Polyethylene Terephthalate (PET) Market Research: In-depth Analysis and Insights for 2032
Polyethylene Terephthalate (PET) Industry Trends
The global PET market is driven by the surge in demand for packaged food and beverages and the rising need for sustainable packaging.
WILMINGTON, DELAWARE, UNITED STATES, May 23, 2024 /EINPresswire.com/ -- Allied Market Research published a report titled, โPolyethylene Terephthalate (PET) Market By Type (Virgin, Recycled), By Application (Packaging, Automotive, Construction, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.โ According to the report, the global polyethylene terephthalate (PET) industry generated $30.3 billion in 2022 and is anticipated to reach $54.4 billion by 2032, witnessing a CAGR of 6.1% from 2023 to 2032.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ ๐๐ซ๐จ๐๐ก๐ฎ๐ซ๐: Polyethylene Terephthalate Market Sample
๐๐ซ๐ข๐ฆ๐ ๐๐๐ญ๐๐ซ๐ฆ๐ข๐ง๐๐ง๐ญ๐ฌ ๐จ๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก
The global PET market is driven by the surge in demand for packaged food and beverages and the rising need for sustainable packaging. However, increasing crude oil prices and fluctuating raw material costs are expected to hamper growth. Technological advancements in PET production and rising demand in the automotive and electronics industries are projected to offer lucrative opportunities for market growth in the coming years.
๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฏ๐๐ซ๐๐ ๐ & ๐๐๐ญ๐๐ข๐ฅ๐ฌ
- Forecast Period: 2023โ2032
- Base Year: 2022
- Market Size in 2022: $30.3 billion
- Market Size in 2032: $54.4 billion
- CAGR: 6.1%
- Pages in Report: 250
- Segments Covered: Type, Application, Region
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ:
- Changing consumer preferences
- Surge in demand for eco-friendly packaging
๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ:
- Rise in demand for PET in the automotive industry
๐๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ:
- Hazardous effects of plastic packaging
- Volatile raw material prices
๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐ฌ
๐๐ฒ๐ฉ๐
Virgin:
The virgin segment accounted for around three-fourths of the global PET market revenue in 2022 and is projected to maintain its lead during the forecast period. Virgin PET, made from petrochemical feedstock, offers exceptional properties such as non-reactivity to food and water and shatterproof nature, driving its use in flexible packaging applications.
Recycled:
The recycled segment is expected to witness the fastest CAGR of 6.3% from 2023 to 2032.
๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง
Packaging:
The packaging segment held the largest share in 2022, contributing to nearly three-fourths of the global PET market revenue, and is projected to maintain its lead. PET is widely used in producing sheets, films, bottles, microwavable containers, rigid cosmetic jars, and transparent films.
๐๐จ๐ง๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ข๐จ๐ง:
The construction segment is projected to display the highest CAGR of 6.6% during the forecast period.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ
Asia-Pacific:
Asia-Pacific accounted for the highest market share in terms of revenue in 2022, around one-third of the global PET market revenue, and is likely to dominate the market through 2032. The region's growth is driven by the expanding food & beverage industry and rising demand for packaged and ready-to-eat food and beverages.
๐๐๐๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
- 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.
The report provides a detailed analysis of these key players, including their business performance, operating segments, product portfolio, and strategic moves.
๐๐๐๐๐ฌ๐ฌ ๐๐ญ๐๐ญ๐ข๐ฌ๐ญ๐ข๐๐๐ฅ ๐๐๐ญ๐ ๐๐ง๐ ๐๐ซ๐๐ฉ๐ก๐ฌ, ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ' ๐๐ญ๐ซ๐๐ญ๐๐ ๐ข๐๐ฌ: Purchase Options
๐๐๐จ๐ฎ๐ญ ๐๐ฌ
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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