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Polyethylene Terephthalate (PET) Market Size

The Polyethylene Terephthalate (PET) market is experiencing significant growth, driven by its extensive use in packaging and the electrical and electronics industries. The packaging sector, which dominates the market, benefits from increasing global demand due to factors such as population growth, rising income levels, and changing lifestyles. This demand is further supported by the expanding plastic packaging industry. Meanwhile, the electrical and electronics sector is the fastest-growing area, fueled by the consumer electronics market and the production of lightweight, sustainable products. Asia-Pacific and Europe are the primary regions for PET consumption, with Asia-Pacific being the largest market due to its substantial use in packaging and electronics. The Middle East is also emerging as a rapidly growing market, driven by increased manufacturing and packaging needs.

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Market Size of polyethylene terephthalate (pet) Industry

Polyethylene Terephthalate (PET) Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 26.99 Billion
svg icon Market Size (2029) USD 36.61 Billion
svg icon Largest Share by End User Industry Packaging
svg icon CAGR (2024 - 2029) 6.29 %
svg icon Largest Share by Region Asia-Pacific
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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Polyethylene Terephthalate (PET) Market Analysis

The Polyethylene Terephthalate (PET) Market size is estimated at 26.99 billion USD in 2024, and is expected to reach 36.61 billion USD by 2029, growing at a CAGR of 6.29% during the forecast period (2024-2029).

26.99 Billion

Market Size in 2024 (USD)

36.61 Billion

Market Size in 2029 (USD)

4.18 %

CAGR (2017-2023)

6.29 %

CAGR (2024-2029)

Largest Market by End-user Industry

95.86 %

value share, Packaging, 2023

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Due to its 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

7.82 %

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 Region

42.61 %

value share, Asia-Pacific, 2023

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Asia-Pacific holds the largest market share owing to its 50.54% share in global packaging production by volume, led by countries such as China, India, Japan, and South Korea.

Fastest Growing Market by Region

7.12 %

Projected CAGR, Middle East, 2024-2029

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With plastic packaging production likely to record a CAGR of 5.02% during the forecast period, the Middle East is forecast to be the fastest-growing regional segment.

Leading Market Player

12.20 %

market share, Indorama Ventures Public Company Limited, 2022

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With the highest annual production capacity of around 4.4 million tons of PET resin in 2022, the company held the largest share of the global market. Indorama offers various grades of PET, including bottles, sheets, and films.

Packaging end-user segment to remain the largest consumer of PET

  • PET has a wide range of applications in the packaging and electrical and electronics industries. It is used for packaging foods and beverages, particularly convenience-sized soft drinks, water, coil forms, electrical encapsulation, electrical devices, solenoids, and smart meters. The packaging segment accounted for nearly 96% of the overall PET resin market's revenue in 2022.
  • The global packaging industry is the largest end-user industry for PET resin. Key factors such as rising population, rising income levels, and changing lifestyles are driving the global plastic packaging industry. The growth prospects of end-user segments such as FMCG, food and beverages, pharmaceuticals, and others are driving the demand for the plastic packaging industry. Plastic packaging production at the global level is expected to increase from 140 million tons in 2023 to around 180 million tons in 2029. As a result, the rising demand for the packaging industry is expected to drive PET resin demand during the forecast period.
  • Electrical and electronics is the fastest-growing industry by revenue, which is projected to register a CAGR of 7.88% during the forecast period (2023-2029). The growth is attributed to the growing consumer electronics market, which is expected to amount to USD 1,103 billion in 2023, owing to lightweight products, e-commerce growth, focus on sustainability, and higher adoption rates among major consumer product manufacturers. Electrical and electronics production revenue is also anticipated to register a CAGR of 6.71% in terms of revenue during 2023-2029. As a result, the demand for PET resin at a global level is likely to proliferate in the near future.
Global Polyethylene Terephthalate (PET) Market

Asia-Pacific to remain dominant during the forecast period

  • PET is an engineering plastic widely used in the packaging end-user industries of most countries, followed by the electrical and electronics industries. Due to its lightweight, low-cost, non-reactive, and shatterproof nature, PET is a highly desirable packaging material. Asia-Pacific and Europe are the major consumers of PET. Both regions together held a share of around 66.45% by volume in 2022.
  • Asia-Pacific is the largest consumer as well as the most profitable market region in the world, owing to around 47% of the total volume consumption of PET in 2022. China and India are currently the largest PET-consuming nations, with collective consumption recorded at 65.64% by volume in 2022, owing majorly to the packaging and electronics industries in these countries. In India, with the increasing production of electrical and electronic goods under government initiatives and with the CAGR of 7.19% by volume of the electronics industry, the PET demand is likely to increase further.
  • Europe is the second-largest market, which recorded approximately 19% of the total volume consumption in 2022, owing majorly to its industrial, machinery, and packaging industries. Russia and Germany are the largest markets in the region, with a collective consumption of 36% in 2022. The United Kingdom and France seek to enhance their manufacturing of machinery and machinery tools, thus becoming the fastest-growing PET market in this industry, with volume CAGRs of 4.92% and 4.60%, respectively.
  • Middle East is currently the fastest-growing market in the world at a CAGR of 7.15% in terms of Value, mainly due to its increasing manufacturing output of electrical and electronics products and the rising demand for food and beverage packaging. Saudi Arabia and the United Arab Emirates are projected to remain the largest consumers in the region, registering around 47% and 41% consumption volumes by 2029, respectively.

Polyethylene Terephthalate (PET) Industry Segmentation

Automotive, Building and Construction, Electrical and Electronics, Industrial and Machinery, Packaging are covered as segments by End User Industry. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.

