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.
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