H1 2023: The Polyethylene Terephthalate (PET) price trajectory in the Asian region exhibited varied dynamics throughout first half of 2023. During the initial half of Q1 2023, Polyethylene Terephthalate (PET) Resin prices witnessed an upswing in response to the anticipated shift in demand in the Asia-Pacific region. Additionally, export demand experienced an uptick post the Lunar New Year holiday in China. Subsequent to the holiday, production rates escalated swiftly, complemented by a surge in demand from the downstream packaging industry. The operational rates of downstream beverage plants remained steady. Notably, in February, Dragon Special Resins in Xiamen (China) underwent a maintenance closure throughout the entirety of the month. Nevertheless, in March 2023, the price trajectory reversed due to burgeoning inventories, despite sluggish downstream offtakes. Moving to the early part of Q2, Polyethylene Terephthalate (PET) prices experienced an upturn in the Asian market. Despite this, demand in the downstream packaging sector displayed a mixed pattern, with some improvement noted in the beverage and bottling segments. In June, PET resin prices saw a decline in the Asian nation attributed to weakened ethylene glycol feedstock prices, exerting downward pressure on the market. There was subdued end-user demand in the Asia Pacific region.
The global Polyethylene Terephthalate (PET) market stood around 29614 thousand tonnes in 2022 and is expected to grow at a steady CAGR of 4.14% during the forecast period until 2032. Polyethylene terephthalate is derived from ethylene glycol.
Polyethylene terephthalate (PET) stands as a highly versatile polymer with a spectrum of applications spanning multiple industries. Foremost among its uses is in packaging, where PET's transparency, lightweight nature, and exceptional mechanical properties make it a preferred material for bottling beverages, including water, soft drinks, and juices. The textile industry extensively utilizes PET in the creation of fibers, contributing to the production of durable clothing, carpets, and various fabrics. Additionally, PET serves a crucial role in the film and sheet sector, finding application in packaging, printing, and laminating materials. In the realm of engineering, PET is harnessed to produce resins for automotive components, electrical parts, and various mechanical applications. Beyond industrial uses, PET plays a pivotal role in everyday life. It is a key material for strapping, offering a strong and lightweight alternative for packaging and bundling goods. PET's thermoforming capabilities make it adaptable for crafting trays, containers, and other shapes, particularly in the food packaging and disposable product sectors. Medical applications also benefit from PET, with its use in IV containers, medical trays, and blister packaging for pharmaceuticals. Polyethylene Terephthalate (PET) serves diverse roles in textiles and automotive applications owing to its versatile attributes. In the textile industry, PET is extensively employed to produce polyester fibers, renowned for their durability and moisture-wicking features, utilized in clothing, home textiles, and industrial fabrics. Additionally, PET fibers play a pivotal role in the creation of resilient and stain-resistant carpets. In the automotive sector, PET finds application in the manufacturing of seat fabrics, contributing to interiors known for their wear resistance and easy maintenance. Furthermore, PET fibers are utilized in automotive carpeting and upholstery, offering durability and stain resistance suitable for the demanding conditions of vehicular use.
PET finds its primary application in the production of beverage bottles, benefiting from its food-safe and chemically inert properties, making it a widely preferred material for food packaging. The safety and inertness of PET contribute to its extensive use in the food packaging sector, fostering a sustained demand expected to persist in the forecast period. The automotive industry's increasing preference for PET fibers in seat fabrics, upholstery, and carpeting is driven by the polymer's attributes of durability, stain resistance, and ease of maintenance. As the automotive sector continues to prioritize materials that offer both functionality and sustainability, the demand for PET in diverse automotive applications is poised for sustained growth, making it a significant driver in the PET market. Furthermore, the market experiences growth propelled by an increasing demand for high-resistance fibers, particularly in the manufacturing of carpet textiles. Among these fibers, those derived from PET are anticipated to register the fastest growth. The inherent high resistance of PET fibers against stretching, resulting in a high initial modulus, positions them favorably. Additionally, their stiffness relative to nylon fibers makes PET fibers an ideal choice for textile applications requiring exceptional dimensional stability, contributing to the overall expansion of the market. Throughout the projection period the increase in the demand of Polyethylene Terephthalate (PET) from various sectors is likely to make it reach nearly 42600 thousand tonnes in the forecast period of 2032.
Based on region, Asia Pacific region is the leading consumer of Polyethylene Terephthalate (PET) all across the globe and is likely to retain its position in the upcoming years. With populous countries like China and India driving substantial demand for PET in packaging, textiles, and beverages, the region benefits from a burgeoning middle-class population and increasing urbanization. Notably, the robust manufacturing capabilities in countries like China contribute to a significant expansion of PET production capacity, establishing the region as a key player in the global market. The proximity of raw material sources and an efficient supply chain further fortify its competitive edge. Additionally, the region's rapid economic development and industrialization fuel demand across diverse sectors, including construction and automotive. The Asia Pacific's commitment to sustainability, evidenced by a growing emphasis on recycling initiatives and the circular economy, aligns seamlessly with PET's recyclability, positioning the region as a influential force shaping the trajectory of the global PET market in the years ahead.
Based on the end-user industry, the global Polyethylene Terephthalate (PET) market is segmented into Food & Beverages Packaging, Films & sheets, Consumer Goods, Fibers, and Others. Among these, Food & Beverages Packaging is dominating as a consumer, with a market share of roughly 40% of the total demand in 2022.
Significant players in the Global Polyethylene Terephthalate (PET) market are lfa S.A.B. de C.V., China Petroleum & Chemical Corporation, China Resources (Holdings) Co., Ltd., Far Eastern New Century Corporation, Indorama Ventures Public Company Limited, JBF Industries Ltd, Reliance Industries Limited, SABIC, Sanfame Group, Zhejiang Hengyi Group Co., Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Polyethylene Terephthalate (PET) which covers production, demand and supply of Polyethylene Terephthalate (PET) market in the globe.
• To analyse and forecast the market size of Polyethylene Terephthalate (PET)
• To classify and forecast Global Polyethylene Terephthalate (PET) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Polyethylene Terephthalate (PET) market in the globe.
To extract data for Global Polyethylene Terephthalate (PET) market, primary research surveys were conducted with Polyethylene Terephthalate (PET) suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Polyethylene Terephthalate (PET) market over the coming years.
ChemAnalyst calculated Polyethylene Terephthalate (PET) demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical extraction and supply and demand of Polyethylene Terephthalate (PET) across the globe. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Polyethylene Terephthalate (PET) and other stakeholders
• Organizations, forums and alliances related to Polyethylene Terephthalate (PET) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Polyethylene Terephthalate (PET) customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Polyethylene Terephthalate (PET) s market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
29614 thousand tonnes
Market size Volume by 2032
42600 thousand tonnes
Growth Rate
CAGR of 4.14% from 2023 to 2032
Base year
2022
Estimated year
2023
Historic Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Food & Beverages Packaging, Films & sheets, Consumer Goods, Fibers, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What is the expected global market size of Polyethylene Terephthalate (PET) in terms of volume for 2032?
Ans:
The global market size of Polyethylene Terephthalate (PET) is expected to reach approximately 42600 thousand tonnes by 2032, and it is expected to further expand with a CAGR of 4.14%.
Q2.
What are the major end-use industries of Polyethylene Terephthalate (PET)?
Ans:
Polyethylene Terephthalate (PET) is used in a wide range of end use industries including Food & Beverages Packaging, Films & sheets, Consumer Goods, Fibers, and Others.
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