Polyethylene Terephthalate (PET) Market Future

Asia-Pacific held the highest market share in 2022 and is expected to maintain its dominance, driven by the growing food & beverage industry.

WILMINGTON, DELAWARE, UNITED STATES, March 15, 2024 /EINPresswire.com/ -- Allied Market Research recently released a report titled "Polyethylene Terephthalate (PET) Market By Type (Virgin, Recycled) and By Application (Packaging, Automotive, Construction, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global polyethylene terephthalate (PET) industry witnessed substantial growth, with a revenue of $30.3 billion in 2022, projected to reach $54.4 billion by 2032, showcasing a Compound Annual Growth Rate (CAGR) of 6.1% from 2023 to 2032.

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Key Growth Drivers:

- The surge in demand for packaged food and beverages.
- Increasing preference for sustainable packaging solutions.
- Technological advancements in PET production.
- Growing demand for PET in automotive and electrical & electronics industries.

Factors Hindering Growth:

- Fluctuations in raw material prices, particularly due to crude oil price variations.
- Concerns regarding the environmental impact of plastic packaging.

COVID-19 Impact:

- The pandemic disrupted supply chains, leading to production slowdowns and closures of PET facilities.
- Sectors like automotive, construction, and non-essential consumer goods experienced decreased demand, impacting the PET market negatively.
- However, the demand for PET-based packaging in essential sectors such as food, beverages, and personal care increased during the pandemic.
- Increased emphasis on hygiene and safety led to a surge in demand for single-use plastics, including PET bottles.

Segments Analysis:

- Virgin PET segment dominated the market in 2022 and is expected to maintain its lead position, driven by its exceptional properties and technological innovations in packaging applications.
- The recycled PET segment is anticipated to witness the fastest growth with a CAGR of 6.3% from 2023 to 2032.
- Packaging segment led the market in 2022 and is projected to maintain its dominance, especially in the production of sheets & films.
- The construction segment is forecasted to display the highest CAGR of 6.6% during the forecast period.

Regional Analysis:

Asia-Pacific held the highest market share in 2022 and is expected to maintain its dominance, driven by the growing food & beverage industry.
The region is projected to grow at a CAGR of 6.5% from 2023 to 2032.

Key Market Players:

- RTP Company, BASF SE, DuPont, DSM, Lotte Chemical Corporation, Indorama Ventures Public Company Limited, SABIC, LANXESS, Nan Ya Plastics Corporation, LyondellBasell Industries Holdings B.V.
- These players have adopted various strategies such as new product launches, collaborations, and expansions to maintain their market dominance.
- The report offers insights into business performance, product portfolios, and strategic moves of key market players to highlight the competitive landscape.

Want to Access the Statistical Data and Graphs, Key Players' Strategies:
https://www.alliedmarketresearch.com/polyethylene-terephthalate-market/purchase-options

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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