Market Size of asia-pacific polyethylene terephthalate (pet) Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 11.52 Billion |
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Market Size (2029) | USD 15.59 Billion |
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Largest Share by End User Industry | Packaging |
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CAGR (2024 - 2029) | 6.24 % |
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Largest Share by Country | China |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Polyethylene Terephthalate (PET) Market Analysis
The Asia-Pacific Polyethylene Terephthalate (PET) Market size is estimated at 11.52 billion USD in 2024, and is expected to reach 15.59 billion USD by 2029, growing at a CAGR of 6.24% during the forecast period (2024-2029).
11.52 Billion
Market Size in 2024 (USD)
15.59 Billion
Market Size in 2029 (USD)
4.21 %
CAGR (2017-2023)
6.24 %
CAGR (2024-2029)
Largest Market by End-user Industry
93.77 %
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
7.71 %
Projected CAGR, Electrical and Electronics, 2024-2029
With the rising demand for PET films in the electrical & electronics sector owing to their high insulation, mechanical, and electrical properties it is projected to grow at the fastest rate.
Largest Market by Country
55.21 %
value share, China, 2023
China held the largest share in the Asia-Pacific PET market owing to its significant share in regional plastic packaging production and electrical production, amounting to 52.3% and 68.01%, respectively.
Fastest Growing Market by Country
6.46 %
Projected CAGR, India, 2024-2029
With electronics production likely to record a CAGR of 7.96% during the forecast period, India is forecast to be the fastest-growing consumer in the market.
Leading Market Player
9.18 %
market share, China Resources (Holdings) Co.,Ltd., Ltd.
In 2022, the company held the largest market share while accounting for the highest production capacity of PET resin in the region, amounting to around 2.1 million tons per year. CR Holdings also offers various grades, including bottles.
The dominance of the packaging sector over PET is gradually shrinking
- PET has many applications in the packaging and electrical and electronics industries, including packaging foods and beverages, particularly convenience-sized soft drinks, water, coil forms, and electrical devices. Packaging and electrical and electronics industries accounted for 93.92% and 3.80%, respectively, of the revenue of the Asia-Pacific PET market in 2022.
- The packaging industry is the region's largest end-user industry for PET resin. Key factors influencing the region's plastic packaging industry include rising population, rising income levels, and changing lifestyles. The growth prospects of end-user segments such as FMCG, food and beverages, and pharmaceuticals are driving increased demand for the plastic packaging industry. Plastic packaging production in the region is expected to reach 90.7 million tons in 2029 from 70.9 million tons in 2023, registering a CAGR of 4.18%. As a result, the rising demand for packaging in the region is expected to drive the PET resin demand in the future.
- Electrical and electronics is expected to be the fastest-growing industry in the region, by value, registering a CAGR of 7.75% during the forecast period, 2023-2029. The rapid pace of electronic technological innovation drives consistent demand for newer and faster electrical and electronic products. The surge in demand for technologically advanced consumer electronics and appliances, such as smartphones, laptops, and televisions, is expected to boost consumer electronics demand during the forecast period. The consumer electronics in the region is projected to reach USD 565.5 billion in 2027 from USD 518.0 billion in 2023. As a result, the increase in electrical and electronics production in the region is projected to drive the demand for PET resin in the future.
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Understand The Key Trends Shaping This Market
China to dominate Asia-Pacific PET consumption owing to demand from various industries
- Asia-Pacific accounted for 42.47% of the global consumption of polyethylene terephthalate resin in 2022. Polyethylene terephthalate is an important polymer in Asia-Pacific for various industries, including packaging.
- China is the largest consumer of this resin in the region owing to its growing packaging, automotive, and electronics industries. Packaging held a share of around 94.8% in 2022 and is driving the demand for polyethylene terephthalate resins in the country. The rising production in the packaging, automotive, and electrical and electronics industries is expected to drive the demand for polyethylene terephthalate resin in the country during the forecast period.
- India is the region's second-largest plastic packaging producer, and its demand for polyethylene terephthalate resins is increasing significantly due to growing packaging production. In 2022, the country produced 4,158,800 tons, a 3.97% increase over 2021. The country's vehicle production is also expanding, and it may amount to 33,300,764 units in 2023. These factors are expected to drive the demand for polyethylene terephthalate resins in the country.
- India is among the fastest-growing countries in terms of the use of polyethylene terephthalate resin. It is expected to register a CAGR of 6.49% by revenue during the forecast period (2023-2029), in line with the growing demand for resin in the country. For the promotion of the plastic industry in the country, the government has taken various industry-friendly policy initiatives, such as deregulating the petrochemical industry and allowing 100% FDI under the automatic route to facilitate fresh investments.
