The global Polyethylene Terephthalate (PET) Market is one of the largest and fastest growing plastic markets worldwide. PET is a thermoplastic polymer resin of the polyester family that is clear, lightweight and flexible. It is widely used for food packaging and bottling needs due to properties such as high strength, good barrier capability for carbon dioxide and oxygen. PET is used for manufacturing packaging for carbonated soft drinks, bottled water, sports drinks, household products like detergents, shampoos, conditioners among others. It provides an excellent barrier to moisture, gases, solvents, oils and alcohol. PET also possesses properties of high durability, stiffness and clarity which make it a preferred choice for packaging applications.
The Global Polyethylene Terephthalate (PET) Market is estimated to be valued at US$ 53.53 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Polyethylene Terephthalate (PET) are Medtronic, Abbott Laboratories, Boston Scientific, Biotronik, Koninklijke Philips, Nihon Kohden, Fukuda Denshi, Hill-Rom Holdings, Mindray Medical, Schiller AG, Spacelabs Healthcare, GE Healthcare, Cardiac Science Corporation, Lifewatch AG, Beijing Choice Electronic Tech Co, Vivaquant, Preventice Solutions, iRhythm Technologies, Applied Cardiac Systems, BioTelemetry.
The growing demand for packaged food and beverages from consumers is fueling the PET market. Factors like rising disposable incomes, preference for convenience packaging and on-the-go consumption trends are boosting the packaging industry which directly increases the consumption of PET resins.
The global PET market is witnessing expansion across various regions of the world. Asia Pacific dominates the global consumption of PET owing to the large production capacities in countries like India and China catering to both domestic as well as export markets. Growth in other regions like North America, Europe and Latin America is projected supported by rising application industries and favorable government regulations for PET packaging.
Market Key Trends
One of the key trends seen in the Polyethylene Terephthalate (PET) Market Demand is the increasing demand for recycled PET (rPET). Growing environmental concerns and sustainability priorities are driving brand owners to use recycled content in their packaging. Recycled PET reduces dependence on virgin plastic resins and promotes circular economy. However, a major barrier is the limited collection and recycling infrastructure for post-consumer PET waste. The PET market players are investing in improving recycling rates and technologies to bolster the supply of rPET. This trend is likely to continue and shape the future pathway of sustainable plastic packaging.
Porter’s Analysis
Threat of new entrants: The PET market has moderate threat of new entrants due to requirement of high initial investment for equipment and machinery.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like PVC and PP in packaging industry.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes for raw materials.
Threat of new substitutes: Substitutes like PVC and PP pose moderate threat due to price advantage over PET in some applications.
Competitive rivalry: Intense competition exists among existing players to gain market share.
Geographical Regions
Asia Pacific region accounts for around 50% of the global PET market value due to large manufacturing and high consumption of packaged beverages and food in countries like China, India. North America and Europe are also major regions concentrating around 30-35% share due to stringent regulations regarding usage of recyclable plastics in packaging. The Middle East and Africa region is expected to witness highest CAGR during the forecast period due to increasing demand for bottled water and expansion of beverage industry in developing countries.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it