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Polyethylene Terephthalate (PET) Market Size, Share & Industry Analysis, By Type (Virgin and Recycled), Application (Rigid Packaging, Film, Sheets & Straps, and Others), and Regional Forecast, 2024-2032

Last Updated: May 06, 2024 | Format: PDF | Report ID: FBI101743



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The global polyethylene terephthalate (PET) market size was USD 48.43 billion in 2023 and is projected to grow from USD 52.94 billion in 2024 to USD 109.63 billion by 2032, recording a CAGR of 9.5% during the forecast period.

Polyethylene terephthalate is a semi-crystalline, amorphous thermoplastic that belongs to the polyester family. It is produced using raw materials, such as terephthalic acid and ethylene glycol. PET is recyclable and lightweight, making it an ideal material in the packaging industry. The growing inclination toward high-quality packaging in the pharmaceutical and food & beverage industries will boost the product adoption. Furthermore, enhanced research & development activities and advancements in polymers will fuel the polyethylene terephthalate market growth throughout the forecast period.

The government restrictions on people’s movement due to the COVID-19 pandemic compelled many consumers to switch to online shopping. This created a massive demand for packaging and wrapping films from the e-commerce sector. The growth in the online purchase of essential goods including groceries, medicines, packed foods, and beverages increased the demand for packaging materials from the consumer goods and pharmaceutical sectors during this period. Furthermore, major growth in the e-commerce and healthcare industries fueled the adoption of PET packaging products.

In the current scenario, operations across the packaging sector returned to pre-COVID-19 levels and is working at full capacity. This is set to positively influence the market growth.

Polyethylene Terephthalate (PET) Market Trends

Increasing Adoption of Recycled Polyethylene Terephthalate to Boost Market Progress

The growing demand for recycled PET from various industries, such as packaging, food & beverages, and automotive is expected to provide significant growth opportunities for the market. Some of the major key players in this market are focusing on innovating recyclable plastics in response to growing greenhouse gas emissions and pollution caused by plastic trash. Furthermore, this polymer is an easily recyclable material as compared to other polymers, supporting the market growth. According to the PET Resin Association, polyethylene terephthalate is the most recycled plastic in the world. In the U.S., over 680 kilotons of old PET bottles and containers are recycled annually. Moreover, the product’s disposable characteristics have enhanced its demand as a single-use plastic. This has surged the adoption of PET products in food packaging and the production of straws, bottles, cups, containers, and cutlery. These factors will further support the market expansion in the upcoming years.

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Polyethylene Terephthalate (PET) Market Growth Factors

Rising Consumption of PET in the Packaging Industry to Boost Market Growth

PET is often molded and extruded into plastic bottles and containers to pack beverages and consumer, personal care, and food products. This polymer is cost-effective as well and offers high strength, excellent insulation, and lightweight properties, making it a suitable packaging product for deliveries and using less fuel during transportation. The usage of PET containers and sheets for packaging various goods is expanding in the e-commerce sector. This growth is attributed to the easy accessibility of online products, lower prices, attractive discounts, and shipping & return policies offered by e-commerce platforms to consumers. The continuous advancement in lightweight technologies and increasing preference for recyclable packaging in the e-commerce and healthcare industries will drive the polyethylene terephthalate market share during the analysis period.

Rise in the Consumption of PET Straps in Trade Applications to Drive the Market Expansion

Over the past years, the consumption of steel and metal products has increased owing to their use in different end-use industries such as automotive, construction, and others. Most of the countries are dependent on the international trade for these metals to meet the consumer demand. Polyethylene Terephthalate (PET) straps are widely used in the safe shipments of sheet coils, straps, bars, and wires. The PET straps have high tensile strength and excellent shock-absorbing capacity. Additionally, the product offers low elongation and chemical and weather resistance that ensure the safe shipment of the product during the entire process. On the other hand, these straps are recyclable, making them sustainable and cost-effective materials for manufacturers and consumers. Thus, trade activities and the cost-effective nature of the PET straps over the metal straps are anticipated to boost the market growth over the forecast period.


