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North America Polyethylene Terephthalate (PET) Market Size

The North America Polyethylene Terephthalate (PET) market is experiencing significant growth, driven primarily by its extensive use in the packaging and electrical and electronics sectors. The packaging industry, which dominates the market, benefits from increasing consumer demand for convenient and functional food products, while the electrical and electronics sector is rapidly expanding due to the rising applications of PET in advanced technologies. The United States holds a substantial portion of the market share, supported by its leading role in plastic packaging production. Meanwhile, Mexico is emerging as a fast-growing market, fueled by the growth in the FMCG, food, beverage, and e-commerce sectors.

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Market Size of north america polyethylene terephthalate (pet) Industry

North America Polyethylene Terephthalate (PET) Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 5.32 Billion
svg icon Market Size (2029) USD 7.14 Billion
svg icon Largest Share by End User Industry Packaging
svg icon CAGR (2024 - 2029) 6.07 %
svg icon Largest Share by Country United States
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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North America Polyethylene Terephthalate (PET) Market Analysis

The North America Polyethylene Terephthalate (PET) Market size is estimated at 5.32 billion USD in 2024, and is expected to reach 7.14 billion USD by 2029, growing at a CAGR of 6.07% during the forecast period (2024-2029).

5.32 Billion

Market Size in 2024 (USD)

7.14 Billion

Market Size in 2029 (USD)

2.91 %

CAGR (2017-2023)

6.07 %

CAGR (2024-2029)

Largest Market by End-user Industry

96.53 %

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

8.02 %

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

90.26 %

value share, United States, 2023

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Owing to its huge share of around 75.51% in North American plastic packaging production, the United States generated the highest demand for PET resins across the region.

Fastest Growing Market by Country

6.26 %

Projected CAGR, Mexico, 2024-2029

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With plastic packaging production expected to record a CAGR of around 4.2% in Mexico during the forecast period, the country is projected to witness the fastest growth in the market.

Leading Market Player

49.14 %

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

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With the largest production capacity of around 1.8 million tons per year of PET resin in 2022 in North America, the company holds the largest share of the market. It also offers various grades, mainly for packaging applications.

Growing demand from packaging and electrical and electronics industry may drive the market demand for PET during the forecast period

  • Polyethylene terephthalate has a wide range of applications in packaging and electrical and electronics, such as packaging foods and beverages, especially convenience-sized soft drinks, juices, and water, coil forms, electrical encapsulation, electrical devices, solenoids, and smart meters. Packaging and electrical and electronics accounted for around 96.6% and 2.0% of the revenue of the region's polyethylene terephthalate market, respectively, in 2022.
  • The packaging industry is the largest consumer of PET resins in the region due to the significant increase in single-person homes and busy lifestyles, resulting in increased demand for functional, prepackaged, and convenient food products. North America is one of the dominant markets in the packaging industry at a global level, with plastic packaging production having a volume of 22.4 million in 2022.
  • The electrical and electronics industry is the second largest in the region, especially in the United States. The industry accounted for 1.6% of the GDP and generated a revenue of USD 576.1 billion in 2022 in the region, increasing demand for electrical and electronics and encouraging the onset of electric vehicles, autonomous robots, and top-secret defense technologies.
  • The electrical and electronics industry is expected to be the region's fastest-growing consumer of PET resins by revenue, with an expected CAGR of 8.18%, due to increasing applications of PET for plastic composites in electrical and electronics products.
North America Polyethylene Terephthalate (PET) Market

United States to dominate the PET market due to the dominance of the packaging industry

  • North America accounted for 17.3% of the global consumption of polyethylene terephthalate (PET) resin in 2022 by volume. PET resin is one of the key polymers used in North America due to its dominance in the packaging industry.
  • The United States held the largest market share of 90.29% in 2022, a growth of 7.68% by value compared to the previous year, attributed to the country's dominance in the North American packaging industry. The country occupies 80% of North American plastic packaging production in terms of volume. Busier lifestyles, rising purchasing power, and growing demand for quick and on-the-go packaged goods are boosting the US packaging industry and the PET market.
  • The growth of the FMCG, food, beverage, and e-commerce sectors drives Mexico's demand for PET resin. In 2022, the country's plastic production volume accounted for 11.91% of the North American market. In 2022, it increased at a rate of 3.87% from the previous year. The rising plastic packaging production is projected to drive the demand for PET resin in the country in the coming years.
  • Mexico is also expected to be the fastest-growing consumer of PET resin in North America, with a CAGR of 6.25% in terms of value during the forecast period. Consumers in the country are looking for packaging that provides convenience and safety, portability, and product freshness. Thus, plastic packaging production in the country is expected to reach 3.57 million tons by 2029 from 2.79 million tons in 2023.

