Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms Market

The article discusses the upward consumption trend of polyethylene terephthalate and other polyethylene terephthalate in primary forms, with projections for market volume and value by 2030. It covers consumption statistics, production rates, import and export trends, and key players in the industry. Regions such as China, the United States, India, and Lithuania are highlighted for their consumption and production rates, along with key insights into import prices and export volumes.

Market Forecast

Driven by increasing demand for polyethylene terephthalate and other polyethylene terephthalate in primary forms worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.7% for the period from 2022 to 2030, which is projected to bring the market volume to 35M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $22.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms

For the third year in a row, the global market recorded growth in consumption of polyethylene terephthalate and other polyethylene terephthalate in primary forms, which increased by 1.3% to 30M tons in 2022. The total consumption volume increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, consumption attained the peak volume of 32M tons. From 2015 to 2022, the growth of the global consumption of failed to regain momentum.

The revenue of the market for polyethylene terephthalate and other polyethylene terephthalate in primary forms worldwide soared to $17B in 2022, growing by 16% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a deep slump. Global consumption peaked at $42.2B in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The country with the largest volume of consumption of polyethylene terephthalate and other polyethylene terephthalate in primary forms was China (6.7M tons), comprising approx. 22% of total volume. Moreover, consumption of polyethylene terephthalate and other polyethylene terephthalate in primary forms in China exceeded the figures recorded by the second-largest consumer, the United States (2.4M tons), threefold. The third position in this ranking was held by India (2M tons), with a 6.7% share.

In China, consumption of polyethylene terephthalate and other polyethylene terephthalate in primary forms expanded at an average annual rate of +1.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-4.2% per year) and India (+1.1% per year).

In value terms, the largest polyethylene terephthalate and other polyethylene terephthalate in primary forms markets worldwide were Lithuania ($2.3B), India ($2.1B) and Japan ($1.4B), together accounting for 34% of the global market.

In terms of the main consuming countries, Lithuania, with a CAGR of +43.5%, saw the highest growth rate of market size over the period under review, while forms for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of per capita consumption of polyethylene terephthalate and other polyethylene terephthalate in primary forms was registered in Lithuania (236 kg per person), followed by the Netherlands (43 kg per person), Japan (12 kg per person) and Turkey (10 kg per person), while the world average per capita consumption of polyethylene terephthalate and other polyethylene terephthalate in primary forms was estimated at 3.9 kg per person.

In Lithuania, per capita consumption of polyethylene terephthalate and other polyethylene terephthalate in primary forms increased at an average annual rate of +44.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the Netherlands (+18.4% per year) and Japan (+5.6% per year).

Production

World Production of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms

In 2022, global production of polyethylene terephthalate and other polyethylene terephthalate in primary forms expanded modestly to 27M tons, with an increase of 2.7% compared with the year before. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 7.8%. As a result, production reached the peak volume of 32M tons. From 2015 to 2022, global production of growth remained at a somewhat lower figure.

In value terms, production of polyethylene terephthalate and other polyethylene terephthalate in primary forms soared to $12.8B in 2022 estimated in export price. Overall, production, however, continues to indicate a deep reduction. Over the period under review, global production of hit record highs at $40.4B in 2014; however, from 2015 to 2022, production remained at a lower figure.

Production By Country

China (6.7M tons) constituted the country with the largest volume of production of polyethylene terephthalate and other polyethylene terephthalate in primary forms, comprising approx. 25% of total volume. Moreover, production of polyethylene terephthalate and other polyethylene terephthalate in primary forms in China exceeded the figures recorded by the second-largest producer, the United States (2.4M tons), threefold. The third position in this ranking was taken by India (2.1M tons), with a 7.9% share.

In China, production of polyethylene terephthalate and other polyethylene terephthalate in primary forms remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (-3.4% per year) and India (+0.6% per year).

Imports

World Imports of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms

In 2022, overseas purchases of polyethylene terephthalate and other polyethylene terephthalate in primary forms decreased by -3.1% to 4.4M tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, imports recorded a abrupt decrease. The pace of growth appeared the most rapid in 2014 with an increase of 8.4%. Global imports peaked at 10M tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, imports of polyethylene terephthalate and other polyethylene terephthalate in primary forms contracted to $3.8B in 2022. In general, imports faced a abrupt decline. The most prominent rate of growth was recorded in 2013 with an increase of 7.4% against the previous year. As a result, imports attained the peak of $13.8B. From 2014 to 2022, the growth of global imports of failed to regain momentum.