Availability of Substitute Products to Hamper Market Growth

The wide availability of substitute polymers, such as polypropylene, polyethylene, and polystyrene is a restraining factor for product consumption. These substitutes possess similar properties, such as flexibility, low thermal conductivity, high stress-bearing capacity, lightweight, and cost-effectiveness. Moreover, stringent government regulations have been imposed on the consumption of plastics as the manufacturing process of plastic causes high pollution and severely affects the environment. According to the ClinMed International Library, high-temperature exposure to and long-term use of plastic goods can cause hazardous chemical components to seep into beverages, food, and water. The indiscriminate dumping of plastics on land and open-air burning can result in hazardous compounds being released into the air, posing a public health risk. These factors are expected to hamper the market growth.

Polyethylene Terephthalate (PET) Market Segmentation Analysis

By Type Analysis

Virgin Segment to Hold Larger Share Due to High Preference from the Packaging Industry

Based on type, the market is segmented into virgin and recycled. The virgin segment accounted for a large market share in 2023. This resin is manufactured from a petrochemical feedstock, including crude oil and natural gas. The demand for virgin PET is high for manufacturing containers and bottles in the food & beverage packaging industry. Furthermore, the ability of virgin plastic products to resist bacteria or microorganisms can boost their consumption in the packaging sector.

The recycled segment is anticipated to record a strong growth rate during the forecast timeline. The rising demand for biodegradable and recycled plastic has surged the segment’s growth. Additionally, recycled PET can be converted into sheets, fabrics, and fibers. This makes it an ideal material for manufacturing and packaging automotive parts including car chassis, further boosting the market growth.

By Application Analysis

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Rigid Packaging is the Fastest-growing Application owing to Rising Demand for Containers from Food Industry

Based on application, the market is segmented into rigid packaging, film, sheets & straps, and others. The rigid packaging segment is expected to hold the largest share and grow at the fastest rate during the forecast period. Increasing consumer expenditure on online shopping and surging demand for packaging foods to meet hygiene standards are driving the segment growth.

The rising consumption of polyethylene terephthalate films in pressure-sensitive adhesive and magnetic tapes due to their high mechanical strength will fuel the film segment growth. Furthermore, stretched PET is used in biaxially-oriented polyethylene terephthalate (BoPET) film production. High demand for sheets from the consumer goods sector and increasing adoption of PET straps in heavy loads, which requires heavy tension during transportation, will help the sheets & straps segment flourish. The others segment includes fibers, comforter fill, and fleece jackets. Rising demand for these products from the textile industry will surge segment growth.


Asia Pacific Polyethylene Terephthalate (PET) Market Size, 2023 (USD Billion)

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The market size in Asia Pacific stood at USD 18.65 billion in 2023. Increasing advancements in plastic production to make it more sustainable have surged the market growth in the region. China holds the leading market share in the region and is the fastest-growing country. This growth is attributed to the rising research & development activities, increased plastics recycling, and growing packaging, electrical, and electronics industries.

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The rapid expansion of the food & beverage industry has boosted the market growth in North America, where the U.S. and Canada are the leading contributors. The increasing online food orders and rising demand for packaged foods to maintain hygiene has boosted the product adoption for packaging purposes. In Europe, rapid growth in the automotive industry is expected to drive the product demand. The PET resin offers thermal & chemical resistance and mechanical properties, increasing its use in the production of automotive parts, such as seat covers and wheel arch liners.

The Latin America market is predicted to grow steadily owing to the rising use of PET straps in the region’s transportation industry. These straps offer high mechanical strength and are preferred for fastening pallet loads and bundling items while transporting and storing goods. The expansion of e-commerce and healthcare industries in the Middle East & Africa region will showcase significant market growth in the future. These factors have increased the product demand for packaging foods, beverages, consumer goods, sterilized products, and cosmetic products.

List of Key Companies in Polyethylene Terephthalate (PET) Market

Companies to Adopt Strategic Initiatives Such as Business Expansion

Key producers operating in the market include Indorama Ventures, Sabic, Dupont, and Reliance Industries. These companies are involved in product innovation, capacity improvement, collaborations, and acquisitions. For example, Indorama Ventures manufactures polymers and has 19 PET production plants across four continents in 11 countries. As per the company, one in five PET bottles worldwide is made using resins from Indorama. The firm’s plastic products are mainly used as raw materials to produce bottles, sheets, films, fibers, and filaments. It adopted various growth strategies, such as expansion and acquisition to improve its business competence.



