Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 13.82 Billion | USD 32.58 Billion | 9.1% | 2024 |
The global crystalline polyethylene terephthalate market size was worth around USD 13.82 Billion in 2024 and is predicted to grow to around USD 32.58 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 9.1% between 2025 and 2034. The report analyzes the global crystalline polyethylene terephthalate market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the crystalline polyethylene terephthalate industry.
Polyethylene terephthalate (PET), one of the most abundant thermoplastic polymer resins, when crystallized results in the formation of crystalline polyethylene terephthalate with wide application in the packaging industry especially in the food segment. PET is termed as an extremely versatile engineering-grade plastic possessing excellent chemical and thermal resistance along with enhanced mechanical properties. PET itself exhibits a high melting point of 255°C and a glass transition temperature of 7O°C which is one of the main reasons why the polymer can retain its properties at high temperatures.
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Increasing applications in the food & beverage industry to propel market growth
The global crystalline polyethylene terephthalate is projected to grow owing to the increasing use of crystalline PET in the F & B sector, one of the fastest-growing industries across the globe. Since the polymer is non-toxic, it is widely used in the packaging of foods and drinks, where safety protocols are highly regulated and nonconformity which can lead to serious implications.
Although every country has its assigned set of regulations and bodies that control these rules, Codex Alimentarius also known as Food Code is a compilation of international guidelines, standards, and practice codes for consumer health protections and maintaining fair practices in the trade. In 2020, the global food packaging market was valued at USD 324 billion and it may grow at a CAGR of 6.35% by the end of 2028, which is anticipated to drive the demand for the crystalline PET owing to the various benefits associated with the use of the polymer in comparison to other available options.
Substitute threats to restrict the market growth
The global market cap may witness resistance during its growth trend owing to the increasing research & development to develop more sustainable methods of food packaging. Even though crystalline polyethylene terephthalate is non-toxic and renewal, it has certain chemicals associated with it, and the growing trend of consumers' preference towards higher adoption of organic items, especially in the food segment which also includes the outer packaging may impact the revenue generation in the coming years.
Emphasis on the adoption of the eco-friendly packaging system to provide expansion opportunities
The global crystalline polyethylene terephthalate market size may benefit from the increasing emphasis by international, domestic, and government agencies on the adoption of eco-friendly packaging systems wherever possible. Management of packaging waste is a major concern in the current modernized world. In 2015, more than 39.9 million tons of municipal solid waste was generated by the packaging, paperboard, and paper industry. Waste management in this sector is highly unregulated but there is a significant and observable shift in higher inclination toward managing the process better which may benefit the global market.
High price of raw materials a major challenge for market players
Since polyethylene terephthalate, the basic building unit, is an artificially created or engineered resin, it is more highly priced than commercial or commodity resins like high-density polyethylene. PET is one of the few high-cost plastic recyclables, a major challenge for global market players. Many agencies opt to use other substitutes that may not be environment-friendly and cost less resulting in the global market cap losing out on a large section of consumers.
Report Attributes | Report Details |
---|---|
Report Name | Crystalline Polyethylene Terephthalate Market |
Market Size in 2024 | USD 13.82 Billion |
Market Forecast in 2034 | USD 32.58 Billion |
Growth Rate | CAGR of 9.1% |
Number of Pages | 168 |
Key Companies Covered | LA SEDA DE Barcelona (LSB), The DOW Chemical Company, Treform Packaging Ab, Far Eastern New Century Corporation, Indorama Ventures Public Company Limited, Petro Polymer Shargh, Saudi Basic Industries Corporation, Petrotemex, Dak Americas LLC, and Quadrant, and others. |
Segments Covered | By Application, By Manufacturing Process, By End-User, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, The Middle East and Africa (MEA) |
Base Year | 2024 |
Historical Year | 2020 to 2023 |
Forecast Year | 2025 - 2034 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The global crystalline polyethylene terephthalate market is segmented based on application, manufacturing process, end-user, and region.
Based on application, the global market segments are cups, trays, bottles, film & sheets, and others. The global market generates the highest revenue from the bottles segment in the food & beverages industry. This is because crystalline PET bottles are anti-microbial while also pricing necessary hygiene and product protection. In 2018, the beverage packaging market was valued at USD 124 million and it may reach USD 177.1 million by 2026.
Based on the manufacturing process, the global market divisions are molding, and extrusion. In 2021, the former process dominated the global market segment. Extrusion helps in creating linear and 2-dimensional (2-D) structures, while molding creates 3-D packaging structures.
Based on end-user, the global market is divided into pharmaceutical food & beverages, and others. In 2021, the global market generated the highest revenue in the food & beverages sector, with the pharmaceutical sector also generating high revenue in the last few years. One of the major reasons for use of crystalline PET is the non-toxicity of the product which does not affect the quality of the product. The Chinese F & B sector grew by 7.85% from 2018 to 2019, generating a revenue of USD 595.6 billion in 2019.
Asia-Pacific to witness massive growth in the coming years
The global crystalline polyethylene terephthalate market is anticipated to be driven by Asia-Pacific in the coming years with China leading the regional market share. The country is currently the largest producer of PET along with being the world’s largest consumer of PET bottles. This can be attributed to the growing population and the subsequent demand in the F & B sector while the increase in the product may be attributed to the country's goal of becoming the largest economy in the coming years. In 2017, China accounted for more than 30% of the global production capacity of PET resin which was valued at 30.3 million tons, as reported by Statista. India may also contribute to the regional revenue driven by the rising chemical industry in the country. The ramping of production activities are anticipated to be propelled by the growing demand for the product in overseas markets as well as domestic consumers.
The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the crystalline polyethylene terephthalate market on a global and regional basis.
The global crystalline polyethylene terephthalate market is dominated by players including
The global crystalline polyethylene terephthalate market is segmented as follows:
By Application
By Manufacturing Process
By End-User
By Region
FrequentlyAsked Questions
The global crystalline polyethylene terephthalate market is expected to grow due to growing use in food and beverage containers, increasing demand for durable and heat-resistant packaging, advancements in recycling technologies, and expanding applications in automotive and electronics industries.
According to a study, the global crystalline polyethylene terephthalate market size was worth around USD 13.82 Billion in 2024 and is expected to reach USD 32.58 Billion by 2034.
The global crystalline polyethylene terephthalate market is expected to grow at a CAGR of 9.1% during the forecast period.
Asia-Pacific is expected to dominate the crystalline polyethylene terephthalate market over the forecast period.
Leading players in the global crystalline polyethylene terephthalate market include LA SEDA DE Barcelona (LSB), The DOW Chemical Company, Treform Packaging Ab, Far Eastern New Century Corporation, Indorama Ventures Public Company Limited, Petro Polymer Shargh, Saudi Basic Industries Corporation, Petrotemex, Dak Americas LLC, and Quadrant, among others.
The report explores crucial aspects of the crystalline polyethylene terephthalate market, including a detailed discussion of existing growth factors and restraints, while also examining future growth opportunities and challenges that impact the market.
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