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Report Overview
The global polyethylene terephthalate market size reached around USD 35.78 Billion in 2023. The market is projected to grow at a CAGR of 6.60% between 2024 and 2032 to reach nearly USD 63.60 Billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- In 2022, the PET recycling rate in the USA was reported at 29%.
- The United States is expected to achieve an rPET content of 50% in all bottles by 2030, thereby increasing the polyethylene terephthalate market revenue.
- As per industry reports, by 2030, the demand for circular economy products in Germany is expected to rise to USD 32 billion.
Global Polyethylene Terephthalate Market Growth
As per the 2022 PET Recycling Report published by the National Association for PET Container Resources in North America, average PET recycling rates in the region were recorded at 37.8%. One of the notable polyethylene terephthalate market trends was the rising incorporation of recycled PET (50%) into plastic bottles. In 2022, the use of recycled content in PET bottles grew by 15% in the United States. Over the forecast period, enhanced accessibility to PET recycling infrastructure worldwide is expected to play a critical role in driving the market growth.
The growth of circular economy start-ups worldwide is expected to positively influence the polyethylene terephthalate market dynamics. In 2022, these businesses attracted an investment of USD 5.4 billion from global investors. In Germany alone, there are 171 circular economic start-ups, which makes it a regional leader in Europe (followed by France and the Netherlands). In 2020, the global circular economy size was around EUR 148 billion, which is expected to record a 78% growth by 2030. Since packaging accounts for 40.5% of plastic’s application in Europe, the demand for recycled PET is expected to increase significantly as companies focus on achieving a smaller carbon footprint. rPET can withstand temperatures up to 70 degrees Celsius and can also be used to make fabrics.
Compound Annual Growth Rate
Value in USD Billion
6.6%
2024-2032
Polyethylene Terephthalate Market Outlook
*this image is indicative*
Key Trends and Developments
Increasing automotive exports from China; growing demand for packaging; shift towards wearable technology; and rising construction activities are the major factors favouring the polyethylene terephthalate market growth
Increasing automotive exports from China
As per the China Association of Automobile Manufacturers, automotive exports rose by 33% y-o-y in Q4 2023. The increasing uses of polyethylene terephthalate in manufacturing engine covers, door panels, headlamp retainers, and safety equipment like airbags are aiding the market.
Growing demand for packaging solutions
The burgeoning demand for packaged food and beverage products has brought about a sustained increase in the demand for recycled PET packaging, which can either be rigid or flexible and is well-suited for preserving the shelf life of products.
Shift towards wearable technology
PET is extensively used in manufacturing display screens for smartwatches and other wearable devices since they are extremely durable and can protect the device from the impact of unforeseen accidents. This can fuel the polyethylene terephthalate market development.
Rising construction activities
PET is extensively used in manufacturing durable and lightweight roofing materials and building panels in the construction industry. Besides, it is also used to reinforce concrete to improve its durability and serves as a modifier in asphalt binders.
Global Polyethylene Terephthalate Market Trends
As per the market analysis, nearly 90.9% of its vehicle exports were directed towards Russia (909,000). In Q4 2023, Mexico (66,000), Belgium (42,000), and the United Kingdom (38,000) emerged as the primary export markets for the country, with Russia receiving 112,000 vehicles. This is expected to fuel the polyethylene terephthalate market value over the forecast period. As per industrial analysis, ICE vehicles accounted for 76.8% of exports, followed by new energy vehicles (23.2%).
Global Polyethylene Terephthalate Industry Segmentation
The EMR’s report titled “Global Polyethylene Terephthalate Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Breakup by Type
- Virgin
- Recycled
Breakup by Application
- Packaging
- Automotive
- Construction
- Medical
- Others
Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Global Polyethylene Terephthalate Market Share
Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2024-32, the demand for PET in the Asia Pacific is expected to grow at a CAGR of 7.6% due to the increasing automotive production. Moreover, the polyethylene terephthalate market development is being driven by the growth of e-commerce industry and the establishment of large-scale plastic recycling infrastructure in various countries.
Leading Companies in the Global Polyethylene Terephthalate Market
Major players are focusing on catering to the increasing demand for PET from the automotive industry, which is leading to the polyethylene terephthalate market expansion.
RTP Company
RTP Company was founded in 1982 and is headquartered in Minnesota, United States. It is engaged in developing customised thermoplastic compounds for different applications demanding conductive, elastomeric, wear-resistant, and flame-retardant properties in over 60 different engineering resin systems.
Eastman Chemical Company
Eastman Chemical Company was founded in 1920 and is headquartered in Tennessee, United States. It specialises ...
Celanese Corporation
Celanese Corporation was founded in 1912 and is headquartered in Texas, United States. It is a global leader i...
Indorama Ventures Public Company Limited
Indorama Ventures Public Company Limited was founded in 1994 and is headquartered in Bangkok, Thailand. It spe...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players included in the polyethylene terephthalate market report are LyondellBasell Industries N.V., Saudi Basic Industries Corporation, NAN YA Plastics Industrial Co., Ltd., LOTTE Chemical CORPORATION, TEIJIN LIMITED, and NEO GROUP, among others.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 35.78 Billion.
The market is projected to grow at a CAGR of 6.60% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 63.60 Billion by 2032.
The different regions considered in the market report include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major market trends are increasing automotive exports from China, growing demand for packaging, shift towards wearable technology, and rising construction activity.
The different applications of PET are packaging, automotive, construction, and medical, among others.
Key players in the market are RTP Company, Eastman Chemical Company, Celanese Corporation, Indorama Ventures Public Company Limited, LyondellBasell Industries N.V., Saudi Basic Industries Corporation, NAN YA Plastics Industrial Co., Ltd., LOTTE Chemical CORPORATION, TEIJIN LIMITED, and NEO GROUP, among others.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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