The North America Polyethylene Terephthalate (PET) Market would witness market growth of 5.5% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 4,539.0 Kilo Tonnes, showcasing a growth of 2.8% (2019-2022).
In the market, the term "virgin" refers to PET resin that is derived from raw materials, typically purified terephthalic acid (PTA) and monoethylene glycol (MEG), without being previously used or recycled. Virgin PET is prized for its purity, consistency, and high-quality properties, making it a preferred choice for a wide range of applications, particularly in food and beverage packaging where stringent safety and hygiene standards must be met. Therefore, the US Market consumed 2,624.5 Kilo Tonnes virgin in 2022.
The US market dominated the North America Polyethylene Terephthalate (PET) Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $8,012.9 Million by 2030. The Canada market is experiencing a CAGR of 7.7% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.9% during (2023 - 2030).
The adoption of circular economy practices is gaining momentum in the market. Initiatives promoting PET recycling, closed-loop systems, and using recycled PET (rPET) in new products are integral to industry strategies to reduce waste and enhance resource efficiency. Mechanical recycling, a traditional yet crucial method, involves separating collected PET products into smaller particles that can be melted and reprocessed into new PET materials. This method is widely adopted and contributes significantly to reducing PET waste.
Furthermore, innovations in recycling technologies are reshaping the PET landscape. Advanced recycling methods, including chemical recycling and depolymerization, hold promise in achieving higher levels of PET recycling, mitigating concerns about the limitations of traditional mechanical recycling processes. With the increasing integration of technology into various industries, smart packaging solutions are emerging as a trend in the market. This includes incorporating RFID tags, QR codes, and other technologies to enhance traceability, authentication, and consumer engagement.
As per the article titled New Motor Vehicle Registrations, third quarter 2022, released by Statistics Canada, overall, 34,313 new zero-emission vehicles (ZEVs) were registered in the third quarter of 2022, comprising 8.7% of total new motor vehicle registrations. The number of new ZEVs registered continued to increase, up 43.2% year over year. Continuing the trend over the last four years, battery electric vehicles (BEVs) made up the largest share of new ZEV registrations, representing 85.6% of new ZEVs registered in the third quarter. Plug-in hybrid electric vehicles (PHEVs) comprised 14.4% of new ZEV registrations. Year over year, BEVs (+85.4%) experienced the largest percentage increase among all fuel types. Thus, rising automotive sector in North America will boost the demand for PET in the upcoming years.
Free Valuable Insights: The Polyethylene Terephthalate (PET) Market is Predict 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 U.S., Mexico, Canada, and Rest of North America.
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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