  • August 2023: Indorama Ventures Public Company Limited announced an increase in the recycling capacity in Brazil. The company expanded its recycling facility in Brazil, supported by Blue Loan from the World Bank. The established recycling unit is expected to reach the recycling capacity of 50 billion bottles per year.

  • June 2023: Far Eastern New Company announced plans to expand their recycled PET business, intending to recycle more than 20 million bottles per year. The company expanded its recycling capacity according to its business strategies.

  • October 2022: Indorama Ventures Public Company Limited declared to open a new PET recycling plant in the Philippines. For this, the company partnered with Coca-Cola Beverages Philippines. The purpose of the partnership was to maximize revenue margins.

  • November 2022: LOTTE Chemical Corporation announced its decision to convert raw PET into C-rPET with the existing capacity of 340 KT in the Ulsan plants by 2032.

  • August 2022: LOTTE Chemical Corporation announced that it had started the test production for recycled PET in the modified Ulsan plant.

  • May 2021: Indo Rama Synthetics (India) Limited (ISRL), a subsidiary of Indorama Ventures Public Company Limited, expanded its production capacity of polyethylene terephthalate. The company invested USD 82 million to upgrade its equipment and add capacity to its manufacturing site in India. In this expansion, the company was expected to add balanced equipment and an extensive range of specialty yarns to serve clients throughout the country.

  • August 2020: Indorama Ventures Public Company Limited acquired Industrie Maurizio Peruzzo Polowat, a polyethylene terephthalate recycling facility in Poland. The acquisition consisted of two assets, strategically located in Leczyca and Bielsko-Biala. The combined capacity of these manufacturing locations was 4,000 tons of rPET pellets and 23,000 tons of rPET flakes. With this agreement, both companies planned to scale their recycling capacity to reach 750,000 tons by 2025.

  • February 2019: DAK Americas acquired Perpetual Recycling Solutions LLC, which had an annual capacity of 45 KTons/year of recycled PET flake.


An Infographic Representation of Polyethylene Terephthalate (PET) Market

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The research report provides a detailed market analysis and focuses on crucial aspects, such as leading companies, types, applications, and products. It also provides quantitative data regarding volume & value, market analysis, research methodology for market data, and insights into market trends. The report highlights vital industry developments and competitive landscape as well. In addition to the abovementioned factors, the report encompasses various factors that have contributed to the market's growth in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 9.5% from 2024 to 2032


Value (USD Billion); Volume (Million Ton)


By Type

  • Virgin

  • Recycled

By Application

  • Rigid Packaging

  • Film

  • Sheets and Straps

  • Others

By Geography

  • North America (By Type, By Application, By Country)

    • U.S. (By Application)

    • Canada (By Application)

  • Europe (By Type, By Application, By Country)

    • Germany (By Application)

    • Italy (By Application)

    • France (By Application)

    • Spain (By Application)

    • U.K. (By Application)

    • Rest of Europe (By Application)

  • Asia Pacific (By Type, By Application, By Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • South Korea (By Application)

    • Rest of Asia Pacific (By Application)

  • Latin America (By Type, By Application, By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)

  • Middle East & Africa (By Type, By Application, By Country)

    • Saudi Arabia (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)

Frequently Asked Questions

Fortune Business Insights says that the global market size stood at USD 48.43 billion in 2023 and is projected to reach USD 109.63 billion by 2032.

In 2023, the market value stood at USD 48.43 billion.

Growing at a CAGR of 9.5%, the market will exhibit rapid growth during the forecast period (2024-2032).

The packaging segment is expected to lead the market during the forecast period.

The increasing demand for PET products in the packaging industry is the key factor driving the market.

China held the largest share of the market in 2023.

Indorma Ventures, Sabic, Dupont, and Reliance Industries are the leading players in the market.

The rapid growth in the packaging industry and expansion of healthcare and e-commerce industries are anticipated to boost the consumption of the product.

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