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Polyethylene Terephthalate (PET) market Outlook
Recycled PET is anticipated to grow at the fastest CAGR of 6.3% from 2023 to 2032, driven by environmental regulations and sustainability trends.
WILMINGTON, DE, UNITED STATES, November 28, 2024 /EINPresswire / -- Allied Market Research has released a comprehensive report titled "Polyethylene Terephthalate (PET) Market By Type (Virgin, Recycled), By Application (Packaging, Automotive, Construction, Medical, Others): Global Opportunity Analysis and
industry Forecast, 2023–2032." The report reveals that the global PET market generated $30.3 billion in 2022 and is expected to grow to $54.4 billion by 2032 at a compound annual growth rate (CAGR) of 6.1% during the forecast period.
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Key Market Insights
Prime Growth Drivers:
- Rising demand for packaged food and beverages: The growing inclination toward convenience foods and beverages fuels PET demand.
- Sustainable packaging trends: PET's recyclability aligns with eco-conscious consumer preferences, boosting its application.
Restraints:
- Fluctuating raw material prices: Volatile costs of crude oil and derivatives impact the production of virgin PET.
- Environmental concerns: The hazardous effects of plastic waste challenge the market's expansion.
Opportunities:
- Automotive and electronics industries: Increased PET applications in these sectors present lucrative growth avenues.
- Technological advancements: Innovations in PET production are expected to reduce costs and improve sustainability.
Segment Highlights
By Type:
- Virgin PET dominated the market in 2022, accounting for nearly three-fourths of the revenue. Its superior properties like shatter resistance and food safety make it ideal for flexible packaging.
- Recycled PET is anticipated to grow at the fastest CAGR of 6.3% from 2023 to 2032, driven by environmental regulations and sustainability trends.
By Application:
- Packaging remains the largest segment, contributing to nearly three-fourths of market revenue in 2022. PET's versatility in producing bottles, trays, and films underpins its dominance.
- The construction segment is expected to exhibit the highest CAGR of 6.6% during the forecast period due to increasing adoption in building materials.
By Region:
- Asia-Pacific leads the market with approximately one-third of global revenue in 2022 and is projected to grow at a CAGR of 6.5%. Rising demand in the region's food and beverage sector and rapid industrialization drive growth.
Leading Players in the PET Market
Key players include:
- RTP COMPANY
- BASF SE
- DuPont
- DSM
- Indorama Ventures Public Company Limited
- SABIC
- Lotte Chemical Corporation
- Lanxess
- Nan Ya Plastics Corporation
- LyondellBasell Industries Holdings B.V.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.