Polyethylene Terephthalate (PET) Resin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by Product Type (Bottles, Films & Sheets, and Others), End-user Industry (Food & Beverage, Automotive, Electrical & Electronics, Healthcare, Consumer Goods, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Global Polyethylene Terephthalate (PET) Resin Market in volume (kilo ton) for all the above segments.

Market Snapshot

Polyethylene Terephtalate Market Overview
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >5 %

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Market Overview

The Global Polyethylene Terephthalate (PET) Resin Market was estimated at over 80 million tons in 2021 and the market is projected to register a CAGR of over 5% during the forecast period (2022-2027).

COVID-19 had a negative influence on the market. Several nations went into lockdown as a result of the epidemic, causing supply chain problems, labour shortages, and work stoppages. Various end-user sectors, including electrical and electronics, consumer products, food and beverage, and others, were badly hit as a result of this. The demand for polyethylene terephthalate resin suffered as a result of this. Automobile manufacturing climbed by 9.8% in the first nine months of 2021 compared to the previous year, according to the OICA. In 2022, the situation is anticipated to improve, restoring the growth trajectory of market studied.

  • Over the short term, growing food and beverage industry, increase in PET collection and recycling rates in Europe, and demand for sustainable and recyclable materials, are driving the market's growth. The food industry has been witnessing robust growth in the Asia-Pacific and Middle-East and African regions. The rising income levels and the increasing population levels are the primary factors that have been driving the growth of the food industry in these regions. Moreover, with huge scope for growth in these regions, new investments are being observed in the food and beverage sector, which is intended toward setting up of individual confectionaries, food processing, and beverage producing facilities.
  • On the flip side, stringent regulations regarding the usage of PET and increasing usage of substitute products, such as high-density polyethylene, are expected to hinder the growth of the market studied.
  • The shift towards flexible packaging and advent of bio-based PET are likely to act as opportunities for the market's growth in the future.
  • The bottles segment accounted for the largest market share of more than 50%. Furthermore, it is estimated to register a healthy CAGR during the forecast period.

Scope of the Report

The raw materials used in the production of PET are mono ethylene glycol (MEG), purified terephthalic acid (PTA), and dimethyl terephthalate (DMT). The PET resin is processed to convert it into bottles, fibers, films and sheets, which are then used in various applications for many end-user industries, such as, food and beverage, healthcare, consumer appliances, and other end-user industries. The polyethylene terephthalate (PET) resin market is segmented by product type, end-user industry, and geography. By product type, the market is segmented by Bottles, Films & Sheets, and Others. By end-user industry, the market is segmented by Food & Beverage, Automotive, Electrical & Electronics, Healthcare, Consumer Goods, and Others, The report also offers the market size and forecasts for 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).

Product Type
Bottles
Films & Sheets
Other Product Types {Fibers, Thermoforming, Glass fibre}
End-user Industry
Food & Beverage
Automotive
Electrical & Electronics
Healthcare
Consumer Goods
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Bottles to Dominate the Market

  • As polyethylene terephthalate (PET) is an excellent water and moisture barrier material, plastic bottles made from PET are widely used for: Mineral Water and Soft Drinks (Low and High Carbonated).
  • Apart from the above-mentioned applications, PET bottles are also used for: Alcoholic Beverages, Agro-chemicals, Cosmetic and Pharmaceuticals, Edible Oil, etc.
  • PET bottles are also recycled for various purposes. For example, they are used in solar water disinfection in developing nations, in which empty PET bottles are filled with water and left in the sun to allow disinfection by ultraviolet radiation. PET is useful for this purpose because many other materials (including window glass) that are transparent to visible light are opaque to ultraviolet radiation.
  • According to IBWA Bottles are the largest beverage category by volume in the year 2020. Around 23% of the bottles are utilised for water storage purpose in the United States.
  • PET bottles filled with sand, dirt, fly-ash, or any other material such as domestic plastic garbage, when adequately compacted, may be used as a construction material instead of conventional bricks, according to the Indian Journal of Science and Technology.
  • Owing to the investments from the polyethylene terephthalate manufacturers in Saudi Arabia, the production capacity of PET resin is expected to increase in the coming years. For instance, on January 2019, Pan-Asia PET Resin (Guangzhou) Co., one of the leading PET bottle suppliers in China had launched SAR 3.9 billion manufacturing plant in the country, which produce PET and PTA used in the packaging and fabric industries. Such investments are likley to boost up the demand for PET resins in bottle segment.
  • All the aforementioned factors, in turn, are expected to increase the demand for the PET resin market during the forecast period.
Polyethylene Terephthalate (PET) Resin Market - Segmentation

