Polyethylene Terephthalate (PET) Price Trend

Polyethylene Terephthalate (PET) Prices December 2023

The price of polyethylene terephthalate (PET) in the United States for Q4 2023 reached 2342 USD/MT in December. The oversupply of PET bottles in the USA market led to sluggish downstream enthusiasm, while producers with excess inventories sold at discounted prices to avoid stockpiling, ultimately affecting supply and pricing.

The price of polyethylene terephthalate (PET) in South Korea for Q4 2023 reached 1970 USD/MT in December. The market in South Korea experienced a shortage in the supply of PET due to the high costs associated with importing the product. South Korea witnessed the highest price changes with a decrease in prices at FOB Busan due to the decline in crude oil prices.

The price of polyethylene terephthalate (PET) in Germany for Q4 2023 reached 2235 USD/MT in December. The market in Germany witnessed a bearish trend influenced by heightened production costs, sluggish demand, and ample supply of the product.

Polyethylene Terephthalate (PET) Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Polyethylene Terephthalate (PET) Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of polyethylene terephthalate (PET) pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of polyethylene terephthalate (PET) at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of polyethylene terephthalate (PET) price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing polyethylene terephthalate (PET) price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Polyethylene Terephthalate (PET) Market Analysis

The global polyethylene terephthalate (PET) market size reached US$ 31.3 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 46.1 Billion, at a projected CAGR of 4.40% during 2023-2032.

• The rising need for sustainability and recyclability represents one of the key factors influencing the growth of the market across the globe. The ability of PET to be recycled, along with the increasing emphasis on sustainable materials is contributing to the market growth. According to McKinsey&Company, when consumers are asked if they care about buying environmentally and ethically sustainable products, they overwhelmingly answer yes: in a 2020 McKinsey U.S. consumer sentiment survey, more than 60% of respondents said they would pay more for a product with sustainable packaging. A recent study by NielsenIQ found that 78% of US consumers say that a sustainable lifestyle is important to them. The recyclability of PET appeals to both environmentally conscious consumers and industries looking to reduce their environmental footprint which is driving its demand.
• The increasing demand for PET in the packaging of water, soft drinks, and other beverages is acting as a major growth-inducing factor in the market. This is primarily due to the various properties of PET including strength, clarity, and good barrier properties which are driving the market growth. For instance, in February 2023, Berry Global Healthcare introduced A comprehensive bundle solution to help customers capitalize on the increasing demand for child-resistant (CRC) and temper-evident (TE) packaging for the pharmaceutical and herbal market for syrup and liquid medicines. The new Berry Healthcare bundle features seven ranges of 28mm neck PET bottles in sizes from 20 to 1000 ml and a variety of designs, with eight accompanying closures that incorporate tamper-evident and child-resistant features.
• The growth of the beverage industry especially in emerging markets is also contributing to the demand for PET. For instance, in July 2023, Amcor Rigid Packaging (AR) and Ron Rubin Winery commercialized a 100% recycled polyethylene terephthalate (rPET) wine bottle. The companies worked together to develop a screw top bottle, which features a silicon oxide barrier coating.
• The increasing preference for lightweight and durable packaging products is facilitating the growth of the market. For instance, in November 2022, Amcor Rigid Packaging unveiled a two-step lightweight technology set to remove over 50% of the material and weight in the finish of PET bottles-a development thought to produce attractive packaging, lower manufacturing costs, and reduce carbon emissions.

Polyethylene Terephthalate (PET) News

The report covers the latest developments, updates, and trends impacting the global polyethylene terephthalate (PET) market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in polyethylene terephthalate (PET) production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the polyethylene terephthalate (PET) price trend.

Latest developments in the polyethylene terephthalate (PET) industry:

• In February 2022, Alpha Packaging introduced a new Eco-line of its popular PET Packers. With lighter weight and recyclable materials, these packers work great while offering a more sustainable solution.
• In April 2023, Sonocco announced the high-barrier paper-based structure, EnviroFlex Paper Ultimate (ULT) 1.0, has received How2Recycle free qualification and has met all requirements of the Fiber Box Association’s Voluntary Standard for Repulping and Recycling. This pre-qualification comes as a result of Sonoco's ongoing efforts to develop innovative, sustainable packaging solutions.

