Crystalline Polyethylene Terephthalate Market - By Manufacturing Process, By Application, By End Use Industry, By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030.

Crystalline Polyethylene Terephthalate Market size is forecast to reach $27.2 billion by 2030, after growing at a CAGR of 9.2% during 2024-2030. CPET, or crystallised polyethylene terephthalate, is a high-performance plastic that is used for numerous packaging and engineering applications.  It is a prevalent choice for packaging due to its excellent heat resistance, durability, and barrier properties. CPET containers are commonly used in the hospitality industry for takeaway meals and ready-to-eat foods, as they are versatile, can withstand high temperatures, and are both microwaveable and oven proof. The market's robust growth is propelled by the distinctive advantages offered by CPET, including superior properties such as enhanced durability, chemical resistance, and recyclability. The utilization of CPET often involves recycled materials, aligning with environmental conservation principles and further bolstering the positive trajectory of the Crystalline Polyethylene Terephthalate Market.

 

 

 

The report: “Crystalline Polyethylene Terephthalate Market- Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Crystalline Polyethylene Terephthalate Industry.

 

By Manufacturing Process: Extrusion Process and Molding Process.

By Application: Bottles and Containers, Packaging, Tape, Transparent Films/Sheets, and Others.

By End Use Industry: Food & Beverages, Pharmaceutical, Automotive, and Others.

By Geography: North America, South America, Europe, APAC, and RoW.

 

• Asia Pacific dominates the Crystalline Polyethylene Terephthalate Market owing to rapid increase in food and beverages sector especially packaged foods.

• The market is mainly driven by the demand for sustainable packaging. 

• The superior properties of crystalline polyethylene terephthalate also contribute to its growing demand

• Fluctuation in raw material prices may prove to be a challenge for the crystalline polyethylene terephthalate market.

 

Molding process held the largest share in the Crystalline Polyethylene Terephthalate Market in 2023. This growth is mainly attributed to the increasing demand for polyethylene terephthalate in varied applications such as making of bottles, containers, trays and cups. The molding process enables the production of intricate and customized CPET products, ensuring consistency and high-quality output. Its adaptability to mass production, cost-effectiveness, and ability to maintain CPET's desired properties make molding the preferred choice in terms of manufacturing process. 

 

Packaging held the largest share in the Crystalline Polyethylene Terephthalate Market in 2023. Crystalline polyethylene terephthalate is used in packaging because of its extreme rigidity and the capability to resist high temperature ranging from -400 F to 4000 F. It is non-toxic and very safe for the packaging of food and beverages.  cPET packaging has excellent resistance to aggressive chemical agents and organic and inorganic substances (including oils, fats, etc.) and have excellent physiological behavior (odorless, tasteless) which makes it perfect for use in the packaging of food and beverages. 

 

Food and Beverage industry dominates the Crystalline Polyethylene Terephthalate Market growing in 2023 at a CAGR of 14.2%. The advent of modern urban dynamic lifestyle has created a demand for ready-to-eat food to be met by food product manufacturers. Data from the study, Digital Economy Payments: Consumers Buy Into Food Bargains, which drew from a July 2022 survey of nearly 2,700 U.S. consumers, revealed that 37% of consumers had bought prepared food on their most recent grocery trip, up 7% from consumers who had done so back in November 2021. As per NIQ’s 2023 Consumer Outlook survey, in France, 22% of consumers bought ready meals in the December 2022, and 14% of them chose microwaveable meals over other types of ready meals. This is a significant increase from 2019, when only 15% of consumers bought ready meals and 9% of them opted for microwaveable meals. With the growing preference for microwaveable meals, the demand for crystalline polyethylene terephthalate is anticipated to rise.

 

Asia Pacific region held the largest share in the Crystalline Polyethylene Terephthalate Market in 2020 with a market share of 40%, owing to the growing food and beverage industry in the region. According to the All India Food Processors Association, the Indian food and beverage packaging industry is growing by 14.8% annually and is expected to reach $86 billion in 2029, following rapid urbanisation, rising disposable incomes and evolving consumption patterns. According to the Japanese Ministry of Economy, Trade, and Industry’s Production Status Survey, the combined production quantity of the four primary packaging materials from January to October 2022 reached 2,593,075 tons. Notably, plastic containers, driven by advancements in recycling technologies and the promotion of recycled plastics, recorded a 2.9% increase. Thus, the APAC region is set to dominate the Crystalline Polyethylene Terephthalate Market.

 

 

Sustainable packaging has been one of the fastest-growing trends in the packaging world. The rise in demand for sustainable packaging is due to the rising environmental awareness. According to the 2023 Buying Green Report by Trivium Packaging, based on a survey of more than 9,000 consumers across Europe, North America, and South America, consumers are increasingly willing to pay more for products in sustainable packaging. 82% of respondents overall would be willing to pay more for sustainable packaging, up four points from 2022, and eight points since 2021, signalling that even with a worsening economic situation, the environment remains a consumer priority. Major FMCG (Fast-Moving Consumer Goods) manufacturers such as Unilever and Procter & Gamble have made commitments to transition completely to sustainable packaging. These initiatives by leading companies worldwide are contributing to the growth of crystalline polyethylene terephthalate market.

 

The superior properties of crystalline polyethylene terephthalate are driving the market. Its ability to undergo repeated recycling without compromising its inherent qualities positions cPET as a sustainable and eco-friendly choice in the packaging industry. Moreover, the increasing demand for environmentally responsible packaging solutions amplifies the significance of cPET. The Packaging and Packaging Waste Directive is a key driver of increasing recycling rates in the EU. Recycling targets set out in the Waste Framework Directive and the Directive on packaging and packaging waste. According to the targets, 50% of plastic packaging will have to be recycled in the EU and 55% by 2030. The recycling infrastructure in Europe, coupled with stringent environmental regulations, further propels the market, as manufacturers prioritize materials that contribute to circular economy goals. As sustainability becomes a central focus, cPET emerges not only as a versatile material but also as a key driver for packaging industries worldwide.

 

 

The raw material comprises of ethylene glycol, dimethyl terephthalate or terephthalic acid. The prices are dependable on the price of the crude oil and the prices fluctuate. Given the geopolitical tensions due to the Russia Ukraine war, the price of crude oil reached an all-time high in 2022. On 6 March 2022, the US Secretary of State announced that the US administration and its allies were discussing a ban on Russian oil supplies. This led to a jump in oil prices to US$139 a barrel (WTI). Additionally, the rising prices of raw materials, the energy prices and inflation due to the war have led to closures and disruptions of PET plants. In September 2023, the joint venture partners of Corpus Christi Polymers decided to pause the construction of the integrated purified terephthalic acid-polyethylene terephthalate (PTA-PET) plant in Texas, US citing inflation, high interest rates, and labour shortages. 

 

 

 

The top 10 players in the Crystalline Polyethylene Terephthalate Market are 

1. BASF SE

2. Dow Chemical Company

3. DAK America

4. Clariant AG

5. Eastman Chemical Company

6. SABIC 

7. JBF Industries Ltd

8. Indorama Ventures

9. Nan Ya Plastics Corporation

10. Reliance Industries