How the green flag given to 25 industrial projects in Odisha will drive the Indian PET resin market
- 10-Mar-2023 1:52 PM
- Journalist: Jai Sen
Odisha (India): The Odisha government's state-level single window clearance authority (SLSWCA) has approved 25 industrial projects with a total investment of 5,827 crore rupees and having a potential to employ over 25,000 people. It was the 115th meeting of the SLSWCA in Odisha, the meeting was held under the chairpersonship of Chief Secretary Pradeep Kumar Jena.
The SLSWCA has approved 25 Industrial projects, including following three.
New manufacturing unit for PET Preforms & PET Jar Bottles, having an annual capacity of 20,000 M at Chemco Plastic Industries Pvt. Ltd. Malipada, Khordha (Odisha).
New production facility of Plastic caps, PET preforms and other products, with annual capacity of 1,017.67 million at Cool Caps Industries Ltd. Malipada, Khordha (Odisha).
New PP Raffia Fabric, Woven Sacks, Pinch bottom Bags, CPP Film, allied products manufacturing unit having an annual capacity of 25,000 MTPA at Shri Maa Packaging Ltd., Malipada, Khordha (Odisha).
The two new facilities for PET Preform and PET Jar Bottles will increase the consumption for PET Resin in the Indian market and will help to cater the rising demand for PET bottles and containers.
As per the data from Ministry of Commerce, India imported hefty amount of PET Resin from Vietnam, Taiwan, China, UAE, and the United States.
The world imports most of its PET Resin from China, Vietnam, and South Korea. While the top 3 importers of Pet Resin in the world are the United States, Vietnam, and India.
Talking about the current market trend for PET, the price of PET Resin witnessed a 1% hike during the first week of March 2023, with prices hovering at INR 94930/MT PET Resin Bottle Grade CFR JNPT (India).
According to ChemAnalyst, the price of PET Resin in India may further increase in the first half the March as the seasonal demand for the product from the downstream bottle industry may hit the market.
