Polyethylene terephthalate is one of the most commonly used thermoplastic polymer which is predominantly used in fibres and bottling applications apart from engineering plastics. Beroe estimates Asia to witness the highest growth rates compared to other matured geographies like US and Europe.
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PET market frequently asked questions
The Asia Pacific (APAC) PET market value is slated to multiply at around 6.7% CAGR through 2024. Asia is the leading PET exporter, with a consistent trade surplus of 2–3 MMT per year over the last five years.
Driven by the healthy demand, the APAC PET market, holding over 60% of the overall supply, continues to attract market players and stakeholders. Furthermore, the European Union (EU) and North America collectively capture around a fifth of the global PET supply.
While PET market players in the US and Europe highly prefer contract transactions, spot transactions are the most favorable type of engagement in Asia.
In 2019, the global PET production and demand pegged 37.97 MMT and 28.42 MMT, respectively.
Squeezed global supply and rising crude prices are the key factors negatively impacting PET manufacturers’ profit margins.
Significant PET usage is observed in producing films, while usage in fiber and bottle production is likely to grow at 4.8% and 4.3% CAGR.
North America and Europe have been net PET imports over the past five years, mainly due to disruption in domestic supply.
In Asia, the buyer power is high, while in the EU and North America, the buyer power is medium and low, respectively.
Beroe’s analysis shows that the global PET demand will grow at 8-9% CAGR during 2019-2024.
PET market report transcript
Global Marketing Outlook on PET
- During 2020–2024, the global market is estimated to grow at the rate of 8–9 percent, mainly driven by the APAC PET market
- The APAC PET market is likely to drive the market through its healthy demand (6.7 percent CAGR) until 2024
- The key market driving end use is led by the film segment (5.5 percent CAGR), followed by the fiber segment (4.8 percent CAGR) and bottle segment (4.30 percent CAGR)
Global Capacity–Demand Analysis
The PET market has undergone tremendous change from being an oversupplied market to a supply constrained market. The bankruptcy associated with one of the major producers, M&G Group, has resulted around 10 percent of the total PET capacity going offline. Asia has filled this deficit though its capacity expansions (1,5MMT/year) and is expected to drive the PET market through its healthy demand (6.71 percent CAGR) until 2022
- Capacity Dynamics:In 2017, Asia, including Middle East, accounted for approx. 63.2 percent of the total capacity (23.9 MMT/year) and by 2022, it is expected to reach 25.48 MMT/yrear
- APAC: The region has witnessed the healthiest demand and is expected to witness capacity additions of 1.5 MMT/year by 2018
- Europe: The mature market has seen a modest growth rate; however, capacity addition of 281,000 MT/year is expected by 2020
- North America: Capacity of 1.1 MMT/year is expected to come online, however, with the recent problems with the M&G Group, the construction remains unfinished without any announcements
Global Demand by Application
By 2022, the global PET market is expected to grow at a CAGR of 4.75 percent. The key market driving end use is led by the film segment (5.5 percent CAGR), followed by fiber segment (4.8 percent CAGR), and bottle segment (4.30 percent CAGR).Asia is expected to drive the PET market through its healthy demand (6.71 percent CAGR) until 2022
Global Trade Dynamics
- North America:Net importer for the past five years. The level of imports has increased, due to disruption in domestic production
- Europe: Net importer for the past five years with a trade deficit of 0.1–1 MMT/year. In 2016, deficits have increased with slight uptrend in imports
- Asia: Largest exporter, with a consistent trade surplus of 2–3 MMT/year for the past five years
- LATAM (Brazil): The region has witnessed steady domestic supply and with the surplus catering to regions in Americas (North and Latin America)