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Middle East Polyethylene Terephthalate (PET) Market Size

The Middle East Polyethylene Terephthalate (PET) market is experiencing significant growth, driven by its extensive applications in packaging and electronics. The packaging industry, particularly for food and beverages, is the largest consumer of PET resin in the region, fueled by factors such as population growth, increased per capita income, and evolving lifestyles. Additionally, the electrical and electronics sector is the fastest-growing industry for PET, with rising demand for advanced consumer electronics and appliances. Saudi Arabia and the United Arab Emirates are key markets, with increasing consumption due to their expanding packaging and electronics industries.

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Market Size of middle east polyethylene terephthalate (pet) Industry

Middle East Polyethylene Terephthalate (PET) Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 1.67 Billion
svg icon Market Size (2029) USD 2.36 Billion
svg icon Largest Share by End User Industry Packaging
svg icon CAGR (2024 - 2029) 7.12 %
svg icon Largest Share by Country Saudi Arabia
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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Middle East Polyethylene Terephthalate (PET) Market Analysis

The Middle East Polyethylene Terephthalate (PET) Market size is estimated at 1.67 billion USD in 2024, and is expected to reach 2.36 billion USD by 2029, growing at a CAGR of 7.12% during the forecast period (2024-2029).

1.67 Billion

Market Size in 2024 (USD)

2.36 Billion

Market Size in 2029 (USD)

7.12 %

CAGR (2017-2023)

7.12 %

CAGR (2024-2029)

Largest Market by End-user Industry

97.96 %

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

9.72 %

Projected CAGR, Electrical and Electronics, 2024-2029

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Electrical & electronics is the fastest-growing segment in the market, as the demand for PET films is increasing owing to their superior insulation, mechanical, and electrical properties.

Largest Market by Country

44.40 %

value share, Saudi Arabia, 2023

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Saudi Arabia occupied the largest share of the Middle Eastern PET market owing to its huge share in regional plastic packaging production and electrical production by value, amounting to around 42.38% and 19.93%, respectively.

Fastest Growing Market by Country

7.64 %

Projected CAGR, Saudi Arabia, 2024-2029

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Saudi Arabia is forecast to be the fastest-growing consumer over the forecast period, with the country’s plastic packaging production likely to record a CAGR of 5.71%.

Leading Market Player

31.95 %

market share, Alfa S.A.B. de C.V., 2022

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In 2022, the company held the largest market share and accounted for the highest production capacity of PET resin in the Middle East, amounting to around 1 million tons per year.

Packaging industry to dominate the market in the coming years

  • PET has a wide range of applications in packaging and electronics, including packaging foods and beverages, particularly convenience-sized soft drinks and water, coil forms, electrical encapsulation, solenoids, and smart meters. In 2022, PET resin in the region accounted for around 6.07% by value of the global PET resin consumption.
  • The packaging industry is the region's largest end-user industry for PET resin. The plastic packaging industry of the region is being driven by key factors such as a rising population, a significant increase in per capita income, and changing lifestyles. The demand for packaged food in the region is expected to reach 44 million tons by 2026. The region's plastic packaging production volume is expected to reach 6.7 million tons in 2029 from 5.0 million tons in 2023. As a result, the demand for PET resin is expected to drive during the forecast period.
  • The electrical and electronics industry is the region's fastest-growing industry, with a CAGR of 9.78% in terms of value during the forecast period. The surge in demand for technologically advanced consumer electronics and appliances, such as smartphones, laptops, computers, cameras, and televisions, is expected to boost consumer electronics demand during the forecast period. The region's electrical and electronics production revenue is projected to reach USD 114.9 billion in 2029 from USD 69.7 billion in 2023. The consumer electronics industry in the United Arab Emirates is projected to reach a revenue of USD 2.2 billion in 2027 from USD 1.7 billion in 2023. The increase in electrical and electronics production in the region is projected to drive the demand for PET resin in the future.
Middle East Polyethylene Terephthalate (PET) Market

Saudi Arabia to dominate the PET market

  • PET has a wide range of applications in packaging and electrical and electronics, including food and beverage packaging, convenience-sized soft drinks, water, coil forms, electrical devices, and smart meters. In 2022, the Middle East accounted for 6.03% of the global consumption of PET resin in terms of value.
  • Saudi Arabia is the largest consumer of PET resin in the region. It is expected to record the highest CAGR of 7.70% in terms of value during the forecast period due 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 the rapidly developing lifestyles and economic growth, along with a shift in population dynamics from rural to urban areas. Saudi Arabia has one of the largest e-commerce markets in the Middle East. With the increasing demand for packaging, the consumption of PET resins from end-user industries will likely increase in the region during the forecast period.
  • The demand for PET resin from the United Arab Emirates is increasing significantly due to the growing packaging, electrical and electronics, and other end-user industries. The surging demand for technologically advanced consumer electronics and appliances, such as smartphones, laptops, computers, cameras, and televisions, is expected to boost the demand for PET resins in the country in the future. Consumer electronics in the country are projected to reach a market volume of around USD 2.5 billion in 2027 from USD 1.8 billion in 2023.

