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Asia-Pacific Polyethylene Terephthalate (PET) Market Size

The Asia-Pacific Polyethylene Terephthalate (PET) market is experiencing significant growth, driven by its extensive applications in the packaging and electrical and electronics industries. The packaging sector, particularly for foods and beverages, is the largest end-user, with increasing demand fueled by population growth, rising income levels, and changing lifestyles. This trend is expected to continue, enhancing the market's scale. Additionally, the electrical and electronics industry is poised to be the fastest-growing segment, spurred by the demand for advanced consumer electronics. China and India are key players in the region, with substantial contributions to the market's expansion due to their robust packaging, automotive, and electronics sectors.

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Market Size of asia-pacific polyethylene terephthalate (pet) Industry

Asia-Pacific Polyethylene Terephthalate (PET) Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 11.52 Billion
svg icon Market Size (2029) USD 15.59 Billion
svg icon Largest Share by End User Industry Packaging
svg icon CAGR (2024 - 2029) 6.24 %
svg icon Largest Share by Country China
svg icon Market Concentration Low

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Asia-Pacific Polyethylene Terephthalate (PET) Market Analysis

The Asia-Pacific Polyethylene Terephthalate (PET) Market size is estimated at 11.52 billion USD in 2024, and is expected to reach 15.59 billion USD by 2029, growing at a CAGR of 6.24% during the forecast period (2024-2029).

11.52 Billion

Market Size in 2024 (USD)

15.59 Billion

Market Size in 2029 (USD)

4.21 %

CAGR (2017-2023)

6.24 %

CAGR (2024-2029)

Largest Market by End-user Industry

93.77 %

value share, Packaging, 2023

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Due to the wide range of applications, including bottles, jars, and containers, specifically in the food and beverages industry, the packaging industry held the largest market share.

Fastest Growing Market by End-user Industry

7.71 %

Projected CAGR, Electrical and Electronics, 2024-2029

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With the rising demand for PET films in the electrical & electronics sector owing to their high insulation, mechanical, and electrical properties it is projected to grow at the fastest rate.

Largest Market by Country

55.21 %

value share, China, 2023

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China held the largest share in the Asia-Pacific PET market owing to its significant share in regional plastic packaging production and electrical production, amounting to 52.3% and 68.01%, respectively.

Fastest Growing Market by Country

6.46 %

Projected CAGR, India, 2024-2029

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With electronics production likely to record a CAGR of 7.96% during the forecast period, India is forecast to be the fastest-growing consumer in the market.

Leading Market Player

9.18 %

market share, China Resources (Holdings) Co.,Ltd., Ltd.

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In 2022, the company held the largest market share while accounting for the highest production capacity of PET resin in the region, amounting to around 2.1 million tons per year. CR Holdings also offers various grades, including bottles.

The dominance of the packaging sector over PET is gradually shrinking

  • PET has many applications in the packaging and electrical and electronics industries, including packaging foods and beverages, particularly convenience-sized soft drinks, water, coil forms, and electrical devices. Packaging and electrical and electronics industries accounted for 93.92% and 3.80%, respectively, of the revenue of the Asia-Pacific PET market in 2022.
  • The packaging industry is the region's largest end-user industry for PET resin. Key factors influencing the region's plastic packaging industry include rising population, rising income levels, and changing lifestyles. The growth prospects of end-user segments such as FMCG, food and beverages, and pharmaceuticals are driving increased demand for the plastic packaging industry. Plastic packaging production in the region is expected to reach 90.7 million tons in 2029 from 70.9 million tons in 2023, registering a CAGR of 4.18%. As a result, the rising demand for packaging in the region is expected to drive the PET resin demand in the future.
  • Electrical and electronics is expected to be the fastest-growing industry in the region, by value, registering a CAGR of 7.75% during the forecast period, 2023-2029. The rapid pace of electronic technological innovation drives consistent demand for newer and faster electrical and electronic products. The surge in demand for technologically advanced consumer electronics and appliances, such as smartphones, laptops, and televisions, is expected to boost consumer electronics demand during the forecast period. The consumer electronics in the region is projected to reach USD 565.5 billion in 2027 from USD 518.0 billion in 2023. As a result, the increase in electrical and electronics production in the region is projected to drive the demand for PET resin in the future.
Asia-Pacific Polyethylene Terephthalate (PET) Market

China to dominate Asia-Pacific PET consumption owing to demand from various industries

  • Asia-Pacific accounted for 42.47% of the global consumption of polyethylene terephthalate resin in 2022. Polyethylene terephthalate is an important polymer in Asia-Pacific for various industries, including packaging.
  • China is the largest consumer of this resin in the region owing to its growing packaging, automotive, and electronics industries. Packaging held a share of around 94.8% in 2022 and is driving the demand for polyethylene terephthalate resins in the country. The rising production in the packaging, automotive, and electrical and electronics industries is expected to drive the demand for polyethylene terephthalate resin in the country during the forecast period.
  • India is the region's second-largest plastic packaging producer, and its demand for polyethylene terephthalate resins is increasing significantly due to growing packaging production. In 2022, the country produced 4,158,800 tons, a 3.97% increase over 2021. The country's vehicle production is also expanding, and it may amount to 33,300,764 units in 2023. These factors are expected to drive the demand for polyethylene terephthalate resins in the country.
  • India is among the fastest-growing countries in terms of the use of polyethylene terephthalate resin. It is expected to register a CAGR of 6.49% by revenue during the forecast period (2023-2029), in line with the growing demand for resin in the country. For the promotion of the plastic industry in the country, the government has taken various industry-friendly policy initiatives, such as deregulating the petrochemical industry and allowing 100% FDI under the automatic route to facilitate fresh investments.