Imports By Country

Japan represented the major importer of polyethylene terephthalate and other polyethylene terephthalate in primary forms in the world, with the volume of imports amounting to 1.3M tons, which was approx. 30% of total imports in 2022. Vietnam (548K tons) ranks second in terms of the total imports with a 12% share, followed by Indonesia (11%), Nigeria (7.3%) and Bangladesh (4.7%). Iran (180K tons), Peru (137K tons), South Korea (107K tons), Mexico (86K tons) and Taiwan (Chinese) (77K tons) took a relatively small share of total imports.

Imports into Japan increased at an average annual rate of +5.6% from 2012 to 2022. At the same time, Nigeria (+16.6%), South Korea (+15.0%), Taiwan (Chinese) (+14.3%), Indonesia (+14.2%), Iran (+13.8%), Vietnam (+7.5%), Bangladesh (+6.1%) and Peru (+1.2%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in the world, with a CAGR of +16.6% from 2012-2022. By contrast, Mexico (-3.6%) illustrated a downward trend over the same period. While the share of Japan (+21 p.p.), Indonesia (+9.2 p.p.), Vietnam (+9.1 p.p.), Nigeria (+6.4 p.p.), Iran (+3.5 p.p.), Bangladesh (+3.3 p.p.), South Korea (+2.1 p.p.) and Peru (+1.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($1.1B) constitutes the largest market for imported polyethylene terephthalate and other polyethylene terephthalate in primary forms worldwide, comprising 30% of global imports. The second position in the ranking was held by Vietnam ($433M), with a 12% share of global imports. It was followed by Indonesia, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value in Japan totaled -1.0%. In the other countries, the average annual rates were as follows: Vietnam (+0.9% per year) and Indonesia (+6.3% per year).

Import Prices By Country

In 2022, the average import price for polyethylene terephthalate and other polyethylene terephthalate in primary forms amounted to $846 per ton, remaining stable against the previous year. In general, the import price, however, saw a deep reduction. The most prominent rate of growth was recorded in 2018 an increase of 2.1% against the previous year. Over the period under review, average import prices hit record highs at $1,581 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Taiwan (Chinese) ($986 per ton) and Mexico ($910 per ton), while Bangladesh ($680 per ton) and Peru ($761 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.4%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Polyethylene Terephthalate And Other Polyethylene Terephthalate In Primary Forms

In 2022, the amount of polyethylene terephthalate and other polyethylene terephthalate in primary forms exported worldwide surged to 734K tons, picking up by 28% on the previous year. In general, exports, however, showed a significant curtailment. Over the period under review, the global exports of hit record highs at 10M tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of polyethylene terephthalate and other polyethylene terephthalate in primary forms soared to $642M in 2022. Over the period under review, exports, however, recorded a significant decline. Over the period under review, the global exports of attained the peak figure at $13.2B in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

Mexico represented the largest exporter of polyethylene terephthalate and other polyethylene terephthalate in primary forms in the world, with the volume of exports resulting at 253K tons, which was approx. 34% of total exports in 2022. Egypt (139K tons) took a 19% share (based on physical terms) of total exports, which put it in second place, followed by India (11%) and Iran (5.6%). The following exporters - Oman (30K tons), Peru (29K tons), Saudi Arabia (26K tons), Indonesia (21K tons), Vietnam (17K tons) and Morocco (12K tons) - together made up 19% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Egypt (with a CAGR of +53.5%), while the other global leaders experienced more modest paces of growth.

In value terms, Mexico ($220M), Egypt ($120M) and India ($77M) were the countries with the highest levels of exports in 2022, with a combined 65% share of global exports.

Among the main exporting countries, Egypt, with a CAGR of +42.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced mixed trends in the exports figures.

Export Prices By Country

In 2022, the average export price for polyethylene terephthalate and other polyethylene terephthalate in primary forms amounted to $875 per ton, with a decrease of -2.2% against the previous year. Overall, the export price recorded a abrupt decrease. The growth pace was the most rapid in 2017 an increase of 3.6%. The global export price peaked at $1,528 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in India ($977 per ton) and Morocco ($974 per ton), while Peru ($718 per ton) and Saudi Arabia ($736 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (-2.4%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform