Polyethylene Terephthalate Market Overview 2023-2027: Estimated Market Size, Major Drivers And Lucrative Segments - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 13, 2023 /PRNewswire/ -- As per The Business Research Company, the global polyethylene terephthalate (PET) market is poised for significant expansion, with an expected increase from $39.18 billion in 2022 to $42.71 billion in 2023, showcasing an impressive compound annual growth rate (CAGR) of 9.0%. Furthermore, the polyethylene terephthalate market's growth momentum is set to continue, with forecasts indicating a market size of $59.39 billion by 2027, maintaining a CAGR of 8.6%. This surge in the polyethylene terephthalate market is primarily attributed to the soaring demand from the packaging industry, which relies heavily on PET due to its exceptional attributes such as transparency, durability, and cost-effectiveness.
Packaging Industry: A Driving Force For The Polyethylene Terephthalate Market
The packaging industry, a vital sector of the economy, plays a crucial role in packaging goods and items for consumers. PET is a preferred material in the packaging industry due to its myriad advantages. It is widely used in the production of beverage bottles and extensively employed in food packaging, including trays, jars, cups, and bottles. For instance, according to an article by MDPI, the production of plastic packaging is expected to escalate from 140 million tons in 2023 to approximately 180 million tons in 2029, reflecting the growing demand within the packaging industry. This robust demand from packaging applications acts as a key driver propelling the growth of the polyethylene terephthalate market.
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Emphasis on Recycling and Sustainable Practices
Leading companies in the polyethylene terephthalate global market are prioritizing the establishment of new recycling plants to enhance their product portfolios and contribute to sustainable practices. In June 2023, ALPLA Group, an Austria-based packaging solutions company, announced plans to construct a state-of-the-art PET recycling plant in South Africa. This marks the company's entry into the African recycling sector, with an impressive annual production capacity of 35,000 tons of recovered PET material. The investment of approximately $65.24 million (60 million euros) underscores ALPLA's commitment to fostering a local circular economy.
Furthermore, in June 2023, PT ALBA Tridi Plastics Recycling Indonesia, a subsidiary of ALBA Group Asia, will embark on the construction of a PET recycling facility in Indonesia. This initiative highlights Indonesia's potential in PET recycling, with a $44.2 million blue loan agreement signed with the Asian Development Bank (ADB) to support the project. The focus on recycling reinforces the industry's commitment to sustainability.
Polyethylene Terephthalate Market Concentration And Key Players
The global polyethylene terephthalate market exhibits a concentrated landscape, with a select number of prominent players dominating the market. In 2022, the top ten competitors collectively held a substantial 41.68% share of the polyethylene terephthalate market. Notably, Indorama Ventures Public Company Limited emerged as the market leader, commanding a 15.10% share, closely followed by Far Eastern New Century Corporation, Alpek S.A.B de C.V., Reliance Industries Limited, SABIC, Nan Ya Plastics Corporation, Lotte Chemical Corporation, China Petroleum & Chemical Corporation, BASF SE, and LyondellBasell.
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Market Segmentation
The global polyethylene terephthalate market is segmented into three key categories:
- By Product Type:
- Virgin
- Recycle
- By Application:
- Beverages
- Sheets & Films
- Consumer Goods
- Food Packaging
- Other Applications (Cosmetic Bottles and Household Products)
- By End User Industry:
- Packaging
- Electrical & Electronics
- Automotive
- Construction
- Other End Use Industries (Material Handling and Strapping)
View More Similar Market Reports:
Polyethylene Terephthalate And Polybutylene Terephthalate Resins Global Market Report 2023
Recycled Polyethylene Terephthalate Global Market Report 2023
Plastic Material And Resins Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/plastic-material-and-resins-global-market-report
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