Global price of polyethylene terephthalate 2017-2022

The global price of polyethylene terephthalate (PET) in 2022 was 1,161.9 U.S. dollars per metric ton, showing an increase from the previous year's value of 1,065.7 U.S. dollars per metric ton. PET is extensively used in the textile industry to make polyester fibers, as well as for various packaging applications like beverage bottles, food containers, and personal care products.

PET market outlook

This increase in the global price of PET coincides with a rise in the market value of PET worldwide, which reached 33.51 billion U.S. dollars in 2022, up from 32.35 billion U.S. dollars in 2021. The market value is projected to continue growing, reaching an estimated 43.26 billion U.S. dollars by 2030. This growth in market value is reflective of the increasing demand for PET, with the global market volume of PET reaching 25.47 million metric tons in 2022, up from 19.71 million metric tons in 2015.

Environmental footprint of PET and bioplastic PET

PET is a widely used plastic with various applications, but its production and usage come with environmental concerns. Although it is entirely recyclable, traditional PET is derived from non-renewable resources and is not biodegradable, contributing to plastic pollution and resource depletion. In response, there has been growing interest in bioplastic PET, which is made from renewable resources and is biodegradable. However, despite its potential benefits, there is a forecasted decline in the production capacity of bioplastic PET. In 2022, the production capacity stood at 4.2, but it is forecasted to drop to 1.8 by 2027. While bioplastic PET is made from renewable resources and is biodegradable, it still has some environmental downsides. For instance, the production process for bioplastic PET can be energy-intensive and water-consuming, and the biodegradation process may release methane, a potent greenhouse gas. As a result, some companies are exploring even more sustainable bioplastic alternatives, such as plant-based materials like polylactic acid (PLA) or fully biodegradable plastics like polyhydroxyalkanoates (PHA).