  • PET has a wide range of applications in the packaging and electrical and electronics industries. It is used for packaging foods and beverages, particularly convenience-sized soft drinks, water, coil forms, electrical encapsulation, electrical devices, solenoids, and smart meters. The packaging segment accounted for nearly 96% of the overall PET resin market's revenue in 2022.
  • The global packaging industry is the largest end-user industry for PET resin. Key factors such as rising population, rising income levels, and changing lifestyles are driving the global plastic packaging industry. The growth prospects of end-user segments such as FMCG, food and beverages, pharmaceuticals, and others are driving the demand for the plastic packaging industry. Plastic packaging production at the global level is expected to increase from 140 million tons in 2023 to around 180 million tons in 2029. As a result, the rising demand for the packaging industry is expected to drive PET resin demand during the forecast period.
  • Electrical and electronics is the fastest-growing industry by revenue, which is projected to register a CAGR of 7.88% during the forecast period (2023-2029). The growth is attributed to the growing consumer electronics market, which is expected to amount to USD 1,103 billion in 2023, owing to lightweight products, e-commerce growth, focus on sustainability, and higher adoption rates among major consumer product manufacturers. Electrical and electronics production revenue is also anticipated to register a CAGR of 6.71% in terms of revenue during 2023-2029. As a result, the demand for PET resin at a global level is likely to proliferate in the near future.
End User Industry
Automotive
Building and Construction
Electrical and Electronics
Industrial and Machinery
Packaging
Other End-user Industries
Region
Africa
By Country
Nigeria
South Africa
Rest of Africa
Asia-Pacific
By Country
Australia
China
India
Japan
Malaysia
South Korea
Rest of Asia-Pacific
Europe
By Country
France
Germany
Italy
Russia
United Kingdom
Rest of Europe
Middle East
By Country
Saudi Arabia
United Arab Emirates
Rest of Middle East
North America
By Country
Canada
Mexico
United States
South America
By Country
Argentina
Brazil
Rest of South America
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Polyethylene Terephthalate (PET) Market Size Summary

The Polyethylene Terephthalate (PET) market is experiencing significant growth, driven by its extensive applications in the packaging and electrical and electronics industries. PET is predominantly used in packaging foods and beverages, with the packaging segment accounting for a substantial portion of the market's revenue. The global packaging industry, being the largest end-user of PET resin, is expanding due to factors such as increasing population, rising income levels, and evolving lifestyles. This growth is further supported by the demand from sectors like FMCG, food and beverages, and pharmaceuticals. Additionally, the electrical and electronics industry is emerging as a rapidly growing segment, fueled by the expanding consumer electronics market and the push for lightweight, sustainable products. This trend is expected to bolster the demand for PET resin globally.

Regionally, Asia-Pacific and Europe are the leading consumers of PET, with Asia-Pacific being the largest market due to its high volume consumption, particularly in China and India. The region's growth is attributed to its robust packaging and electronics industries. Europe follows as the second-largest market, with significant consumption in industrial, machinery, and packaging sectors. The Middle East is noted as the fastest-growing market, driven by increased manufacturing output in electronics and rising demand for food and beverage packaging. The market is characterized by fragmentation, with major players like Alfa S.A.B. de C.V., China Resources (Holdings) Co., Ltd., Far Eastern New Century Corporation, Indorama Ventures Public Company Limited, and Sanfame Group holding significant shares. Recent developments, such as the establishment of large-scale PET recycling plants and expansions in PET resin capacity, highlight the industry's focus on sustainability and meeting growing demand.

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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 Region

      1. 1.2.1 Africa

        1. 1.2.1.1 By Country

          1. 1.2.1.1.1 Nigeria

          2. 1.2.1.1.2 South Africa

          3. 1.2.1.1.3 Rest of Africa

      2. 1.2.2 Asia-Pacific

        1. 1.2.2.1 By Country

          1. 1.2.2.1.1 Australia

          2. 1.2.2.1.2 China

          3. 1.2.2.1.3 India

          4. 1.2.2.1.4 Japan

          5. 1.2.2.1.5 Malaysia

          6. 1.2.2.1.6 South Korea

          7. 1.2.2.1.7 Rest of Asia-Pacific

      3. 1.2.3 Europe

        1. 1.2.3.1 By Country

          1. 1.2.3.1.1 France

          2. 1.2.3.1.2 Germany

          3. 1.2.3.1.3 Italy

          4. 1.2.3.1.4 Russia

          5. 1.2.3.1.5 United Kingdom

          6. 1.2.3.1.6 Rest of Europe

      4. 1.2.4 Middle East

        1. 1.2.4.1 By Country

          1. 1.2.4.1.1 Saudi Arabia

          2. 1.2.4.1.2 United Arab Emirates

          3. 1.2.4.1.3 Rest of Middle East

      5. 1.2.5 North America

        1. 1.2.5.1 By Country

          1. 1.2.5.1.1 Canada

          2. 1.2.5.1.2 Mexico

          3. 1.2.5.1.3 United States

      6. 1.2.6 South America

        1. 1.2.6.1 By Country

          1. 1.2.6.1.1 Argentina

          2. 1.2.6.1.2 Brazil

          3. 1.2.6.1.3 Rest of South America

Polyethylene Terephthalate (PET) Market Size FAQs

The Global Polyethylene Terephthalate (PET) Market size is expected to reach USD 26.99 billion in 2024 and grow at a CAGR of 6.29% to reach USD 36.61 billion by 2029.

In 2024, the Global Polyethylene Terephthalate (PET) Market size is expected to reach USD 26.99 billion.

Polyethylene Terephthalate Resin Market Report Snapshots

Polyethylene Terephthalate (PET) Market Analysis - Industry Growth, Size & Forecast Report up to 2029