Middle East Polyethylene Terephthalate (PET) Industry Segmentation

Automotive, Building and Construction, Electrical and Electronics, Industrial and Machinery, Packaging are covered as segments by End User Industry. Saudi Arabia, United Arab Emirates are covered as segments by Country.

  • PET has a wide range of applications in packaging and electronics, including packaging foods and beverages, particularly convenience-sized soft drinks and water, coil forms, electrical encapsulation, solenoids, and smart meters. In 2022, PET resin in the region accounted for around 6.07% by value of the global PET resin consumption.
  • The packaging industry is the region's largest end-user industry for PET resin. The plastic packaging industry of the region is being driven by key factors such as a rising population, a significant increase in per capita income, and changing lifestyles. The demand for packaged food in the region is expected to reach 44 million tons by 2026. The region's plastic packaging production volume is expected to reach 6.7 million tons in 2029 from 5.0 million tons in 2023. As a result, the demand for PET resin is expected to drive during the forecast period.
  • The electrical and electronics industry is the region's fastest-growing industry, with a CAGR of 9.78% in terms of value during the forecast period. The surge in demand for technologically advanced consumer electronics and appliances, such as smartphones, laptops, computers, cameras, and televisions, is expected to boost consumer electronics demand during the forecast period. The region's electrical and electronics production revenue is projected to reach USD 114.9 billion in 2029 from USD 69.7 billion in 2023. The consumer electronics industry in the United Arab Emirates is projected to reach a revenue of USD 2.2 billion in 2027 from USD 1.7 billion in 2023. 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
Saudi Arabia
United Arab Emirates
Rest of Middle East
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Middle East Polyethylene Terephthalate (PET) Market Size Summary

The Middle East Polyethylene Terephthalate (PET) market is poised for significant growth, driven by its extensive applications in packaging and the electrical and electronics sectors. The packaging industry stands as the largest consumer of PET resin in the region, fueled by factors such as a rising population, increased per capita income, and evolving lifestyles. This demand is particularly evident in the packaging of convenience-sized food and beverages. The region's plastic packaging production is expected to see substantial growth, further propelling the demand for PET resin. Meanwhile, the electrical and electronics industry is emerging as the fastest-growing sector, with a surge in demand for advanced consumer electronics and appliances. This trend is anticipated to boost the consumption of PET resin, particularly in countries like Saudi Arabia and the United Arab Emirates, where technological advancements and economic growth are driving increased production and consumption.

Saudi Arabia leads the region in PET resin consumption, supported by its expanding packaging, electrical and electronics, and industrial machinery industries. The country's shift towards processed and packaged foods, coupled with a growing e-commerce market, is expected to further increase PET resin demand. Similarly, the United Arab Emirates is witnessing a rise in PET resin consumption due to its burgeoning consumer electronics market. The region's PET market is fairly consolidated, with major players like Alfa S.A.B. de C.V., IVL Dhunseri Petrochem Industries Private Limited, JBF Industries Ltd, SABIC, and Shahid Tondgooyan Petrochemical Company dominating the landscape. Strategic acquisitions, such as Alpek's acquisition of OCTAL, have bolstered PET resin capacity, enabling these companies to meet the growing demand effectively.

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Middle East 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 Saudi Arabia

      2. 1.2.2 United Arab Emirates

      3. 1.2.3 Rest of Middle East

Middle East Polyethylene Terephthalate (PET) Market Size FAQs

The Middle East Polyethylene Terephthalate (PET) Market size is expected to reach USD 1.67 billion in 2024 and grow at a CAGR of 7.12% to reach USD 2.36 billion by 2029.

In 2024, the Middle East Polyethylene Terephthalate (PET) Market size is expected to reach USD 1.67 billion.

Middle East Polyethylene Terephthalate (PET) Market Report Snapshots

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