The Latin America, Middle East and Africa Polyethylene Terephthalate (PET) Market would witness market growth of 7.2% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 1,940.6 Kilo Tonnes, showcasing a growth of 7.0% (2023-2030).
In the PET market, the automotive sector represents a significant application area where PET materials are utilized for various components and parts. PET's lightweight properties, durability, and resistance to chemicals and temperature fluctuations make it suitable for a wide range of automotive applications, including interior trims, upholstery, seat fabrics, and carpeting. Additionally, PET is commonly used in the manufacturing of automotive engine components, such as air intake manifolds and fuel system parts, where its mechanical strength and thermal stability are advantageous. Therefore, the UAE Market consumed 11.28 Kilo Tonnes in automotive sector in 2022.
The Brazil market dominated the LAMEA Polyethylene Terephthalate (PET) Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $962 Million by 2030. The Argentina market is showcasing a CAGR of 8.2% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 6.6% during (2023 - 2030).
Beyond traditional sectors, PET has found applications in the automotive industry. Its use in automotive textiles, interior components, and under-the-hood parts underscores its versatility and adaptability to meet stringent industry standards. PET fibers are celebrated for their exceptional durability and resilience, making them ideal for automotive applications where fabrics need to withstand constant wear and exposure to various environmental conditions. As automakers strive for improved fuel efficiency and reduced environmental impact, using lightweight materials, including PET textiles, plays a pivotal role in achieving these objectives.
Additionally, developing economies experiencing rapid industrialization and urbanization have become key players in the PET market. The growing middle-class population drives the demand for PET products in these regions, increased consumer spending, and the expansion of industries reliant on PET, such as the beverage and packaging sectors. Companies are investing in research and development to scale up the production of bio-based PET, aligning with the regional shift towards greener alternatives.
The growing construction sector in Brazil is likely to drive the demand for materials and products that incorporate PET. As construction activities increase, so does the need for PET-based solutions in insulation, films, geotextiles, and other applications. As per the Dubai Statistics Center, in 2022, there were 13,236 buildings under construction in Dubai and 1,941 completed buildings. Rapid urbanization has increased demand for housing, commercial spaces, and public amenities. Cities like Dubai and Abu Dhabi have grown substantially, requiring more infrastructure and real estate developments. Thus, the growing construction sector in LAMEA is expected to help in the expansion of the regional market.
Free Valuable Insights: The Worldwide Polyethylene Terephthalate (PET) Market is Projected to reach USD 46.3 Billion by 2030, at a CAGR of 5.7%
Based on Type, the market is segmented into Virgin and Recycled. Based on Application, the market is segmented into Packaging, Automotive, Construction, Medical, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Type (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, kilo Tonnes, USD Billion, 2019-2030)
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