PET Market to Reach $43.09 Billion by 2022, Says Beroe Inc
27 Feb, 2019, 14:00 GMT
RALEIGH, North Carolina, Feb. 27, 2019 /PRNewswire/ -- The global market for PET is expected to grow at a CAGR of 4.8 percent until 2022, according to Beroe Inc, a procurement intelligence firm. By 2022, the market for PET will be driven by end-user applications starting from the film segment (CAGR 5.5 percent), followed by the fiber segment (CAGR 4.8 percent), and lastly bottle segment (CAGR 4.30 percent).
Japan and the U.S. are the major importers of PET, followed by some European regions. Asia has fueled the global supply shortage through its capacity expansions of 1,5MMT per year and is expected to drive the PET market to grow at a CAGR of 6.71 percent until 2022. Saturated markets such as the U.S. and Europe are expected to witness a growth of nearly CAGR of 2 - 4 percent until 2022.
https://www.beroeinc.com/category-intelligence/pet-market
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
PET is most prominently used in fibers and the bottling industry, and fiber grade has witnessed a lower rate growth rate (less than CAGR of 2 percent) as compared to the bottling demand (CAGR 6 - 7 percent). However, the demand for bottles is not consistent throughout the year and the demand grows only during summer time.
The poor purchasing rate of PET products limits the advances made in recycling technology. PET is prized for its lightweight quality yet virgin PET is still considered the most sought after resin due to competitive pricing and recyclability. The prices of virgin PET, however, have declined due to a decline in crude prices making them more beneficial for commercial uses.
Key Findings:
- The PET market has undergone a colossal transformation from being an oversupplied market to a supply constrained market. This mainly happened due to the bankruptcy associated with one of the major producers, M&G Group, which resulted in around 10 percent of the total PET volume going offline.
- The PET market is highly fragmented with nearly 150 suppliers across the globe, and some of the world's largest faculties are located in Asia.
- Indorama is the world's largest global producer with a total capacity of nearly 3 MMT per year followed by Tongkun Group and DAK America respectively.
- Prices of PET across all regions are assessed according to the PTA and PX prices in the given region, and any fluctuation in the PTA or PX also impacts the PET price movements.
- FMCG companies have entered into a strategic relationship with PET producers in developing bio-resins to streamline the pricing mechanism.
- Recycled and bio-based PET products are a major innovation in the PET industry and businesses have realized that it has more energy savings along with less use of fossil fuels. The market for bio-based PET products is expected to reach $13 billion by 2023.
The research methodology adopted for the report included:
- Experts with twenty years of domain experience
- Interaction with buyers
- Inputs from supply chain partners
The contract structure in the PET market infers that the period is generally for one year. Recently, multi-year contracts are also gaining popularity among the bigger players to reduce paperwork and build long-term relationships. However, this only holds true with companies that have a strong market for forecasting techniques.
The report also includes:
Market Analysis:
- Global Market Size
- Global Market Outlook
- Demand - Supply Trends and Forecast
- Key End-use Industries
- Trade Dynamics
- Regional Market Outlook (North America, EU, Asia, LATAM, and ME)
- Regional Market Snapshot
- Demand - Supply Trends and Forecast
- Trade Dynamics
Industry Analysis:
- Porter's Analysis
- Industry Drivers and Constraints
Cost & Pricing Analysis:
- Cost and Pricing Analysis
- Cost Structure Analysis
- Price Forecast
Supplier Analysis:
- Global Capacity Share by Suppliers
- Regional Capacity Share
- Exhaustive Supplier List
- Detailed Supplier Profiling and SWOT Analysis
Industry Best Practices:
- Most Followed Contract Structures in the PET Market
- Standard Payment Terms
- Buying Pattern and Popular Indices Used in Contracts
About Beroe Inc.:
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits, and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc, please visit http://www.beroeinc.com
Media Contact:
Debobrata Hembram
debobrata.hembram@beroe-inc.com
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SOURCE Beroe Inc.
