Views: 6 Author: Site Editor Publish Time: 2024-11-01 Origin: Site
The PET market is projected to reach a size of USD 26.99 billion by 2024, with expectations to grow to USD 36.61 billion by 2029, resulting in a compound annual growth rate (CAGR) of 6.29% during this period.
Overall, the packaging industry will remain the largest consumer of PET materials. PET has extensive applications in both the packaging and electronics sectors. Its high transparency and mechanical strength make it particularly suitable for food packaging, as it effectively showcases products while providing protection. In 2022, the packaging sector accounted for nearly 96% of the total revenue of the PET market.
The global packaging industry is the largest end-user sector for PET. Key factors such as population growth, rising income levels, and changing lifestyles are driving the development of the global plastic packaging industry. The production of plastic packaging is expected to increase from 140 million tons in 2023 to approximately 180 million tons by 2029. Thus, the anticipated growth in packaging demand is expected to drive the demand for PET plastics during the forecast period.
PET film
PET film
The electronics industry has been one of the fastest-growing sectors in terms of revenue over the past few years, with an expected CAGR of 7.88% by 2029. This growth is attributed to the expanding consumer electronics market, which is projected to reach USD 1.103 trillion by 2023 due to lightweight products and the growth of e-commerce. Therefore, global demand for PET plastics may surge in the near future.
The Asia-Pacific region is the largest consumer market and the most profitable market segment, accounting for approximately 47% of the total PET consumption in 2022. China and India are currently the largest consumers of PET, collectively reaching an all-time high of 65.64% in consumption by 2022, primarily due to the packaging and electronics industries in these countries. In India, the increase in the production of electrical and electronic products under government initiatives, along with an expected CAGR of 7.19% in the electronics sector, is likely to further boost PET demand.
Europe ranks as the second-largest market, accounting for around 19% of total consumption in 2022, primarily benefiting from its industrial, machinery, and packaging sectors. Russia and Germany are the largest markets in the region, collectively consuming 36% in 2022. The UK and France are seeking to enhance the manufacturing of machinery and tools, becoming the fastest-growing PET markets in the industry, with respective sales CAGR of 4.92% and 4.60%.
The Middle East is currently the fastest-growing market globally, with a CAGR of 7.15% in terms of value, primarily due to increased production of electrical and electronic products and growing demand for food and beverage packaging. Saudi Arabia and the United Arab Emirates are expected to remain the largest consumers in the region, with consumption accounting for approximately 47% and 41% by 2029, respectively.
Therefore, based on these trends, the outlook for PET remains positive for the foreseeable future.