The global Polyethylene Terephthalate Market Growth Accelerated by Increasing Demand from Packaging Industry

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Polyethylene terephthalate or PET is widely used in packaging various consumer goods and food and beverages due to its lightweight, high strength, transparency, and chemical resistance. It is used in manufacturing bottles for water, carbonated soft drinks, packaged foods, and personal care products. The growing demand for packaged and processed food and ready-to-eat meals is driving the growth of the global PET market.

The global Polyethylene Terephthalate Market is estimated to be valued at US$ 53.53 billion in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing demand from the packaging industry, especially from food and beverage sector for carbonated soft drinks and bottled water, has been a major growth driver for the PET market. PET packaging provides lightweight, durability and maintains product freshness for a longer duration in comparison to other conventional packaging materials. PET bottles offer barrier protection against moisture, gas, and other environmental contaminants thereby extending the shelf life of packaged products. The enhanced properties of PET allow for its use across a wide range of application industries thereby accelerating the adoption of PET packaging formats globally.

Segment Analysis
Polyethylene Terephthalate (PET) Market size is segmented into bottles, films & sheets, others. The bottles segment dominates the market and accounts for over 60% share. PET bottles are widely used for packaging of beverages such as packaged drinking water, carbonated soft drinks, alcoholic drinks and others due to its light weight and transparency properties. PET bottles provide oxygen and moisture barrier hence widely preferred by beverage manufacturers.

Key Takeaways

The global Polyethylene Terephthalate (PET) Market is expected to witness high growth over the forecast period. The global Polyethylene Terephthalate Market is estimated to be valued at US$ 53.53 billion in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2031.

China dominates the Asia Pacific PET market. Asia Pacific region dominates the PET market, led by China. High demand from packaging industry especially for bottled beverages drives the market in the region. Rapid industrialization and increasing disposable income in developing economies such as India and Southeast Asian countries offer growth opportunities in the coming years.

Key players related content comprises Key players operating in the Polyethylene Terephthalate (PET) Market are Medtro, Indorama Ventures, JBF Industries, DAK Americas, and M&G Chemicals.

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