Product Description

Polyethylene terephthalate or PET refers to a type of polyester that is commonly employed to produce fibers for clothing, containers for liquids and foods, and thermoforming applications.

Known for its recyclability, strength, and durability, PET is particularly favored in the packaging industry, notably for making water and soft drink bottles. This plastic is identified by the recycling code #1.

PET is valued for its good barrier properties against water vapor and gases, which help to preserve the freshness and efficacy of packaged goals.

PET is also lightweight, shatter-resistant, and economical, thereby making it an attractive option for manufacturers and consumers alike. The material can be recycled multiple times, reducing its environmental footprint by allowing it to be converted into new PET products or other materials such as fibers for carpeting and apparel, thereby promoting more sustainable use of resources.

Regional Coverage

The report provides a detailed analysis of the polyethylene terephthalate (PET) market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the polyethylene terephthalate (PET) price trend.

Global Polyethylene Terephthalate (PET) Price

The report offers a holistic view of the global polyethylene terephthalate (PET) pricing trends in the form of polyethylene terephthalate (PET) price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of polyethylene terephthalate (PET) but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed polyethylene terephthalate (PET) demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Polyethylene Terephthalate (PET) Price

During the fourth quarter of 2023, the polyethylene terephthalate (PET) market in the European region witnessed a bearish trend Influenced by heightened production costs, sluggish demand, and ample supply of the product. The PET resin factories had to reduce production to stabilize prices and manage inventory growth. The feedstock purified terephthalic asset price was expected to increase during the quarter, while the crude oil price was expected to support the product price trend. No plant shutdowns were reported during the quarter. The imposition of tariffs aims to level the playing field and safeguard the interests of European PET manufacturers in the face of these economic challenges.

This analysis can be extended to include detailed polyethylene terephthalate (PET) price information for a comprehensive list of countries.

North America Polyethylene Terephthalate (PET) Price

During the fourth quarter of 2023, the polyethylene terephthalate (PET) market in the North American region remained bullish, with moderate to low supply and high demand for PET bottles. Reduced consumption from downstream packaging industries resulted in lower demand for PET resin, leading to a moderate to low demand situation. Notably, manufacturing activities in November 2023 showed a slight decline, signaling a more pronounced deterioration in operating conditions within the goods-producing sector. This deterioration was evident through contractions in output, new orders, employment, and stocks of purchases, although vendor performance showed signs of improvement.

Specific polyethylene terephthalate (PET) historical data within the United States and Canada can also be provided.

Middle East and Africa Polyethylene Terephthalate (PET) Price

During the fourth quarter of 2023, the polyethylene terephthalate (PET) market in the Middle East and Africa region remained mixed. The market conditions were mostly influenced by the supply-demand dynamics and the upstream crude oil prices. The PET resin market in Saudi Arabia experienced a bearish trend due to the expected decrease in downstream packaging industries' consumption and an oversupply of materials in the region. However, a potential increase in crude oil prices due to the conflict between Israel and Palestine could impact the entire PET bottle value chain.

In addition to region-wise data, information on polyethylene terephthalate (PET) prices for countries can also be provided.

Asia Pacific Polyethylene Terephthalate (PET) Price

During the fourth quarter of 2023, the polyethylene terephthalate (PET) market in the Asia Pacific region witnessed predominantly bullish, with a moderate to high supply and moderate demand in the region. Later, the bearish demand sentiments from downstream packaging industries in Taiwan and pessimistic economic conditions impacted the pricing of products, leading to a drop in PET prices. The recent upswing in the cost of PTA attributed to the rise in PET resin prices in India was the region behind the increment in PET resin prices by the end of the quarter. There were no plant shutdowns reported by market analysts during the quarter.

This polyethylene terephthalate (PET) price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Polyethylene Terephthalate (PET) Price

The analysis of polyethylene terephthalate (PET) prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of polyethylene terephthalate (PET) pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting polyethylene terephthalate (PET) price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The polyethylene terephthalate (PET) price charts ensure our clients remain at the forefront of the industry.