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Europe Polyethylene Terephthalate (PET) Market Size

The Europe Polyethylene Terephthalate (PET) market is experiencing growth driven by its extensive use in packaging and electrical and electronics sectors. The packaging industry, being the largest end-user, benefits from factors such as population growth, rising income levels, and changing lifestyles, which enhance the demand for plastic packaging. The electrical and electronics industry is also a significant contributor to the market's expansion, with increasing production and consumer electronics revenue. Russia and Germany are notable consumers within the region, with their packaging and e-commerce sectors further propelling the demand for PET.

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Market Size of europe polyethylene terephthalate (pet) Industry

Europe Polyethylene Terephthalate (PET) Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 5.38 Billion
svg icon Market Size (2029) USD 7.17 Billion
svg icon Largest Share by End User Industry Packaging
svg icon CAGR (2024 - 2029) 5.91 %
svg icon Largest Share by Country Russia
svg icon Market Concentration High

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

Key Players

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Europe Polyethylene Terephthalate (PET) Market Analysis

The Europe Polyethylene Terephthalate (PET) Market size is estimated at 5.38 billion USD in 2024, and is expected to reach 7.17 billion USD by 2029, growing at a CAGR of 5.91% during the forecast period (2024-2029).

5.38 Billion

Market Size in 2024 (USD)

7.17 Billion

Market Size in 2029 (USD)

4.68 %

CAGR (2017-2023)

5.91 %

CAGR (2024-2029)

Largest Market by End-user Industry

97.47 %

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

6.57 %

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

18.37 %

value share, Russia, 2023

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Owing to the high demand for PET resin, mostly in the food and beverages industry, Russia accounted for the largest market share among European countries.

Fastest Growing Market by Country

6.63 %

Projected CAGR, Russia, 2024-2029

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With plastic packaging production projected to record a CAGR of around 4.49% over the forecast period, Russia is forecast to witness the fastest growth in the market.

Leading Market Player

37.70 %

market share, Indorama Ventures Public Company Limited, 2022

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Accounting for the highest production capacity of around 1.8 million tons per year of PET resin in 2022 in Europe, the company held the largest market share. Indorama offers various grades, including bottles, sheets, and films.

Packaging sector to dominate the market over the coming years

  • PET has a broad range of applications in packaging and electrical and electronics sectors, where it is used to package foods and beverages, especially convenience-sized soft drinks and water, as well as in coil forms, electrical encapsulation, electrical devices, solenoids, and smart meters. In 2022, PET resin accounted for approximately 22% of Europe's total revenue in the engineering plastics market.
  • The packaging industry is the largest end-user of PET resin in the region. Factors such as rising population, increasing income levels, and changing lifestyles fuel the growth of the plastic packaging industry. Growing end-user segments, such as FMCG, food and beverages, pharmaceuticals, and other segments, drive the demand for plastic packaging. Plastic packaging production in Europe is projected to increase from 31.4 tons in 2023 to around 39.8 tons by 2029. The e-commerce sector in the region is anticipated to reach a revenue of approximately USD 1040.0 billion in 2027, up from USD 712.6 billion in 2023. Consequently, the growing demand from the packaging industry is expected to drive the demand for PET resin during the forecast period.
  • The electrical and electronics industry is the fastest-growing industry for PET resin in the region, with a CAGR of 6.69% in terms of value during the forecast period. The region's electrical and electronics production revenue is projected to increase from USD 808.9 billion in 2023 to USD 1140.7 billion in 2027. Consumer electronics in the region is projected to reach a revenue of around USD 225.9 billion in 2027, up from USD 210.9 billion in 2023. As a result, the growing electrical and electronics production in the region is expected to fuel the demand for PET resin in the future.
Europe Polyethylene Terephthalate (PET) Market