North America Polyethylene Terephthalate (PET) Industry Segmentation

Automotive, Building and Construction, Electrical and Electronics, Industrial and Machinery, Packaging are covered as segments by End User Industry. Canada, Mexico, United States are covered as segments by Country.

  • Polyethylene terephthalate has a wide range of applications in packaging and electrical and electronics, such as packaging foods and beverages, especially convenience-sized soft drinks, juices, and water, coil forms, electrical encapsulation, electrical devices, solenoids, and smart meters. Packaging and electrical and electronics accounted for around 96.6% and 2.0% of the revenue of the region's polyethylene terephthalate market, respectively, in 2022.
  • The packaging industry is the largest consumer of PET resins in the region due to the significant increase in single-person homes and busy lifestyles, resulting in increased demand for functional, prepackaged, and convenient food products. North America is one of the dominant markets in the packaging industry at a global level, with plastic packaging production having a volume of 22.4 million in 2022.
  • The electrical and electronics industry is the second largest in the region, especially in the United States. The industry accounted for 1.6% of the GDP and generated a revenue of USD 576.1 billion in 2022 in the region, increasing demand for electrical and electronics and encouraging the onset of electric vehicles, autonomous robots, and top-secret defense technologies.
  • The electrical and electronics industry is expected to be the region's fastest-growing consumer of PET resins by revenue, with an expected CAGR of 8.18%, due to increasing applications of PET for plastic composites in electrical and electronics products.
End User Industry
Automotive
Building and Construction
Electrical and Electronics
Industrial and Machinery
Packaging
Other End-user Industries
Country
Canada
Mexico
United States
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North America Polyethylene Terephthalate (PET) Market Size Summary

The North America Polyethylene Terephthalate (PET) market is experiencing significant growth, driven primarily by its extensive applications in the packaging and electrical and electronics sectors. The packaging industry is the largest consumer of PET resins in the region, largely due to the increasing demand for convenient and prepackaged food products, which is fueled by the rise in single-person households and busy lifestyles. North America stands as a dominant player in the global packaging industry, with the United States leading in plastic packaging production. The electrical and electronics industry, particularly in the United States, is the second-largest consumer of PET, with a growing demand for PET in plastic composites for various electronic products. This sector is expected to be the fastest-growing consumer of PET resins by revenue, driven by advancements in technology and the increasing adoption of electric vehicles and smart devices.

The market landscape in North America is fairly consolidated, with major players like Alfa S.A.B. de C.V., Eastman Chemical Company, Formosa Plastics Group, Indorama Ventures Public Company Limited, and Polyplex dominating the market. These companies are actively expanding their capacities and exploring new opportunities to meet the rising demand. Mexico is emerging as a significant market for PET resin, driven by the growth of the FMCG, food, beverage, and e-commerce sectors. The country's demand for PET is expected to grow rapidly, supported by the increasing production of plastic packaging. The region's electrical and electronics production is also on an upward trajectory, with advancements in consumer electronics and the integration of technologies like IoT and robotics. This growth is anticipated to further boost the demand for PET, reinforcing North America's position as a key market in the global PET industry.

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North America 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 Canada

      2. 1.2.2 Mexico

      3. 1.2.3 United States

North America Polyethylene Terephthalate (PET) Market Size FAQs

The North America Polyethylene Terephthalate (PET) Market size is expected to reach USD 5.32 billion in 2024 and grow at a CAGR of 6.07% to reach USD 7.14 billion by 2029.

In 2024, the North America Polyethylene Terephthalate (PET) Market size is expected to reach USD 5.32 billion.

North America Polyethylene Terephthalate (PET) Market Report Snapshots

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