The global PET resin market was valued at US$30.295 billion in 2018 and 22.521 million tonnes by volume. PET (Polyethylene Terephthalate) is a clear, strong, lightweight plastic that is widely used for packaging food and beverages. It is most commonly used to package bottled water and carbonated drinks. The demand for PET resin is majorly driven by the food and beverage packaging sector as it is the most commonly used plastic due to its clarity and good barrier protection provided by the material. Good growth of packaging industry due to the rising disposable income of the population is playing an important role in the increased demand for PET resin. Also, the growing demand for bottled water across the globe is accelerating the PET resin market growth. Moreover, the resin is increasingly being utilized to form films, sheets, and foam that are extensively used across end-user industries such as food and beverage, pharmaceutical, automotive, and electrical and electronics. With manufacturers expanding their PET plants in order to meet growing demand and this coupled with constant innovation in producing sustainable or bio-based PET is expected to augment the market growth over the forecast period.
o Burgeoning usage of PET products across the industries
o Good growth of food and beverage industry
o Availability of substitutes
• INDUSTRY UPDATE
o In September 2018, Indorama Ventures Public Company Limited and Loop Industries, Inc. announced a joint venture to manufacture and commercialize sustainable PET resin to meet the growing from beverage and consumer packed goods companies.
o In July 2018, NEO GROUP, Leading European resin producer, added 160,000 tpa line at its Baltic plant in Lithuania in order to address to the growing demand for PET across the region.
The major players profiled in the global PET resin market include DAK Americas, Indorama Ventures Public Company Limited, M&G Chemicals, Sanfangxiang Group Co., Ltd., TEIJIN LIMITED, SABIC, NEO GROUP, DuPont de Nemours, Inc., TORAY INDUSTRIES, INC., SCG Chemicals Co., Ltd., LOTTE Chemical Corporation, and Toyota Tsusho Corporation among others.
The global PET resin market has been analyzed through the following segments:
• By Product Type
• By Application
o Bottles and Jars
? Food and Beverage
? Consumer Goods
• By Geography
o North America
o South America
? United Kingdom
o Middle East and Africa
? Saudi Arabia
o Asia Pacific