20-21 Aug, 2014 - Jakarta, INDONESIA
Le Meridien Jakarta
Le Meridien Jakarta
A variety of applications such as bottles, films, and food packaging segments are fuelling the demand for PET resins. In fact, there is significant increase in PET resin consumption in the packaging industry. Moreover, traditional packaging materials such as glass, aluminum paper, and metal are increasingly being replaced by PET, given its advantage as a light-weight material.
In a new research report by MarketsandMarkets, it is stated that Asia Pacific will dominate the PET resin market between 2014 and 2019, because of a strong surge in demand for PET resin across applications from bottles to films and food packaging segments in the region. The report further predicts that the Asia-Pacific will witness a growth 10.9% during the 2014-2019 period.
The PET resin market already stood at $29,358.5 million in 2013, and it is projected to reach $44,581.8 million by 2019, growing at a CAGR of 7.3%, from 2014 to 2019.
MarketsandMarkets further lists the companies that will play a key role in this period. One is Indorama Ventures (Thailand) that is investing $190 million in a new PET resin manufacturing plant in the U.S, with an annual capacity of 500,000 tons. The facility is expected to complete construction by Q4 of 2015. Another company is M&G Chemicals (Luxembourg) that awarded a $1 billion EPCC to Sinopec Engineering (Group) Co. Ltd. to build a PTA plant to be started in 2014 in Texas. With production of 600,000 metric tons of PET and 864,000 metric tons of PTA, the plant will be the largest single-line PET and PTA plant in the world.
Some of the other players in the PET resin market according to the report are Jiangsu Sanfangxiang Group (China), Far Eastern New Century (Taiwan), and Alpex (Mexico).
More on PET resin market, M&As, new ventures will be discussed at PET Outlook Asia on 20-21 August, 2014 in Jakarta.
PET Outlook Asia website contains more information. For enquiries, contact Ms. Hafizah at hafizah@cmtsp.com.sg or call +65 6346 9218.