Asia-Pacific Region to Dominate the Market

  • The PET market in the Asia-Pacific region is driven by the factors, such as population growth, the rise in disposable income, urbanization in developing economies, and growing demand for fast-moving consumer goods.
  • China is a major producer of PET resins with the PetroChina Group and Jiangsu Sangfangxiang among the global largest manufacturers in terms of volume, with capacities of more than 2 million tons.
  • The use of engineering plastic products in the packaging sector (PET containers, bottles, etc.) is increasing at a tremendous rate, owing to their advantages over the conventional packaging plastics used. The demand from industries like food and beverage, consumer goods, and others for packing materials is increasing in China, owing to the increasing exports, as well as domestic consumption.
  • China's food and beverage consumption has evolved dramatically over the past 40 years, and gradually transformed from an industry-driven to a consumption-driven market.
  • The Asia-Pacific electronic industry grew rapidly in the recent past, owing to the high demand from countries, like India and China. China is a strong, favorable market for electronics producers, owing to the country’s low labor cost and flexible policies.
  • Asian PET bottle markets have remained under pressure from a combination of plentiful supplies and buying resistance amid rising COVID-19 cases. However the situation has changed since 2021 as flexible packaging is opted by many industries due to hygiene issues.   
  • All the aforementioned factors, in turn, are expected to increase the demand for the PET resin in the region during the forecast period.
Polyethylene Terephthalate (PET) Resin Market Regional Trends

Competitive Landscape

The global PET resin market is a semi-consolidated market. The major players in the market include Indorama Ventures Public Company Limited, Alpek SAB de CV, Sinopec Group, Far Eastern New Century Corporation, and CR Chemical Materials Technology Inc., among others.

Recent Developments

  • On 11 Jan 2022 NN, a Vietnamese PET converter has been proposed to be acquired by Indorama Ventures. The company is now in the process of obtaining shares in NN. The planned acquisition is intended to assist IVL to strengthen its market position in the packaging sector in Asia-high-growth Pacific areas.
  • In Jan 2019, FENC US JV completed the acquisition of the M&G PTA/PET plant in Texas, the United States.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Food and Beverage Industry

      2. 4.1.2 Demand for Sustainable and Recyclable Materials

    2. 4.2 Restraints

      1. 4.2.1 Stringent Regulations Regarding the Usage of PET

      2. 4.2.2 Increasing Usage of Substitute Products

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Product Type

      1. 5.1.1 Bottles

      2. 5.1.2 Films & Sheets

      3. 5.1.3 Other Product Types {Fibers, Thermoforming, Glass fibre}

    2. 5.2 End-user Industry

      1. 5.2.1 Food & Beverage

      2. 5.2.2 Automotive

      3. 5.2.3 Electrical & Electronics

      4. 5.2.4 Healthcare

      5. 5.2.5 Consumer Goods

      6. 5.2.6 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

        4. 5.3.2.4 Rest of North America

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Alpek S.A.B. de C.V.

      2. 6.4.2 BY Sanfame Group (Jiangsu Sanfangxiang Group)

      3. 6.4.3 CR Chemical Materials Technology Inc.

      4. 6.4.4 Far Eastern New Century Corporation

      5. 6.4.5 Hengli Group Co. Ltd

      6. 6.4.6 Indorama Ventures Public Company Limited

      7. 6.4.7 JBF Industries Ltd

      8. 6.4.8 Lotte Chemical Corporation

      9. 6.4.9 OCTAL

      10. 6.4.10 Reliance Industries Limited

      11. 6.4.11 SABIC

      12. 6.4.12 Sinopec Group

      13. 6.4.13 Zhejiang Hengyi Group Co., Ltd.

      14. 6.4.14 Zhejiang Zhink Group Co., Ltd.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Advent of Bio-based PET

    2. 7.2 Shift toward Flexible Packaging

      1. 7.2.1 Increase in PET Collection and Recycling Rates in Europe

**Subject to Availability

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Frequently Asked Questions

The Polyethylene Terephthalate (PET) Resin Market market is studied from 2017 - 2027.

The Polyethylene Terephthalate (PET) Resin Market is growing at a CAGR of >5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Indorama Ventures Public Company Limited, Far Eastern New Century Corporation, Sinopec Group, CR Chemical Materials Technology Inc., Alpek S.A.B. de C.V. are the major companies operating in Polyethylene Terephthalate (PET) Resin Market.

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