The PET market is expected to continue growing due to the increasing demand for PET-based products in various end-use applications, including packaging, textiles, and automotive. The PET market is facing increasing pressure to adopt sustainable practices, including recycling and reducing the use of fossil fuels. Many companies are investing in sustainable technologies to meet these demands. Moreover, the PET market is characterized by continuous technological advancements, including the development of new processing technologies and improved production methods. Furthermore, the market is highly competitive, with many companies offering similar products. To remain competitive, companies must continuously innovate and improve their products and services.
Pricing is an important factor in the PET market, with customers looking for affordable and flexible pricing models. PET producers are offering various pricing plans, including fixed and variable pricing models.
The global Polyethylene Terephthalate Market is expected to surpass US$ 72.88 Bn by 2030, witnessing a CAGR of 6.7% in the forecast period (2022 to 2030).
Market Leaders in the Polyethylene Terephthalate (PET) Industry:
1. Alpek S.A.B de C.V.: Established in 1998, Alpek is a leading producer of PET resins in the Americas. The company operates through various business segments, including polyester, plastics, and chemicals. Alpek S.A.B de C.V. announced in February 2022 that it had completed the acquisition of a majority stake in two companies involved in the production of polyethylene terephthalate (PET) resin, a type of plastic commonly used in the production of food and beverage packaging. The two companies, Indorama Ventures Polymers Mexico S.A. de C.V. and Indorama Ventures PIA Aragon S.L., are located in Mexico and Spain, respectively, and have a combined annual production capacity of over 1.3 million tonnes of PET resin.
2. RTP Company: Founded in 1988, RTP Company is a global compounder of custom-engineered thermoplastics. The company offers a range of PET-based products, including PET compounds and PET masterbatches. RTP Company announced in November 2021 that it had developed a new line of PET compounds that offer improved durability and sustainability compared to traditional PET materials.
3. BASF SE: Established in 1865, BASF is a global chemical company that produces a wide range of products, including PET resins. The company offers PET resins for various applications, such as packaging, textiles, and automotive. BASF announced in September 2021 that it had developed a new process for the production of PET that uses renewable raw materials, such as biogas and bio-naphtha, instead of fossil fuels. This process, known as "mass balance," enables BASF to reduce its reliance on finite resources and support the transition to a more sustainable economy.
4. The Dow Chemicals Company: Founded in 1897, Dow is a global leader in materials science and chemical manufacturing. The company offers a range of PET-based products, including PET resins and PET films. Dow announced in June 2021 that it had developed a new material, called INNATE TF Polyethylene Resins, which can be used in the production of high-performance PET films.
5. Jiangsu Sanfangxiang Group: Established in 1992, Jiangsu Sanfangxiang Group is a Chinese company that produces a range of PET products, including PET fibers and PET bottles. The company also offers PET recycling services. Jiangsu Sanfangxiang Group announced in October 2021 that it had successfully developed a new type of PET resin, which it claims is more environmentally friendly than conventional PET resin.
6. Indorama Ventures: Established in 1994, Indorama Ventures is a global producer of PET resins and fibers. The company operates in various markets, including packaging, textiles, and automotive. Indorama Ventures announced in January 2022 that it had completed the acquisition of a PET recycling facility in Poland. The facility, which is located in Bielsko-Biala and has a capacity of 20,000 metric tons per year, will help to expand Indorama Ventures' PET recycling capabilities in Europe.
7. M&G Chemicals: Founded in 1953, M&G Chemicals is a leading producer of PET resins and PET-based products. The company operates in various markets, including packaging, textiles, and automotive.
8. Nan Ya Plastics Corporation: Established in 1958, Nan Ya Plastics Corporation is a Taiwanese company that produces a range of PET-based products, including PET resins and PET films.
9. Far Eastern New Century: Founded in 1949, Far Eastern New Century is a Taiwanese company that produces a range of PET-based products, including PET resins and PET fibers. In September 2021, FENC announced that it had completed the acquisition of INVISTA's global polymer and resin businesses, including its PET business. This acquisition is expected to expand FENC's global presence in the PET market and enhance its competitiveness in the industry.
10. Quadrant AG: Established in 1892, Quadrant AG is a global company that produces a range of plastic products, including PET-based products. The company operates in various markets, including aerospace, electronics, and healthcare.
Definition: Polyethylene terephthalate (PET) is a type of thermoplastic polymer resin that is widely used in the manufacturing of bottles, containers, films, and fibers.
