Market Size of africa polyethylene terephthalate (pet) Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 586.26 Million |
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Market Size (2029) | USD 815.38 Million |
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Largest Share by End User Industry | Packaging |
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CAGR (2024 - 2029) | 6.82 % |
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Largest Share by Country | South Africa |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Africa Polyethylene Terephthalate (PET) Market Analysis
The Africa Polyethylene Terephthalate (PET) Market size is estimated at 586.26 million USD in 2024, and is expected to reach 815.38 million USD by 2029, growing at a CAGR of 6.82% during the forecast period (2024-2029).
586.26 Million
Market Size in 2024 (USD)
815.38 Million
Market Size in 2029 (USD)
5.25 %
CAGR (2017-2023)
6.82 %
CAGR (2024-2029)
Largest Market by End-user Industry
98.12 %
value share, Packaging, 2023
Due to the wide range of applications, including bottles, jars, and containers, specifically in the food and beverages industry, the packaging industry held the largest market share.
Fastest Growing Market by End-user Industry
11.64 %
Projected CAGR, Electrical and Electronics, 2024-2029
Due to the rising automotive application of PET, owing to its properties such as lightweight, high strength, and stiffness electronics is projected to be the fastest growing end-user.
Largest Market by Country
25.62 %
value share, South Africa, 2023
South Africa held the largest share of the African PET market in line with its huge volume share of around 29.92% in regional plastic packaging production.
Fastest Growing Market by Country
6.07 %
Projected CAGR, South Africa, 2024-2029
With plastic packaging production likely to record a CAGR of 4.03% during the forecast period, South Africa is forecast to be the fastest-growing country in the market.
Leading Market Player
76.19 %
market share, Safripol division of KAP Diversified Industrial (Pty) Ltd, 2022
In 2022, the company held the largest market share and accounted for the highest production capacity of PET resin in Africa, amounting to around 240 kilotons per year.
Automotive segment to record the fastest-growing demand for PET
- Polyethylene terephthalate has a transparent and semi-crystalline nature, which makes it suitable for a wide range of applications in the packaging and electrical and electronics industries, such as packaging foods and beverages, especially in the bottling of convenience-sized soft drinks, juices, and water, and coil forms for electrical encapsulation, electrical devices, solenoids, and smart meters. In 2022, the African PET resin market grew by 7.69% in value over 2021.
- The packaging segment is the largest end-user industry in the regional market due to significant factors such as the sizes of families becoming smaller and a substantial increase in single-person homes, which is resulting in higher demand for functional, prepackaged, and convenient food products. African plastic packaging production reached a volume of 3.13 million tons in 2022 and is likely to record a CAGR of 4.69% during the forecast period (2023-2029). Such factors are expected to increase the demand for polyethylene terephthalate in the region during the forecast period.
- Automotive is the fastest-growing end-user industry in the region by revenue, expected to record a CAGR of 10.59% during the forecast period (2023-2029). The rapid pace of technological innovation is driving demand for newer and faster automotive products. The initiatives taken by governments in the African region to promote electric vehicles in their respective countries are expected to boost the demand for PET in the near future. The region's vehicle production is projected to reach 1.74 million units by 2029, growing from 1.19 million units in 2022. As a result, the increase in automotive production in the region is projected to drive the demand for PET resin in the future.
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South Africa to remain the major PET consumer in Africa
- PET has a wide range of applications in the packaging and electrical and electronics industries, including in packaging foods and beverages, specifically convenience-sized soft drinks, water, coil forms, electrical encapsulation, electrical devices, and smart meters. Africa accounted for nearly 2.15% of the global consumption of PET resin in 2022. The resins exhibit versatile properties, which find applications in various other industries as well.
- South Africa is the region's largest consumer country of PET resin due to the rising packaging production in the country. South Africa's packaging industry held a revenue share of 25.79% in 2022 in the African PET market. Plastic packaging production in the country increased at an annual rate of 2.20% in 2022 and reached around 0.94 million tons. South Africa is also the fastest-growing country in the region, with a CAGR of 6.24% by value, and it is likely to create more demand for the market in the future.
- Nigeria is the second-largest country in the African PET resin market, which is expected to register a CAGR of 5.86% in terms of value during the forecast period (2023-2029). The country’s demand for PET resin is increasing significantly due to rising plastic packaging production. The plastic packaging production in the country reached around 0.30 million tons in 2022 from around 0.28 million tons in 2021.
- Automotive is the fastest-growing end-user industry in the African region, which is expected to register a revenue CAGR of around 10.59% over the forecast period. Several African countries are investing in local automotive manufacturing to meet the growing demand for vehicles and reduce reliance on imports.
