PET (polyethylene terephthalate) is a plastic resin and form of polyester widely used for packaging foods and beverages, especially convenience-sized soft drinks, juices and water. Due to its varied applications, PET consumption increased significantly in the last 15 years over other alternative packaging materials (aluminium, glass, paper and others). The global PET resin industry (in terms of capacity) grew at a CAGR of 7.8% over the period 2005-2011. This growth is being driven by population growth, urbanization in developing countries, rise in disposable income and growth in FMCG sector. Moreover, emergence of new application areas for PET resin like alcoholic and non-alcoholic beverages as well as pharmaceuticals will be contributing to its growth in future years.
Asia is the largest PET resin producer followed by North America, Europe and MEA. Demand of recycled PET (RPET) has increased over the past few years due to high virgin PET prices and new PET reclamation plants getting operational. Recent high volatility in energy and raw materials prices and growing concern about carbon footprint and sustainability have encouraged companies to use renewable and bio-based feedstocks for the production of PET. Challenges faced by the industry include high PTA (Purified Terephthalic acid) and MEG (Monoethylene Glycol) prices and reduction in bottle weights.
Worldwide PET resin market is fragmented with top five manufacturers having approximately one-third of the total market share. PET market in North America is consolidated with top 3 companies accounting for nearly 90% of market share. Globally Indorama is the market leader. Other major companies include Alpek, M&G, Sinopec, Jiangsu, Far Eastern, China Resources and Nan Ya.
The current report covers supply and demand trend, classification, market size and segmentation of the global PET resin market. It also includes detailed coverage on PET resin market for regions such as North America, Western Europe, South Africa and Asia. The various drivers, opportunities and the challenges faced by the market are discussed in detail. The competitive aspect of the market is also highlighted and the key players are profiled with their strategies for this market.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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