Crystalline Polyethylene Terephthalate (PET) Market Size, Share, Demand, Forecast 2033

Crystalline Polyethylene Terephthalate (PET) Market By Application (Cups, Trays, Bottles, Film & Sheets, Others), By Manufacturing Process (Molding, Extrusion), By End-User (Pharmaceutical, Food & Beverages, Others), and By Region: Global Data Interpretation, Analysis and Forecast 2024-2033

Report Code : 19
Published Date : 14/07/2024
Number of Pages : 191
Report Format : PDF

Description

The global Crystalline Polyethylene Terephthalate (PET) market size generated approximately $10.48 Billion in revenue in 2023 and is projected to reach $22.17 Billion by 2033, reflecting a forecasted compound annual growth rate (CAGR) of 7.8%.

Crystalline Polyethylene Terephthalate (PET) Market: Overview

Polyethylene terephthalate (PET) is a widely used thermoplastic polymer resin that, when crystallized, forms crystalline polyethylene terephthalate (PET). This material finds extensive applications in the packaging industry, particularly within the food sector. PET is recognized as a versatile engineering-grade plastic, offering excellent chemical and thermal resistance, as well as enhanced mechanical properties. Its high melting point of 255°C and glass transition temperature of 70°C allow it to retain its properties under high-temperature conditions.

Crystalline Polyethylene Terephthalate (PET) Market: Growth Drivers

Increasing Applications in the Food & Beverage Industry

The global market for crystalline polyethylene terephthalate (PET) is expected to grow significantly due to its rising use in the food and beverage sector, one of the fastest-growing industries worldwide. The non-toxic nature of crystalline PET makes it ideal for food and drink packaging, which must adhere to stringent safety protocols. Regulations vary by country, but international standards such as the Codex Alimentarius, or Food Code, provide guidelines for consumer health protection and fair trade practices.

Crystalline Polyethylene Terephthalate (PET) Market: Key Players Analysis

  • LA SEDA DE Barcelona (LSB)
  • The DOW Chemical Company
  • Treform Packaging Ab
  • Far Eastern New Century Corporation
  • Indorama Ventures Public Company Limited
  • Petro Polymer Shargh
  • Saudi Basic Industries Corporation
  • Petrotemex
  • Dak Americas LLC
  • and Quadrant

Crystalline Polyethylene Terephthalate (PET) Market: Restraints

The market may face growth challenges due to ongoing research and development aimed at finding more sustainable food packaging methods. Despite being non-toxic and renewable, crystalline polyethylene terephthalate (PET) contains certain chemicals that may deter consumers who prefer organic and eco-friendly packaging options. This shift in consumer preference could impact market revenues in the future.

Crystalline Polyethylene Terephthalate (PET) Market: Opportunities

The market could benefit from increased emphasis on eco-friendly packaging by international, domestic, and government agencies. Addressing packaging waste is a major concern in today’s world, and adopting eco-friendly solutions could drive market expansion.

Crystalline Polyethylene Terephthalate (PET) Market: Challenges

The high cost of polyethylene terephthalate, which is an engineered resin, poses a significant challenge for market players. PET is more expensive than commercial or commodity resins like high-density polyethylene. Additionally, despite its recyclability, PET’s high cost may lead some agencies to choose less expensive, less eco-friendly alternatives, affecting market growth.

Report Scope:

Report Attributes Report Description
Report Name Crystalline Polyethylene Terephthalate (PET) Market Research Report
Market Size in 2023 USD 10.48 Billion
Market Size By 2033 USD 22.17 Billion
CAGR (2024-2033) 7.8%
Base Year 2023
Historic Period 2020 to 2022
Forecast Period 2024 – 2033
Market Segments By Sex, By Product, By Provider, and By Region.
Comeptitive Landscape LA SEDA DE Barcelona (LSB), The DOW Chemical Company, Treform Packaging Ab, Far Eastern New Century Corporation, Indorama Ventures Public Company Limited, Petro Polymer Shargh, Saudi Basic Industries Corporation, Petrotemex, Dak Americas LLC, and Quadrant
Regional Analysis North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Customization Scope Free report customization Available after purchase. Report segments, country based Customization will be provided. Moreover, additional customization can be done based on the requirements.

Crystalline Polyethylene Terephthalate (PET) Market: Segmentation Analysis

The global crystalline polyethylene terephthalate (PET) market is segmented by application, manufacturing process, end-user, and region.

By Application:

  • Cups
  • Trays
  • Bottles
  • Film & Sheets
  • Others

The bottles segment, particularly in the food and beverages industry, generates the highest revenue. Crystalline PET bottles are valued for their antimicrobial properties and ability to ensure hygiene and product protection.

By Manufacturing Process:

  • Molding
  • Extrusion

In 2022, the molding process dominated the market. Molding is preferred for creating three-dimensional packaging structures, whereas extrusion is used for linear and two-dimensional structures.

By End-User:

  • Pharmaceutical
  • Food & Beverages
  • Others

The food and beverages sector generated the highest revenue in 2022, with significant contributions from the pharmaceutical sector due to the non-toxic nature of crystalline PET, which maintains product quality.

Crystalline Polyethylene Terephthalate (PET) Market: Regional Analysis

The Asia-Pacific region is anticipated to drive the global market, with China leading in market share. China is both the largest producer and consumer of PET bottles, driven by its growing population and increasing demand in the food and beverage sector. Additionally, China’s economic ambitions contribute to the rise in product demand.

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa
  • LA SEDA DE Barcelona (LSB)
  • The DOW Chemical Company
  • Treform Packaging Ab
  • Far Eastern New Century Corporation
  • Indorama Ventures Public Company Limited
  • Petro Polymer Shargh
  • Saudi Basic Industries Corporation
  • Petrotemex
  • Dak Americas LLC
  • and Quadrant

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