Asia-Pacific Polyethylene Terephthalate (PET) Industry Segmentation

Automotive, Building and Construction, Electrical and Electronics, Industrial and Machinery, Packaging are covered as segments by End User Industry. Australia, China, India, Japan, Malaysia, South Korea are covered as segments by Country.

  • PET has many applications in the packaging and electrical and electronics industries, including packaging foods and beverages, particularly convenience-sized soft drinks, water, coil forms, and electrical devices. Packaging and electrical and electronics industries accounted for 93.92% and 3.80%, respectively, of the revenue of the Asia-Pacific PET market in 2022.
  • The packaging industry is the region's largest end-user industry for PET resin. Key factors influencing the region's plastic packaging industry include rising population, rising income levels, and changing lifestyles. The growth prospects of end-user segments such as FMCG, food and beverages, and pharmaceuticals are driving increased demand for the plastic packaging industry. Plastic packaging production in the region is expected to reach 90.7 million tons in 2029 from 70.9 million tons in 2023, registering a CAGR of 4.18%. As a result, the rising demand for packaging in the region is expected to drive the PET resin demand in the future.
  • Electrical and electronics is expected to be the fastest-growing industry in the region, by value, registering a CAGR of 7.75% during the forecast period, 2023-2029. The rapid pace of electronic technological innovation drives consistent demand for newer and faster electrical and electronic products. The surge in demand for technologically advanced consumer electronics and appliances, such as smartphones, laptops, and televisions, is expected to boost consumer electronics demand during the forecast period. The consumer electronics in the region is projected to reach USD 565.5 billion in 2027 from USD 518.0 billion in 2023. As a result, the increase in electrical and electronics production in the region is projected to drive the demand for PET resin in the future.
End User Industry
Automotive
Building and Construction
Electrical and Electronics
Industrial and Machinery
Packaging
Other End-user Industries
Country
Australia
China
India
Japan
Malaysia
South Korea
Rest of Asia-Pacific
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Asia-Pacific Polyethylene Terephthalate (PET) Market Size Summary

The Asia-Pacific Polyethylene Terephthalate (PET) market is poised for significant growth, driven by its extensive applications in the packaging and electrical and electronics industries. The packaging sector, which is the largest end-user of PET resin in the region, is experiencing increased demand due to factors such as population growth, rising income levels, and evolving lifestyles. This demand is particularly pronounced in the fast-moving consumer goods, food and beverages, and pharmaceuticals sectors. The region's electrical and electronics industry is also expected to be a major growth driver, with rapid technological advancements fueling the demand for consumer electronics like smartphones and laptops. The Asia-Pacific region, accounting for a substantial portion of global PET consumption, is witnessing robust growth in these sectors, particularly in countries like China and India, which are leading in packaging and electronics production.

China stands out as the largest consumer of PET resin in the region, with its packaging, automotive, and electronics industries driving demand. The country's significant share in the packaging sector underscores the importance of PET resin in supporting its industrial growth. India, as the second-largest producer of plastic packaging in the region, is also experiencing a surge in PET resin demand, supported by government initiatives to promote the plastic industry. The ASEAN region, with countries like Thailand and Malaysia, plays a crucial role in electronics production, benefiting from integrated production networks that enhance trade with larger Asian economies. The market is characterized by fragmentation, with major players like Indorama Ventures and China Petroleum & Chemical Corporation leading the industry. Recent developments, such as Indorama Ventures' expansion efforts and partnerships for PET recycling, highlight the ongoing strategic initiatives to meet the growing demand for PET resin in the region.

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Asia-Pacific Polyethylene Terephthalate (PET) Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 End User Industry

      1. 1.1.1 Automotive

      2. 1.1.2 Building and Construction

      3. 1.1.3 Electrical and Electronics

      4. 1.1.4 Industrial and Machinery

      5. 1.1.5 Packaging

      6. 1.1.6 Other End-user Industries

    2. 1.2 Country

      1. 1.2.1 Australia

      2. 1.2.2 China

      3. 1.2.3 India

      4. 1.2.4 Japan

      5. 1.2.5 Malaysia

      6. 1.2.6 South Korea

      7. 1.2.7 Rest of Asia-Pacific

Asia-Pacific Polyethylene Terephthalate (PET) Market Size FAQs

The Asia-Pacific Polyethylene Terephthalate (PET) Market size is expected to reach USD 11.52 billion in 2024 and grow at a CAGR of 6.24% to reach USD 15.59 billion by 2029.

In 2024, the Asia-Pacific Polyethylene Terephthalate (PET) Market size is expected to reach USD 11.52 billion.

Asia-Pacific Polyethylene Terephthalate Market Report Snapshots

Asia-Pacific Polyethylene Terephthalate (PET) Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029