Polyethylene Terephthalate (PET) is a thermoplastic polymer that belongs to the polyester family. It is a versatile material with a wide range of applications due to its excellent combination of properties, including strength, clarity, barrier properties, and recyclability. PET is commonly used in the packaging industry, textiles, electrical components, and various other consumer and industrial products.

The expansion of the PET market has been boosted by technological developments in PET processing, such as enhancements in polymerization methods, manufacturing effectiveness, and quality control. These advancements have led to enhanced product performance, increased production capacities, and expanded application possibilities, further driving market growth.

The report “Polyethylene Terephthalate (PET) Market, By Product Type (Carbonated Soft Drink, Bottled Water, Other Drinks, Sheets and Films, Food, and Non-Food), By Application (Food and Beverages, Automotive, Electronics, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2034”

Key Highlights:

• In March 2023, Fujian Billion Petrochemicals launched a new Polyethylene Terephthalate (PET) factory in the city of GO Dau. The plant will be located in southeast Vietnam's Tai Ninh Province, with an initial capacity of 300,000 tons per year. The plant does, however, already have a production here with a 250,000-tonne yearly capacity.
• In April 2023, Ampacet launched new line of polyethylene terephthalate (PET) packaging, which has been dubbed the SeaGlass collection. For blow-molded polyethylene terephthalate (PET) packaging, this series offers visual enhancements like a worn glass look.
• In April 2023, S&P Global Commodity Insights launched India’s first price assessment for recycled polyethylene terephthalate falkes (R-PET). The company claimed that increased pricing transparency is anticipated as a result, particularly given the rising demand for recycled plastics brought on by attempts to transform the world's energy system. The new Platts FOB India R-PET price assessment will contribute to satisfying the growing demand from industry participants for high quality, transparent pricing data for this quickly expanding export market in Asia.
• In June 2023, Coca-Cola India launched new bottles made from 100% recycled PET plastic material (rPET) in Andhra Pradesh. This is the first time in India that any bottle made with 100% rPET is being used for food/beverage. While 15% of the PET used is recycled (rPET) worldwide, 90% of the company's packaging is recyclable. Food-grade recycled PET (polyethylene terephthalate) is used to make rPET bottles. The requirement for virgin plastic in the manufacture of PET bottles is decreased when PET bottles are recycled using methods that have been certified by the European Food Safety Authority (EFSA) and the US Food and Drug Administration (US FDA) for food grade recycled material.

Analyst View:

The textile industry is a significant consumer of PET, as it is used in the production of polyester fibers. The growing population, rising disposable incomes, and changing fashion trends are driving the demand for textiles. Polyethylene Terephthalate (PET) fibers offer advantages such as durability, wrinkle resistance, and ease of care. Additionally, Polyethylene Terephthalate (PET) recyclability makes it appealing to brands and consumers seeking sustainable textile options. The expansion of the textile industry is likely to drive the demand for Polyethylene Terephthalate (PET) in the future.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Polyethylene Terephthalate (PET) Market, By Product Type (Carbonated Soft Drink, Bottled Water, Other Drinks, Sheets and Films, Food, and Non-Food), By Application (Food and Beverages, Automotive, Electronics, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2034”

Key Market Insights from the report:

Polyethylene Terephthalate (PET) Market was valued at US$ 58.3 Billion in 2024 and is projected to grow at a CAGR of 6.80% to reach US$ 106.1 Billion by 2034.. Polyethylene Terephthalate (PET) Market is segmented based on Product Type, Application and Region.

• Based on Product Type, Polyethylene Terephthalate (PET) Market is segmented into Carbonated Soft Drink, Bottled Water, Other Drinks, Sheets and Films, Food, and Non-Food.
• Based on Application, Polyethylene Terephthalate (PET) Market is segmented into Food and Beverages, Automotive, Electronics, and Others.
• By Region, the Polyethylene Terephthalate (PET) Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Polyethylene Terephthalate (PET) Market:

The prominent players operating in the Polyethylene Terephthalate (PET) Market includes, TORAY INDUSTRIES, INC., BASF SE, M&G Group, Indorama Ventures, Jiangsu Sanfangxiang Group, Lanxess Corporation, Nan Ya Plastics, Egyptian Indian Polyester Co., Reliance Industries Ltd., and Dhunseri Petrochem Ltd and others.

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