.4% in the forecast period of 2024-2032, reaching a value of around USD 18.15 billion by 2032.

Key Trends in the Market

PET or polyethylene terephthalate is a plastic polymer that is strong, lightweight, and recyclable in nature. It is extruded at a temperature between 270-290°C for the production of films and sheets, among others, for applications in several end-use sectors.

• Growing demand for sustainable products to reduce environmental impacts is one of the prominent extruded PET market trends. Extruded PET is easier to recycle due to its properties such as flexibility and heat responsiveness and can be reused in plastic bottles or clothing.

• The rising trend of a circular economy, which involves reusing existing products and materials for as long as possible, has fuelled investments in the recycling of extruded PET products.

• Factors such as excellent flexibility, high strength-to-weight ratio, and resistance to moisture have boosted the applications of extruded PET in automotive components such as exterior body parts and engine covers, among others.

• Integration of smart technology in extruded PET packaging to develop intelligent packaging that can track products and provide transparency, active packaging which prolongs the shelf life of products, and QR code packaging that offers product information after scanning also provides impetus to the extruded PET market growth.

Market Analysis

Based on application, the market is bifurcated into blow moulding and general extrusion. The general extrusion segment is further divided based on type into heavy gauge sheet, clear tubing, and clear profile, among others. The extruded PET market segmentation, on the basis of end use, includes electronics, automotive, personal care, pharmaceuticals, and food and beverages, among others. The major regional markets of extruded PET are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the extruded PET market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Indorama Ventures Public Company Limited 

• Formosa Plastics Group 

• Advanced Extrusion, Inc. 

• Duke Extrusion 

• Mannok Holdings DAC 

• IPF Holdings Inc. 

• Toray Industries Inc. 

• Omnia Plastica Srl 

• Others

Market Share by End Use

The food and beverage sector occupies a substantial portion of the global extruded PET market share owing to the increased implementation of extruded PET in beverage packaging due to its recyclability and non-toxic and lightweight nature. PET plastic is also utilised in food containers to preserve the freshness and taste of food products. Moreover, due to its superior moisture resistance, extruded PET film finds applications in meat, poultry, and snack items to increase their longevity.

Market Share by Region

As per the extruded PET market analysis, the Asia Pacific accounts for a substantial share of the global market owing to the rising usage of extruded PET films in the electronics sector due to its properties such as insulation, chemical inertness, and thermal stability, among others. With the availability of skilled labour at a low cost, the production of PET plastic in developing economies like India is significantly increasing. Additionally, its wide range of applications in packaging for bottles, containers, and jars also provides a positive outlook to the market.

Competitive Landscape

Indorama Ventures Public Company Limited is a leading producer of combined PET, incorporated in 1994 and headquartered in Bangkok, Thailand. The company is also a major manufacturer of integrated oxides and derivatives (IOD) and fibres.

Formosa Plastics Group, founded in 1954 and headquartered in Kaohsiung City, Taiwan, is a plastics company. Its diversified portfolio includes chemical, steel, electronics, petroleum, and textiles and fibres, among others.

Mannok Holdings DAC, established in 1973, is a provider of sustainable packaging solutions, with its headquarters in Derrylin, Northern Ireland. The company aims to provide quality products through its continuous innovations.

Other extruded PET market players include Advanced Extrusion, Inc., Duke Extrusion, IPF Holdings Inc., Toray Industries Inc., and Omnia Plastica Srl, among others.

Key Highlights of the Report