Hyderabad, July 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Polyethylene Terephthalate Resin Market Report (2023-2028)," the market is estimated at 28,494.61 metric kilotons in 2023. It is expected to register a CAGR of 4.50% during the forecast period (2023-2028).
The growing consumption of polyethylene terephthalate resin in food and beverage packaging and the demand for energy-efficient and sustainable packaging, along with the high recycling rate of PET across the globe, is expected to boost the market. The increasing awareness regarding bio-based PET and increasing R&D activities and investments in PET technology are also likely to act as prospects for the polyethylene terephthalate (PET) market’s growth.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | 28,494.61 metric kilotons |
| Market Size (2028) | 35,509.46 metric kilotons |
| CAGR (2023 – 2028) | 4.50% |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Study Period | 2018 - 2028 |
| Forecast Units | Value (metric kilotons) |
| Report Scope | Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The increasing utilization of polyethylene terephthalate resin in food and beverage packaging and the high recycling rate of PET. |
| The increasing awareness concerning bio-based PET and increasing R&D activities and investments in PET technology. |
Who are the Top Companies in the Polyethylene Terephthalate Resin Market?
The PET resin market is consolidated by nature. In 2023, the top PET companies with a majority of the market share include:
- Alpek SAB de CV
- China Petrochemical Corporation
- CR Chemical Materials Technology Inc.
- Far Eastern New Century Corporation
- Hengli Group Co. Ltd
- Indorama Ventures Public Company Limited
- Lotte Chemical Corporation
- Mitsubishi Chemical Corporation
- Reliance Industries Limited
- SABIC
- Sanfangxiang Group Co. Ltd
- Zhejiang Hengyi Group Co. Ltd
- Zhejiang Zhink Group Co. Ltd
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Key Highlights from the Polyethylene Terephthalate Resin Market Report:
Elevated Demand from the Food and Beverage Industry
- PET-based bottles are widely used in beverage packaging because of their lightweight nature and moisture and water-resistant characteristics. Microwave-compatible food trays are penetrating the processed and packaged food market because of growing consumption by the end-user group.
- The growing popularity of online food delivery systems has prompted the utilization of flexible packaging products made from lightweight materials. The demand for PET-based packaging trays, containers, bottles, and others has witnessed a significant increase globally.
Asia-Pacific Region is Expected to Lead the Market
- The PET market in the Asia-Pacific region is driven by population growth, the ascent in disposable income, urbanization in developing economies, and mounting demand for fast-moving consumer goods.
- The Asia-Pacific electronics industry flourished recently due to the high demand from countries like India and China. China is a robust and favorable market for electronics producers due to the country’s low labor cost and flexible policies.
- China is also a significant producer of PET resins, with PetroChina Group and Jiangsu Sangfangxiang being among the largest global manufacturers in terms of volume, with capacities of more than 2 million tons.
What are the latest developments in the Polyethylene Terephthalate Resin Market?
- In February 2022, Alpek signed an agreement to acquire OCTAL Holding SAOC ("Octal"). The acquisition will help to develop Alpek's global position and increase its value-added production offerings in polyethylene terephthalate sheets.
- In January 2022, NN, a Vietnamese PET converter, was proposed to be acquired by Indorama Ventures. The planned acquisition is projected to assist IVL in strengthening its market position in the packaging sector in Asia-Pacific areas with high growth.
Mordor Intelligence has Segmented the Polyethylene Terephthalate Resin Market Based on Product Type, End-User Industry, and Geography:
- Product Type (Market Size and Forecast based on Value (metric kilotons), 2018-2028)
- Bottles
- Films and Sheets
- Other Product Types (Fibers, Thermoforming, and Glass Fiber)
- End-user Industry (Market Size and Forecast based on Value (metric kilotons), 2018-2028)
- Food and Beverage
- Consumer Goods
- Other End-user Industries
- Geography
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- Italy
- France
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Asia-Pacific
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those looking to understand this industry. Get a glance at the Polyethylene Terephthalate Resin Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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