Global Polyethylene Terephthalate (PET) Market Driven by

The Polyethylene Terephthalate Global Market Report 2023 by The Business Research Company, provides polyethylene terephthalate market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Polyethylene Terephthalate Global Market Report 2023, the global polyethylene terephthalate market size will grow from $39.18 billion in 2022 to $42.71 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global polyethylene terephthalate is expected to grow from $59.39 billion in 2027 at a CAGR of 8.6%.

The rising demand for polyethylene terephthalate in food and beverage packaging, such as carbonated soft drink packaging, contributed to the growth of the polyethylene terephthalate market. The increasing demand for bottled drinks and glass and metal container replacements finds no better alternatives to polyethylene terephthalate due to its versatility in shape and size.

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The polyethylene terephthalate market is segmented:

1) By Product Type: Virgin, Recycle

2) By Application: Beverages, Sheets & Films, Consumer Goods, Food Packaging, Other Applications (Cosmetic Bottles and Household Products)

3) By End User Industry: Packaging, Electrical & Electronics, Automotive, Construction, Other End Use Industries (Material Handling and Strapping)

Major companies are increasingly manufacturing bio-based PET using partially recyclable materials. Bio-based PET is a lightweight, recyclable, biodegradable, and reusable bioplastic material derived from biomass. It consists of 30% plant-derived ethanol glycol and 70% terephthalic acid derived from fossils. This is also used for the packaging of soft drinks, alcoholic beverages, food products, cosmetics, pharmaceutical products, and edible oils. The desire to use environmentally friendly products and stringent regulations have encouraged the use of bio-friendly products in industries and have resulted in an increased demand for bio-based PET. For instance, Eastlon consists of 30% renewable raw materials. Bio-PET has the same mechanical and thermal properties as fossil PET as a drop-in bioplastic.Applications include transparent packaging and bottles. Eastlon is 100% recyclable. A demonstration plant with an expected capacity of 18,000 tons of biomass will be built in Ontario (Canada) and will start producing 100% bio-based PET bottles by 2020.

The polyethylene terephthalate market report table of contents includes: