MEA Polyethylene Terephthalate (PET) Resin Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | High |
Major Players_Market.webp "Middle-East and Africa Polyethylene Terephthalate (PET) Resin Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
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MEA Polyethylene Terephthalate (PET) Resin Market Analysis
The Middle East and Africa polyethylene terephthalate (PET) resin market is expected to reach over 2,990 tons by the end of this year and is estimated to grow at a CAGR of over 4.5% during the forecast period.
COVID-19 impacted negatively the Middle East and Africa polyethylene terephthalate resin market growth. However, the surging demand for PET films in the automotive industry has propelled industry growth.
- The growing food and beverage industry and increasing emphasis on recycling are expected to drive the market during the forecast period.
- Stringent regulations regarding the usage of PET and the increasing usage of alternative products may hinder the market growth.
- Increasing use of bio-based PET products is projected to create future market growth opportunities.
- Saudi Arabia is expected to dominate the market and is also expected to witness the fastest CAGR during the forecast period.
MEA Polyethylene Terephthalate (PET) Resin Market Trends
This section covers the major market trends shaping the MEA Polyethylene Terephthalate Resin Market according to our research experts:
Increasing Demand from Food and Beverage Industry
- PET is a plastic material that has found increasing applications in the food and beverage industry for packaging purposes. PET has been replacing glass in food packaging applications owing to its extremely lightweight, easy and efficient transportation, and shatterproof features.
- PET is a very strong and inert material that does not react with foods. It is resistant to attacks by microorganisms and will not biologically degrade. Additionally, unlike glass, PET is extremely lightweight, easy and efficient to transport, re-sealable for efficient on-the-go hydration, environmentally safe, recyclable, and shatterproof. Owing to its chemical inertness and physical properties, especially glass-like transparency, lightweight, and rigidity, PET is widely used as a food packaging material.
- Common applications of PET in the food and beverage industry are bottled water, milk, juices, and carbonated drinks bottles, ketchup, jars for peanut butter, mayonnaise, pickles, jam, and others, sandwich boxes, tubs, and food containers, can laminations, etc.
- In Saudi Arabia, bottled water spending accounted for the largest proportion of soft drink sales, standing at around 55.3% of soft drink spending in 2021. Carbonated drinks accounted for the second largest proportion of soft drinks spending in 2021, accounting for over 26% of soft drinks spending.
- Besides packaging, PET is also used in the food industry for clamshells, deli containers, as well as microwave food trays. Growing population, increase in consumers' disposable income and purchasing power, and increasing demand for easily transportable and flexible food packaging, etc. are further expected to increase the demand for PET during the forecast period.
- Saudi Arabia's food and beverage sector increased by 6.3 percent in the first half of 2022. Additionally, according to the Saudi Arabian General Authority for Investment (SAGIA), the spending on food service will grow by 6% per annum over the next five years. As the population in The Kingdom reached about 36 million in 2022, Saudi now holds the largest domestic food & beverage market in the GCC.
Saudi Arabia to Dominate the Market
- Being an oil-producing economy, the country's interest in other industries was less from the initial phase itself. However, after the emergence and dominance of the non-OPEC countries globally and the high volatility of crude oil prices, Saudi Arabia decided to diversify its portfolio to help the economy grow uniformly.
- The market's openness and investment opportunities in Saudi Arabia are less when compared to other emerging economies. However, in its 10th development plan, the government is reforming economic policies with investments in diversified sectors and is trying to attract private investments in the country to make it a diversified economy that is not dependent on oil.
- The packaging industry has been witnessing substantial growth in Saudi Arabia, majorly driven by the increasing food manufacturing and processing and growing online food delivery services. The food delivery and apps market in Saudi Arabia is also expanding rapidly; it was valued at USD 511 million in 2021 and is predicted to increase by 10% a year through 2026.
- The Saudi Arabian food manufacturing and processing sector rapidly grew in the past 10 years. The processed food industry in Saudi Arabia is expected to grow significantly, due to the increasing market for frozen foods, chilled processed foods, snacks, and chocolate confectionery.
- The healthcare industry in Saudi Arabia accounts for the largest expenditure in the GCC region, and there is a rising demand for increasing hospital bed capacity and long-term care centers. In 2021, the number of beds in the healthcare sectors was 77,224, an increase from 72,981 in 2019.
- In Gulf Cooperation Council (GCC) countries, Saudi Arabia accounts for 60% of healthcare expenditure, and the sector remains a top priority for the Saudi Arabian Government. In 2022, it spent USD 36.8 billion on healthcare and social development, 14.4 percent of its 2022 budget.
- The increasing healthcare expenditure in the country, along with the privatization of several public hospitals, is expected to drive the demand for healthcare equipment in the country, which, in turn, is expected to drive the PET market in the coming years.
MEA Polyethylene Terephthalate (PET) Resin Industry Overview
The Middle East and Africa polyethylene terephthalate (PET) resin market is consolidated. Key players in the market include SABIC, Indorama Ventures Public Company Limited, Equate Petrochemical Company, and BASF SE, among others (not in any particular order).
MEA Polyethylene Terephthalate (PET) Resin Market Leaders
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SABIC
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Indorama Ventures Public Company Limited
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BASF SE
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Equate Petrochemical Company
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Dow
*Disclaimer: Major Players sorted in no particular order
_Resin_Market.webp "Middle-East and Africa Polyethylene Terephthalate (PET) Resin Market Concentration")
MEA Polyethylene Terephthalate (PET) Resin Market News
- In May 2022, SABIC introduced LNP ELCRIN WF0061BiQ resin, a novel material that uses ocean-bound polyethylene terephthalate (PET) bottles as a feed stream for chemical upcycling into polybutylene terephthalate (PBT) resin. This resin can be used for consumer electronics applications such as fan housings in computers and automotive seating, as well as electrical connectors and enclosures.
- In February 2022, Alpek signed an agreement to acquire OCTAL Holding SAOC ('Octal'). The acquisition will help expand Alpek's position in the market and increase its value-added production offerings in Polyethylene Terephthalate (PET) sheets.
MEA Polyethylene Terephthalate (PET) Resin Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Food and Beverage Industry
- 4.1.2 Increasing Emphasis on Recycling
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4.2 Restraints
- 4.2.1 Increasing Usage of Substitute Products
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Product Type
- 5.1.1 Bottles
- 5.1.2 Films and Sheets
- 5.1.3 Other Product Types
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5.2 End-user Industry
- 5.2.1 Food and Beverage
- 5.2.2 Automotive
- 5.2.3 Electrical and Electronics
- 5.2.4 Healthcare
- 5.2.5 Consumer Goods
- 5.2.6 Other End-user Industries
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5.3 Geography
- 5.3.1 Saudi Arabia
- 5.3.2 South Africa
- 5.3.3 United Arab Emirates
- 5.3.4 Qatar
- 5.3.5 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Alpek S.A.B. de C.V.
- 6.4.2 Bamberger Polymers
- 6.4.3 BariQ
- 6.4.4 BASF SE
- 6.4.5 Dow
- 6.4.6 Eastman Chemical Company
- 6.4.7 Equate Petrochemical Company
- 6.4.8 GAP Polymers
- 6.4.9 Indorama Ventures Public Company Limited
- 6.4.10 Invista
- 6.4.11 KAP Industrial
- 6.4.12 SABIC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Use of Bio-based PET Products
MEA Polyethylene Terephthalate (PET) Resin Industry Segmentation
The raw materials used in the production of PET are mono ethylene glycol (MEG), purified terephthalic acid (PTA), and dimethyl terephthalate (DMT). The PET resin is processed to convert into bottles, fibers, films, and sheets, which are then used in various applications for many end-user industries, such as food and beverage, healthcare, consumer appliances, and others.
The Middle East and Africa polyethylene terephthalate (PET) resin market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into bottles, films and sheets, and other product types. By end-user industry, the market is segmented into food and beverage, automotive, electrical and electronics, healthcare, consumer goods, and other end-user industries. The report also covers the market size and forecasts for the market in four countries across the region (Saudi Arabia, South Africa, United Arab Emirates, Qatar, and the Rest of the Middle East and Africa). For each segment, market sizing and forecasts have been done on the basis of volume (tons).
| Product Type | Bottles |
| Films and Sheets | |
| Other Product Types | |
| End-user Industry | Food and Beverage |
| Automotive | |
| Electrical and Electronics | |
| Healthcare | |
| Consumer Goods | |
| Other End-user Industries | |
| Geography | Saudi Arabia |
| South Africa | |
| United Arab Emirates | |
| Qatar | |
| Rest of Middle-East and Africa |
MEA Polyethylene Terephthalate (PET) Resin Market Research FAQs
What is the current Middle-East and Africa Polyethylene Terephthalate (PET) Resin Market size?
The Middle-East and Africa Polyethylene Terephthalate (PET) Resin Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in Middle-East and Africa Polyethylene Terephthalate (PET) Resin Market?
SABIC, Indorama Ventures Public Company Limited, BASF SE, Equate Petrochemical Company and Dow are the major companies operating in the Middle-East and Africa Polyethylene Terephthalate (PET) Resin Market.
What years does this Middle-East and Africa Polyethylene Terephthalate (PET) Resin Market cover?
The report covers the Middle-East and Africa Polyethylene Terephthalate (PET) Resin Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Middle-East and Africa Polyethylene Terephthalate (PET) Resin Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Middle East & Africa PET Resin Industry Report
Statistics for the 2024 Middle East & Africa PET Resin market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Middle East & Africa PET Resin analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
