Global Polyethylene Terephthalate (PET) Resin Market Forecast (2019-2030) - Size, Trends, and Growth Analysis by Product Type, End-User Applications, and Regions (North America, Europe, Asia Pacific)

Overview

Global PET Resin Market Size

The global PET resin market exhibited notable fluctuations in production, demand, and pricing trends during 2023 with a CAGR of 4.32% from 2019 to 2023. As a key material used across industries such as packaging, textiles, automotive, and consumer goods, PET resin continues to play a vital role in the global economy. Market growth is shaped by factors including production capacity, technological advancements, regulatory policies, and shifting consumer preferences toward sustainable materials.

As of September 2024, the Agriculture Raw Material Index rose to 108.31, reflecting a year-on-year increase of 5.96%. The index displayed continued resilience in October 2024, climbing to 80.83, up from 77.82 in October 2023, representing a 3.88% rise.

Feedstock subsidies in the polymer production sector across the 15 leading polymer-producing countries totaled approximately USD 26 billion in 2022. China, as the largest polymer producer by capacity, provided the highest level of subsidies, amounting to nearly USD 11 billion, accounting for 41% of the total.

Global PET Production and Utilization Trends in 2023

In 2023, global PET production declined with the global utilization rate dropped to 74%, an 8%-point decrease compared to 2022. This was driven by ongoing capacity expansions. PET prices experienced an upward trend in the first half of 2023 but declined in the second half. The top five PET-producing countries China, the United States, India, Taiwan, and Mexico, together accounted for almost three-fourths of global production.

Japan’s Move Towards Sustainable PET Production

In August 2023, Neste partnered with Suntory, ENEOS, and Mitsubishi Corporation to advance sustainable PET resin production using renewable materials. This collaboration aims to enhance packaging sustainability and reduce dependence on fossil fuels. Suntory is set to introduce bio-based PET in its products starting in 2024.

Decline in South Korea’s PET Exports

South Korea's PET resin exports decreased by 4% in 2023, totaling approximately 380,000 tons compared to the previous year. This decline was primarily attributed to an anti-dumping investigation on Chinese imports and reduced seasonal demand. Simultaneously, PET imports surged, reaching nearly 45,000 tons in Q4 2023, indicating increased reliance on foreign suppliers.

Global PET Resin Market Share, by Product Type, 2023

Bottled Water Sector Growth in 2023

In 2023, the PET market experienced significant growth across its Product type segments. The bottled water sector surged, driven by increasing health awareness and concerns over contaminated tap water. In the U.S., bottled water sales reached more than 15 billion gallons. The soft drink sector continued to dominate PET bottle usage, holding 61% of the market share. Single-serve beverages, particularly ready-to-drink coffee and tea, saw a sharp rise, with over 30% of total coffee sales in the U.S. attributed to this category.

Asia-Pacific Leading PET Film, Fiber, and Glass Fiber Markets

In the PET fiber sector, global trade was valued at around USD 20 billion, with Asia-Pacific leading production and exports. Similarly, PET thermoforming saw a global trade volume of approximately USD 8 billion, with Asia-Pacific as the primary supplier. China's dominance extended into PET glass fiber production, where it contributed over 50% to the global supply, driven by rapid urbanization and increasing demand from the construction and automotive industries. As a result, Asia-Pacific solidified its position as the global leader in all PET market segments.

PET Resin Market Dynamics in Healthcare: Regional Insights 

North America: The region’s growing demand for medical devices and innovative packaging solutions is poised to drive increased consumption of PET resin in healthcare-related applications. 

United States Healthcare Spending: The United States recorded healthcare expenditures of approximately USD 3.8 trillion in 2019, with a consistent annual growth trajectory. This rising expenditure is anticipated to further boost demand for PET-based materials in medical packaging and other healthcare applications. 

China's Expanding Healthcare Sector: China’s healthcare market is experiencing rapid growth, with public hospitals acting as major consumers of medical devices. Projections indicate the sector will surpass USD 2 trillion by 2030, more than doubling its current size. The increased demand for durable, cost-effective, and sustainable materials like PET aligns with the country's expanding medical and packaging needs.

India's Growing Healthcare Market: India’s healthcare sector is projected to reach USD 380 billion by the end of 2024, solidifying its position among the world’s top three healthcare markets. The nation’s focus on medical device manufacturing, bolstered by initiatives such as 'Make in India,' is expected to drive substantial demand for PET resin in healthcare and medical packaging solutions. 

Global Share of Energy Subsidies Among Major Polymer Producing Countries, USD Billion, 2022

Key Developments in the PET Resin Market

• Sustainability-Linked Loan Announcement: In 2024, Indorama Ventures Public Company Limited announced it raised USD 255 million through a sustainability-linked Ninja loan with international financial institutions. The refinancing was achieved at lower spreads than the previous issuance in 2020.

