Market Size of europe polyethylene terephthalate (pet) Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 5.38 Billion |
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Market Size (2029) | USD 7.17 Billion |
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Largest Share by End User Industry | Packaging |
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CAGR (2024 - 2029) | 5.91 % |
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Largest Share by Country | Russia |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Europe Polyethylene Terephthalate (PET) Market Analysis
The Europe Polyethylene Terephthalate (PET) Market size is estimated at 5.38 billion USD in 2024, and is expected to reach 7.17 billion USD by 2029, growing at a CAGR of 5.91% during the forecast period (2024-2029).
5.38 Billion
Market Size in 2024 (USD)
7.17 Billion
Market Size in 2029 (USD)
4.68 %
CAGR (2017-2023)
5.91 %
CAGR (2024-2029)
Largest Market by End-user Industry
97.47 %
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
6.57 %
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
18.37 %
value share, Russia, 2023
Owing to the high demand for PET resin, mostly in the food and beverages industry, Russia accounted for the largest market share among European countries.
Fastest Growing Market by Country
6.63 %
Projected CAGR, Russia, 2024-2029
With plastic packaging production projected to record a CAGR of around 4.49% over the forecast period, Russia is forecast to witness the fastest growth in the market.
Leading Market Player
37.70 %
market share, Indorama Ventures Public Company Limited, 2022
Accounting for the highest production capacity of around 1.8 million tons per year of PET resin in 2022 in Europe, the company held the largest market share. Indorama offers various grades, including bottles, sheets, and films.
Packaging sector to dominate the market over the coming years
- PET has a broad range of applications in packaging and electrical and electronics sectors, where it is used to package foods and beverages, especially convenience-sized soft drinks and water, as well as in coil forms, electrical encapsulation, electrical devices, solenoids, and smart meters. In 2022, PET resin accounted for approximately 22% of Europe's total revenue in the engineering plastics market.
- The packaging industry is the largest end-user of PET resin in the region. Factors such as rising population, increasing income levels, and changing lifestyles fuel the growth of the plastic packaging industry. Growing end-user segments, such as FMCG, food and beverages, pharmaceuticals, and other segments, drive the demand for plastic packaging. Plastic packaging production in Europe is projected to increase from 31.4 tons in 2023 to around 39.8 tons by 2029. The e-commerce sector in the region is anticipated to reach a revenue of approximately USD 1040.0 billion in 2027, up from USD 712.6 billion in 2023. Consequently, the growing demand from the packaging industry is expected to drive the demand for PET resin during the forecast period.
- The electrical and electronics industry is the fastest-growing industry for PET resin in the region, with a CAGR of 6.69% in terms of value during the forecast period. The region's electrical and electronics production revenue is projected to increase from USD 808.9 billion in 2023 to USD 1140.7 billion in 2027. Consumer electronics in the region is projected to reach a revenue of around USD 225.9 billion in 2027, up from USD 210.9 billion in 2023. As a result, the growing electrical and electronics production in the region is expected to fuel the demand for PET resin in the future.
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Understand The Key Trends Shaping This Market
Russia to remain dominant market player during the forecast period
- Polyethylene terephthalate (PET) has a wide range of applications in the packaging and electrical and electronics industries, such as for packaging foods and beverages, specifically convenience-sized soft drinks, juices, water and coil forms, electrical encapsulation, electrical devices, solenoids, and smart meters. The European segment accounted for 23% of the global PET resin consumption by value in 2022.
- Russia is the largest and fastest-growing consumer of PET resin in Europe and is expected to register a CAGR of 6.53% by value during the forecast period (2023-2029). Flexible plastic packaging witnessed significant growth in the country owing to its durability, low weight, cost-effectiveness, and easy handling properties. Plastic packaging production in the country is projected to reach 8.19 million tons in 2029 from 6.29 million tons in 2023. The e-commerce market in the country is projected to reach USD 67.73 billion in 2027 from USD 40.92 billion in 2023. As a result, the growth in the Russian packaging industry is projected to drive the demand for PET resin during the forecast period.
- Germany is the second-largest consumer of PET resin in the European region owing to its growing packaging, electrical and electronics, and industrial machinery industries. The preference for processed and packaged foods has propelled the food packaging market in the country due to rapidly developing lifestyles and economic growth. Germany's plastic packaging production accounted for around 14.9% of the European total in 2022. The country also has one of the largest e-commerce markets in Europe, projected to reach around USD 211.2 billion in 2027 from USD 147.6 billion in 2023. The rising packaging industry is projected to drive the demand for PET resins during the forecast period.
