Asia-Pacific Polyethylene Terephthalate (PET) Market - Segmented by Product Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Asia-Pacific polyethylene terephthalate (PET) market is expected to grow at a healthy rate during the forecast period (2018 - 2023). The market is expected to expand rapidly in emerging economies, owing to rapid growth in the food & beverage end-user industry.
Rising Demand for Sustainable and Recyclable Material
The growing demand for sustainable and recyclable materials is expected to drive the Asia-Pacific PET market during the forecast period. PET is a petroleum-based product, which exhibits less environmental impact than aluminum, glass, and other packaging materials and is energy-efficient, due to its excellent capacity-to-weight ratio. Furthermore, since it is capable of accommodating more number of products in less packaging space and less weight, translating into less fuel consumption during transportation, the market is experiencing a continuous growth. The increased consumer demand for carbonated soft drinks and water bottles has hugely attributed to the growth of the market. GDP growth, high disposable income, together with tropical climate, have stimulated the sales of soft drinks in the Asia-Pacific region. High inflation has resulted in increased prices for consumer goods. Therefore, to support the growth of the soft drinks industry, manufacturers are looking to cut production and distribution costs.
Growing Food & Beverage Industry
The market for PET is driven by its easy-to-handle nature, durability, reliability, and light weight. The food & beverage industry is the largest consumer of packaging materials. This consumption can be credited to the fact that most packaging materials, such as bottles and containers, use PET. The different types of packaging materials used by the food & beverage industry are rigid plastic packaging, flexible plastic packaging, beverage cans, etc.
China to Dominate the Market
China was the global leader in PET consumption. The market in this region is driven by the population growth, rise in disposable income, urbanization in developing economies, and growing fast-moving consumer goods. China accounted for over 20% of the global market and is expected to grow rapidly during the forecast period. In China, the bottle segment dominated the regional market, with the bottled water segment being the largest consumer of pet bottles. The Asia-Pacific region, with its thriving economies and rapidly expanding population, is expected to experience the highest cumulative growth rate during the forecast period.
December 2017: Indorama Ventures Public Company Limited completed the amalgamation of its four joint venture companies in India, namely, Sanchit Polymers Private Limited, Eternity Infrabuild Private Limited, Micro Polypet Private Limited, and IVL Dhunseri Petrochem Industries Private Limited. As the result of this, IVL Dhunseri Petrochem Industries Private Limited will be the resultant entity.
Major Players: BASF SE, Dow Chemical Company, SABIC, DuPont, and Indorama Ventures Public Company Limited., among others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives on the market, with the help of Porter’s five forces analysis
Countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
Three-month analyst support, along with the market estimate sheet (in Excel)
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