(MENAFN- EIN Presswire) EINPresswire/ -- According to a new report by Allied Market Research 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 global PET market was valued at $30.3 billion in 2022 and is projected to reach $54.4 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032.

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Market Drivers and Opportunities

- The market growth is primarily driven by the increasing demand for packaged food and beverages and the rising preference for sustainable packaging solutions. However, volatile crude oil and raw material prices could restrain growth.

- Emerging technological advancements in PET production and growing adoption in automotive and electrical applications present lucrative opportunities for the industry in the coming years.

Segment Overview:

By Type:

- The virgin PET segment held nearly three-fourths of the market share in 2022 and will continue its dominance through 2032, driven by its superior mechanical and chemical properties and increasing use in flexible packaging.

- The recycled PET segment is expected to grow at the fastest CAGR of 6.3% during the forecast period.

By Application:

- The packaging segment accounted for almost three-fourths of total market revenue in 2022, fueled by demand for PET in bottles, trays, films, and jars.

- The construction segment is projected to register the highest CAGR of 6.6% during 2023–2032, owing to increasing use of PET materials in building and insulation products.

Regional Insights:

- Asia-Pacific dominated the global PET market in 2022, contributing around one-third of total revenue, and is expected to maintain leadership with a CAGR of 6.5% through 2032.

- The region's growth is attributed to the expanding food & beverage sector and rising consumption of ready-to-eat and packaged products, driving PET packaging demand.

Key Market Players:

- RTP Company
- BASF SE
- DuPont
- DSM
- Lotte Chemical Corporation
- Indorama Ventures Public Company Limited
- SABIC
- LANXESS
- Nan Ya Plastics Corporation
- LyondellBasell Industries Holdings B.V.

These players are focusing on expansions, collaborations, product innovations, and joint ventures to strengthen their market positions and cater to evolving consumer needs.

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About Us

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.

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