China will lead PET market by 2020, says GBI Research
Tuesday, 29 May, 2012
Polyethylene terephthalate, better known as PET, saw a growth of around 7% last decade, according to chemicals intelligence provider GBI Research. The demand for the flexible packaging chemical is a result of its diverse application in a range of new products in the fast-moving consumer goods (FMCG) and food sectors, the research company said.
Global PET demand was 6,472,350 in 2000, increasing to 12,621,553 in 2010 - a compound annual growth rate (CAGR) of 6.9%. GBI said this upward trend is likely to continue into the future, with global PET demand expected to reach 23,452,281 by 2020.
The Asia-Pacific region showed the greatest demand for PET, accounting for 40.6% of global demand for the chemical. GBI anticipates this will increase to 47.8% by 2020 as a result of growing petrochemical product manufacturing in China. GBI said China is expected to be the PET market leader by 2020, due to major PET producers investing in operations in the country.
Other countries that could see an increase in PET markets are Brazil, Russia and India, according to GBI.
The growing demand for greater product protection and longer shelf life will see further growth in flexible packaging, GBI predicted. The company said better gas barriers and UV light protection, which extends the shelf life of PET-packaged products, will see PET packaging increase its share in the packaging sector in the next decade. New hot-filling processes are creating potential for PET packaging of pasta and sauces.
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