ChemOrbis 6th Asia Petrochemical Conference: India’s PET market has room to grow
Mr. Udseshi predicted that by 2020, the Compound Annual Growth Rate (CAGR) for PX, PTA and MEG will reach 6% for the period between 2015 and 2020 while capacity is expected to see a CAGR of 4% for PTA, 5% for MEG and 6% for PX over the same period. Meanwhile, the global market for PET packaging is expected to grow by 5% annually for the next five years to reach $60 billion by 2019.
In 2013, India’s per capita PET consumption was only 0.55 kg per year, compared to a world average of 2.63 kg, which gives India tremendous potential for growth.
Mr. Udeshi identified the major drivers of growth in PET demand as water and carbonated soft drink packaging. Annual demand for these two products is expected to rise by 7% and 5%, respectively, in the next 5 years.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- PVC sellers’ India pricing strategy may differ from other Asian markets
- More US PE offers find way to China, SE Asia; yet allocations still limited
- European PVC market hits 2-year high on tightness
- Supply constraints send key ABS markets to new highs
- Tightness leads to renewed PP hikes in China; Saudi raffia moves above $1000 CIF
- Asian PVC players brace for 7th straight monthly hike in Taiwanese major’s delayed Dec offers
- Saudi major seeks hikes for November in global PE, PP markets
- Bullish sentiment for PE cools off across globe, LD remains resilient
- Bullish run for PVC enters 6th month in Turkey: Supply relief under question
- Import PE tightness eases off in China; LDPE stabilizes at two-and-a-half-year high