Worldwide – The global polyethylene terephthalate (PET) market is estimated to be worth US$39.16 billion by the end of 2024, according to new data by Transparency Market Research. This represents a 5.8% compound annual growth rate during the observation period 2016-2024.
‘The global PET market has been picking up steam as the demand for recyclable plastic has been growing at an exponential rate,’ analysts assert.
They cite ‘soaring demand’ for lightweight, innovative and durable packaging materials in recent years. The global PET market totalled US$ 23.73 billion in 2015. That year, the leading five players Indorama Ventures, M & G Chemicals, Jiangsu Sanfanxiang, Octal, and DAK Americas, collectively held a share of about 39%. It is noted that the Asia Pacific PET market held a share of 35% in the overall market as of 2015.
Despite this ‘remarkable boost’, analysts point out that the worldwide PET market may be obstructed somewhat over the next few years because of volatile crude oil prices as well as increasingly strict government norms and regulations regarding the application of PET.
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