Russia to remain dominant market player during the forecast period

  • Polyethylene terephthalate (PET) has a wide range of applications in the packaging and electrical and electronics industries, such as for packaging foods and beverages, specifically convenience-sized soft drinks, juices, water and coil forms, electrical encapsulation, electrical devices, solenoids, and smart meters. The European segment accounted for 23% of the global PET resin consumption by value in 2022.
  • Russia is the largest and fastest-growing consumer of PET resin in Europe and is expected to register a CAGR of 6.53% by value during the forecast period (2023-2029). Flexible plastic packaging witnessed significant growth in the country owing to its durability, low weight, cost-effectiveness, and easy handling properties. Plastic packaging production in the country is projected to reach 8.19 million tons in 2029 from 6.29 million tons in 2023. The e-commerce market in the country is projected to reach USD 67.73 billion in 2027 from USD 40.92 billion in 2023. As a result, the growth in the Russian packaging industry is projected to drive the demand for PET resin during the forecast period.
  • Germany is the second-largest consumer of PET resin in the European region owing to its growing packaging, electrical and electronics, and industrial machinery industries. The preference for processed and packaged foods has propelled the food packaging market in the country due to rapidly developing lifestyles and economic growth. Germany's plastic packaging production accounted for around 14.9% of the European total in 2022. The country also has one of the largest e-commerce markets in Europe, projected to reach around USD 211.2 billion in 2027 from USD 147.6 billion in 2023. The rising packaging industry is projected to drive the demand for PET resins during the forecast period.

Europe Polyethylene Terephthalate (PET) Industry Segmentation

Automotive, Building and Construction, Electrical and Electronics, Industrial and Machinery, Packaging are covered as segments by End User Industry. France, Germany, Italy, Russia, United Kingdom are covered as segments by Country.

  • PET has a broad range of applications in packaging and electrical and electronics sectors, where it is used to package foods and beverages, especially convenience-sized soft drinks and water, as well as in coil forms, electrical encapsulation, electrical devices, solenoids, and smart meters. In 2022, PET resin accounted for approximately 22% of Europe's total revenue in the engineering plastics market.
  • The packaging industry is the largest end-user of PET resin in the region. Factors such as rising population, increasing income levels, and changing lifestyles fuel the growth of the plastic packaging industry. Growing end-user segments, such as FMCG, food and beverages, pharmaceuticals, and other segments, drive the demand for plastic packaging. Plastic packaging production in Europe is projected to increase from 31.4 tons in 2023 to around 39.8 tons by 2029. The e-commerce sector in the region is anticipated to reach a revenue of approximately USD 1040.0 billion in 2027, up from USD 712.6 billion in 2023. Consequently, the growing demand from the packaging industry is expected to drive the demand for PET resin during the forecast period.
  • The electrical and electronics industry is the fastest-growing industry for PET resin in the region, with a CAGR of 6.69% in terms of value during the forecast period. The region's electrical and electronics production revenue is projected to increase from USD 808.9 billion in 2023 to USD 1140.7 billion in 2027. Consumer electronics in the region is projected to reach a revenue of around USD 225.9 billion in 2027, up from USD 210.9 billion in 2023. As a result, the growing electrical and electronics production in the region is expected to fuel 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
France
Germany
Italy
Russia
United Kingdom
Rest of Europe
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Europe Polyethylene Terephthalate (PET) Market Size Summary

The Europe Polyethylene Terephthalate (PET) market is experiencing significant growth, driven by its extensive applications in the packaging and electrical and electronics sectors. PET is predominantly used for packaging foods and beverages, such as soft drinks and water, and in various electrical applications like encapsulation and smart meters. The packaging industry stands as the largest consumer of PET resin in Europe, fueled by factors such as population growth, rising income levels, and evolving lifestyles. This demand is further bolstered by the expanding fast-moving consumer goods (FMCG), food and beverages, and pharmaceuticals sectors. The e-commerce boom in the region also contributes to the increasing need for plastic packaging, thereby enhancing the demand for PET resin.

In addition to packaging, the electrical and electronics industry is emerging as a rapidly growing sector for PET resin, with substantial growth anticipated in the coming years. The region's electrical and electronics production is set to expand significantly, driven by advancements in consumer electronics, robotics, IoT, and 5G connectivity. Countries like Russia and Germany are key consumers of PET resin, with their packaging and electronics industries propelling demand. The market is fairly consolidated, with major players like Equipolymers and Indorama Ventures leading the industry. Recent developments, such as the introduction of recycled PET products, highlight the industry's shift towards sustainability, aligning with global trends towards eco-friendly solutions.

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Europe 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 France

      2. 1.2.2 Germany

      3. 1.2.3 Italy

      4. 1.2.4 Russia

      5. 1.2.5 United Kingdom

      6. 1.2.6 Rest of Europe

Europe Polyethylene Terephthalate (PET) Market Size FAQs

The Europe Polyethylene Terephthalate (PET) Market size is expected to reach USD 5.38 billion in 2024 and grow at a CAGR of 5.91% to reach USD 7.17 billion by 2029.

In 2024, the Europe Polyethylene Terephthalate (PET) Market size is expected to reach USD 5.38 billion.

PET Market in Europe Report Snapshots

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