BURNABY, Canada, April 22, 2015 /PRNewswire/ --
Growing packaging industry and increasing demand for automobile & electronic components market driving PET & PBT resins demand in China
According to recently published report by TechSci Research, "China PET & PBT Resins Market Forecast & Opportunities, 2020", the PET & PBT resins market in China is projected to surpass USD11.6 billion by 2020. Polyethylene Terephthalate (PET) is a plastic polymer produced by reacting Purified Terephthalic Acid (PTA) & Monoethylene Glycol (MEG), whereas Polybutylene Terephthalate (PBT) is manufactured from PTA and BDO (1, 4-butanediol). These resins are used for manufacturing of plastic and plastic components, which have wide application in areas like bottling, packaging films, electronics and automotive components industry.
China PET market continues to be dominated by PET packaging films and sheets, which is forecast to register robust growth through 2020. The remaining PET market in China includes PET bottles for food packaging and carbonated drinks, packaged drinking water, alcoholic and non-alcoholic beverages, edible oils, etc. On the other hand, PBT resin market in China continues to be commanded by electrical and electronics components and automotive components industry. In addition, technological advancements in the electrical and electronics industry coupled with emergence of innovative electrical solutions like CFLs, LEDs, etc. is further pushing the sales of PBT resins market in China. Moreover, the Government of China in its 12th Five Year Plan (2015-2020) is increasing its focus towards promoting electronics industry, specifically in Western and Central regions.
"Major players in China PET resin market include Jiangsu Sanfangxiang Group Co. Ltd., China Resources Packaging Materials Co., Ltd. and Sinopec Yizheng Chemical Fibre Company Limited. Sanfangxiang is the largest player in the country's PET resin market and is forecast to continue its market dominance through 2020. The company is engaged in the manufacturing polyester and chemical fibers and is further extending its industrial chain by installing manufacturing facility for Purified Terephthalic Acid (PTA), the basic raw material required in producing resins.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. Few of the major players operating in China PBT resin market include Xinjiang Blue Ridge Tunhe Polyester Co.,Ltd, China National BlueStar (Group) Co, Ltd., BASF, SABIC and Jiangsu Heshili New Material Co., Ltd.
"China PET & PBT Resins Market Forecast & Opportunities, 2020" has evaluated the future growth potential of PET & PBT Resins market and provided the statistics and information on market structure, industry behaviour and trends. The report includes PET & PBT Resins market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in PET & PBT resins market in China.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research