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The rising demand for polyethylene terephthalate in food and beverage packaging, such as carbonated soft drink packaging are expected to drive innovation in polyethylene terephthalate manufacturing, thus driving the market during the forecast period.

The global polyethylene terephthalate market is expected to grow from $39.18 billion in 2022 to $42.71 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%. The global polyethylene terephthalate market size is expected to grow from $59.39 billion in 2027 at a CAGR of 8.6%.

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Global Polyethylene Terephthalate Market Segments Include:

• By Product Type: Virgin, Recycle
• By Application: Beverages, Sheets & Films, Consumer Goods, Food Packaging, Other Applications (Cosmetic Bottles and Household Products)
• By End User Industry: Packaging, Electrical & Electronics, Automotive, Construction, Other End Use Industries (Material Handling and Strapping)
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global polyethylene terephthalate market in 2021.

Major Market Players in the polyethylene terephthalate market include Far Eastern New Century Corporation, Hengli Group Co. Ltd., Indorama Ventures Public Company Limited, JBF Industries Ltd.

Major companies are increasingly manufacturing bio-based PET using partially recyclable materials. Bio-based PET is a lightweight, recyclable, biodegradable, and reusable bioplastic material derived from biomass. It consists of 30% plant-derived ethanol glycol and 70% terephthalic acid derived from fossils. This is also used for the packaging of soft drinks, alcoholic beverages, food products, cosmetics, pharmaceutical products, and edible oils. The desire to use environmentally friendly products and stringent regulations have encouraged the use of bio-friendly products in industries and have resulted in an increased demand for bio-based PET. For instance, Eastlon consists of 30% renewable raw materials. Bio-PET has the same mechanical and thermal properties as fossil PET as a drop-in bioplastic.Applications include transparent packaging and bottles. Eastlon is 100% recyclable. A demonstration plant with an expected capacity of 18,000 tons of biomass will be built in Ontario (Canada) and will start producing 100% bio-based PET bottles by 2020.

The Polyethylene Terephthalate Global Market Report 2023  provides a polyethylene terephthalate market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The polyethylene terephthalate market forecast analyzes polyethylene terephthalate market size, polyethylene terephthalate market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Polyethylene terephthalate is a high-gloss, crack-resistant transparent plastic. These are general-purpose thermoplastic polymers produced by the reaction of mono ethylene glycol (MEG) and purified terephthalic acid (PTA) and are known for their excellent combination of mechanical, thermal, chemical, and dimensional stability.

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