According to the report, the global polyethylene terephthalate market is likely to grow from USD 45.1 Billion in 2025 to USD 89.6 Billion in 2035 at a highest CAGR of 7.1% during the time period. The worldwide polyethylene terephthalate market is expanding at a high rate, driven by a boom in the sustainable packaging market, capacity building, and a rise in the application in fast moving consumer goods (FMCG) as well as food and beverage and textile segments. In late 2024, Revalyu Resources in India completed its second PET recycling facility in Nashik, which can produce over 160 tonnes per day of high-quality recycled PET chips, which can be used in packaging, textile and automotive applications.
In June 2024, Ganesha Ecopet increased its production of rPET at its Warangal plant, increasing its bottle-grade recycled PET capacity by approximately three times (14,000.) to 42,000 tons to satisfy existing sustainable packaging demand. Massive investments in the supply of raw PET are evident in Zhejiang Petrochemical in China, which has a Daishan PET Plant 2 being built based on an estimated capacity of 2 million tonnes per annum, projecting to come online in 2026. These trends indicate both a push on the sustainability requirements of the packaging industry and a push on the Owners of the brands towards the use of lightweight, recyclable materials.
The global market of polyethylene terephthalate to move over the recent years was the booming of the ready-to-drink beverage industry where PET containers are preferred due to their durability, lightness, and the capacity to keep the product fresh. More recent inventions include Coca-Cola launching 100% rPET bottles in North America in 2024, which would speed up the consumption of PET since major beverage producers are also committed to using sustainable and recyclable packaging.
One weakness is in the volatility of crude oil and paraxylene prices which are the key feedstocks in the production of PET. The rise in oil prices in mid-2024 caused cost pressures on PET manufacturers that upset margins and had most converters in Europe to temporarily cut back production, revealing just how sensitive the industry is to changes in raw material prices.
There is an opportunity that is arising in the textile industry where PET is being recycled into polyester fibers to make sustainable clothes. In 2024, Indorama Ventures collaborated with a large group of fashion brands to provide yarns made using recycled PET, demonstrating the growth of the move to circular textiles to broaden the use of PET outside of packaging.
Prominent players operating in the global polyethylene terephthalate market are Alpek S.A.B. de C.V., Amcor plc, China Resources Chemical Innovative Materials Holdings, DAK Americas LLC, E.I. DuPont de Nemours and Company, Eastman Chemical Company, Equipolymers, Far Eastern New Century Corporation, Indorama Ventures, JBF Industries Ltd., Jiangsu Sanfangxiang Group Co., Ltd., LAVERGNE, Inc., Lotte Chemical Corporation, M&G Chemicals S.A., Mitsubishi Chemical Corporation, Nan Ya Plastics Corporation, Octal Petrochemicals, Petroquímica Suape (Petrobras), Quadrant AG, Reliance Industries Limited, SABIC, Shinkong Synthetic Fibers Corporation, SK Chemicals Co., Ltd., Teijin Limited, Toray Industries, Inc., and Other Key Players.
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