• Reliance Industries Introduces Polymer Price Reductions: In November 2024, Reliance Industries introduced various incentives and price reductions for polymers, including PET. These adjustments aim to stimulate domestic demand, particularly for polyethylene (PE) and polypropylene (PP) products, through structured discounts​.

• Advanced Recycling Unit in Geleen, Netherlands: In 2024, the Advanced Recycling Unit in Geleen, Netherlands, a joint venture between SABIC and Plastic Energy, is expected to be completed. The unit will process 20,000 tons of plastic waste annually into circular materials, enabling SABIC to significantly increase the production of certified circular polymers.

• Closure of Beaver Valley EPS Facility: On 4 November 2024,  Alpek, S.A.B. de C.V. (“Alpek” or “the Company”) announced its plans to cease production at the Beaver Valley EPS facility in Monaca, Pennsylvania by January 2025.

• Acquisition of OCTAL Holding SAOC: On 1 June 2022, Alpek completed its acquisition of OCTAL Holding SAOC after obtaining all necessary regulatory approvals. The USD 620 million deal included 100% of OCTAL's shares, enhancing Alpek’s operations in the polyester market and contributing to an expected EBITDA increase of USD 120 million in 2022​.

• Joint Venture with Advent International: In 2023, a joint venture was established with Advent International, combining LANXESS's high-performance materials (HPM) unit with DSM's engineering materials (EDM) unit. This venture created a leading force in engineering polymers, focusing on materials used in automotive, electronics, and sustainable applications. The partnership emphasized sustainable materials such as Tepex®, a composite material commonly used in automotive parts.

Research and Innovations Transforming the PET Resin Market

• The U.S. Department of Energy (DOE) is driving advancements in PET upcycling through initiatives that explore transforming PET into chemicals and fibers. Key innovations include IBM's VolCat process, which converts PET into monomers like BHET for creating new products. 

• In Europe, EU-funded projects are advancing enzymatic and catalytic processes to enhance PET breakdown, further contributing to a circular economy. 

• Raw Material Sourcing: SABIC has committed to upcycling PET bottles collected from oceans, aiming to repurpose 10 billion plastic bottles into premium materials over the next decade, significantly reducing waste and supporting sustainability efforts. 

• Performance Advantages: Upcycled PBT exhibits mechanical properties equivalent to virgin resins, making it ideal for high-performance applications. It is also flaming retardant without brominated or chlorinated additives while offering heat resistance and durability.

Scope of the Global Polyethylene Terephthalate (PET) Resin Market

Makreo Research has recently published an extensive report titled “Global Polyethylene Terephthalate (PET) Resin Market Forecast (2019-2030) - Size, Trends, and Growth Analysis by Product Type, End-User Applications, and Regions (North America, Europe, Asia Pacific)”. The report offers a comprehensive examination of the global PET resin market, covering major regions including North America, Europe, Asia-Pacific, and emerging economies. It provides an in-depth review of both current and historical market performance, focusing on market dynamics, sustainability trends, and regulatory frameworks in key countries such as China, India, Japan, South Korea, Germany, France, the USA, and Canada.

The analysis highlights prominent players in the market, including Indorama Ventures Public Company Limited, Alpek, S.A.B. de C.V., Far Eastern New Century Corporation, Lotte Chemical Corporation, Reliance Industries Limited, China Petroleum and Chemical Corporation (Sinopec Group) & DuPont de Nemours, Inc. It features detailed company profiles, focusing on production capacities, sales performance, strategic initiatives, and financial developments.

The report provides a comprehensive assessment of the Global Polyethylene Terephthalate (PET) Market, analyzing key market dynamics, including regional trends, historical and current market performance, and the legal and regulatory framework influencing the industry. It examines market segmentation across various dimensions, such as types of PET products, applications, end-use industries, and demographic preferences. The study highlights market revenue patterns, offering future forecasts while providing an in-depth evaluation of competitors, their financial activities, and strategic developments such as mergers, acquisitions, and funding initiatives. Additionally, the report identifies challenges and opportunities shaping the market, presenting a detailed analysis of continent-wise and country-specific market conditions, making it an invaluable resource for stakeholders and industry professionals navigating this rapidly growing sector.

• What are the key drivers of growth in the global PET resin market?

• What is the projected market size and revenue of the global PET resin industry by 2028?

• How does sustainability and recycling impact the PET resin market?

• Who are the leading players in the global PET resin market?

• How do major players compare across performance metrics in the PET resin market?

• What is the production capacity and sales performance of top players in the PET resin industry?

• What investment strategies are leading companies in the PET resin market adopting?

• What mergers and acquisitions have shaped the PET resin market?

• What products are offered by key players in the PET resin market?

• What sustainable practices have key players implemented in the PET resin market?

• How extensive is the geographic reach of major players in the PET resin market?

• What are the key segments within the global PET resin market?

• How are emerging markets like India and China contributing to the growth of the PET resin market?

• What challenges are currently faced by the global PET resin market?

• How do environmental and regulatory challenges impact the PET resin market?

Companies Covered