ChemOrbis Europe Petrochemicals Conference: Growth prospects for the global PET market
Bertaggia noted that global PET consumption is projected to grow by 4.9% year on year in 2016, with the Asia Pasific region accounting for over 37% of the current global consumption followed by North America. Asia currently holds a 50% share in global PET capacity, which is projected to increase by another 9% by 2016.
According to Bertaggia, China’s PET exports exceeded 2.1 million tons in 2014. “Export PET prices from China have fallen from an average of $1270/ton in September 2014 to $920/ton in January and the current spot PET prices are below the $900/ton threshold,” Bertaggia stated.
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