Market Size of north america polyethylene terephthalate (pet) Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 5.32 Billion |
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Market Size (2029) | USD 7.14 Billion |
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Largest Share by End User Industry | Packaging |
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CAGR (2024 - 2029) | 6.07 % |
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Largest Share by Country | United States |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
North America Polyethylene Terephthalate (PET) Market Analysis
The North America Polyethylene Terephthalate (PET) Market size is estimated at 5.32 billion USD in 2024, and is expected to reach 7.14 billion USD by 2029, growing at a CAGR of 6.07% during the forecast period (2024-2029).
5.32 Billion
Market Size in 2024 (USD)
7.14 Billion
Market Size in 2029 (USD)
2.91 %
CAGR (2017-2023)
6.07 %
CAGR (2024-2029)
Largest Market by End-user Industry
96.53 %
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
8.02 %
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
90.26 %
value share, United States, 2023
Owing to its huge share of around 75.51% in North American plastic packaging production, the United States generated the highest demand for PET resins across the region.
Fastest Growing Market by Country
6.26 %
Projected CAGR, Mexico, 2024-2029
With plastic packaging production expected to record a CAGR of around 4.2% in Mexico during the forecast period, the country is projected to witness the fastest growth in the market.
Leading Market Player
49.14 %
market share, Alfa S.A.B. de C.V., 2022
With the largest production capacity of around 1.8 million tons per year of PET resin in 2022 in North America, the company holds the largest share of the market. It also offers various grades, mainly for packaging applications.
Growing demand from packaging and electrical and electronics industry may drive the market demand for PET during the forecast period
- Polyethylene terephthalate has a wide range of applications in packaging and electrical and electronics, such as packaging foods and beverages, especially convenience-sized soft drinks, juices, and water, coil forms, electrical encapsulation, electrical devices, solenoids, and smart meters. Packaging and electrical and electronics accounted for around 96.6% and 2.0% of the revenue of the region's polyethylene terephthalate market, respectively, in 2022.
- The packaging industry is the largest consumer of PET resins in the region due to the significant increase in single-person homes and busy lifestyles, resulting in increased demand for functional, prepackaged, and convenient food products. North America is one of the dominant markets in the packaging industry at a global level, with plastic packaging production having a volume of 22.4 million in 2022.
- The electrical and electronics industry is the second largest in the region, especially in the United States. The industry accounted for 1.6% of the GDP and generated a revenue of USD 576.1 billion in 2022 in the region, increasing demand for electrical and electronics and encouraging the onset of electric vehicles, autonomous robots, and top-secret defense technologies.
- The electrical and electronics industry is expected to be the region's fastest-growing consumer of PET resins by revenue, with an expected CAGR of 8.18%, due to increasing applications of PET for plastic composites in electrical and electronics products.
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Understand The Key Trends Shaping This Market
United States to dominate the PET market due to the dominance of the packaging industry
- North America accounted for 17.3% of the global consumption of polyethylene terephthalate (PET) resin in 2022 by volume. PET resin is one of the key polymers used in North America due to its dominance in the packaging industry.
- The United States held the largest market share of 90.29% in 2022, a growth of 7.68% by value compared to the previous year, attributed to the country's dominance in the North American packaging industry. The country occupies 80% of North American plastic packaging production in terms of volume. Busier lifestyles, rising purchasing power, and growing demand for quick and on-the-go packaged goods are boosting the US packaging industry and the PET market.
- The growth of the FMCG, food, beverage, and e-commerce sectors drives Mexico's demand for PET resin. In 2022, the country's plastic production volume accounted for 11.91% of the North American market. In 2022, it increased at a rate of 3.87% from the previous year. The rising plastic packaging production is projected to drive the demand for PET resin in the country in the coming years.
- Mexico is also expected to be the fastest-growing consumer of PET resin in North America, with a CAGR of 6.25% in terms of value during the forecast period. Consumers in the country are looking for packaging that provides convenience and safety, portability, and product freshness. Thus, plastic packaging production in the country is expected to reach 3.57 million tons by 2029 from 2.79 million tons in 2023.
