PET (Resin) Market was valued at USD 47.9 Billion in 2022 and is projected to reach USD 70.3 Billion by 2030, growing at a CAGR of 5.0% from 2024 to 2030.
Looking ahead, the PET resin market outlook from 2023 to 2033 is expected to remain strong, although there are some shifts in demand trends. The shift towards sustainable practices and increased regulation around plastic waste management will likely drive the continued growth of rPET. More industries, particularly beverage and consumer goods, are adopting rPET in their packaging materials to reduce their carbon footprint. With demand for sustainable packaging expected to rise, rPET will account for a larger share of the market, especially in regions like North America and Europe. Additionally, there is anticipated growth in the automotive and medical sectors, where PET is valued for its lightweight, durable, and chemical-resistant properties.
As for growth rates, the demand for PET is projected to expand at a compound annual growth rate (CAGR) of around 5-6% from 2023 to 2033. Key drivers include the continuous expansion of e-commerce, the development of smart packaging technologies incorporating RFID and NFC capabilities, and the increasing use of bioplastics as an alternative to traditional plastics. Furthermore, emerging economies, especially in Asia, are expected to continue driving the demand for PET, particularly in packaging applications.
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The PET (Resin) market from 2018 to 2022 experienced steady growth driven by increasing demand in the packaging and textile industries. The global consumption of PET resin surged with the growing need for lightweight, durable packaging solutions and the rise of sustainable packaging practices. As of 2022, the PET market was valued at over USD 20 billion, with Asia Pacific accounting for a significant portion of the global consumption. Demand for PET resin was primarily fueled by the booming e-commerce sector and the expansion of the food and beverage industries. The shift towards recycled PET (rPET) also played a vital role, with companies focusing on reducing plastic waste and enhancing sustainability in production.
Indorama Ventures (Thailand)
M&G Chemicals (Luxembourg)
Jiangsu Sanfangxiang (China)
Far Eastern New Century (Taiwan)
Alpex (Mexico)
BASF (Germany)
Toray Industries (Japan)
DSM (Netherlands)
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global PET (Resin) Market
Automotive
Electrical & Electronics
Consumer Goods
Industrial
Others
Based on Types the Market is categorized into Below types that held the largest PET (Resin) market share In 2023.
Bottles
Films/Sheets
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global PET (Resin) Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global PET (Resin) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global PET (Resin) Market, By Type
6. Global PET (Resin) Market, By Application
7. Global PET (Resin) Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global PET (Resin) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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