H1 2023: Dragon Special Resins, one of the PET producers of China, had a maintenance shutdown from January 2023 to the end of February 2023. Polyethylene terephthalate (PET) resin prices increased in China till February 2023. In addition, export activities of PET increased after the Chinese New Year celebration. After the holidays of the Chinese New Year, the production rate increased rapidly, and the demand from the downstream packaging industry also increased. Downstream beverage industries plant operating rates were high. However, in March 2023, the market changed its behavior and the price trend of PET in China reversed. It was backed due to high inventory with low product demand by the downstream industries like Consumer Goods and Food & Beverage in the Chinese market. However, prices again rose in April 2023 but soon began to fall continuously from the end of April 2023 till June 2023 in China. Despite some improvement in the beverage and bottling sectors, demand from the downstream packaging sector has remained inconsistent. Due to low PTA prices, input costs of producing PET reduced and as a result, PET resin prices fell in China. In June 2023, as the market was affected by weak worldwide demand which affected the export activity of PET in the Chinese market.
The China Polyethylene Terephthalate (PET) market stood at approximately 7.8 million tonnes in 2022 and is anticipated to grow at a CAGR of 3.4% by 2030.
PET is a thermoplastic polymer resin, belonging to the polyester family with utilizing Monothylene Glycol (MEG) and Purified Terephthalic Acid (PTA) as raw materials. PET resin is colourless and are quite light in weight. Because they don't absorb any chemicals, these plastics are noted for being recyclable. They are also the ideal material for producing food packaging products because they are safe for humans. Extrusion and injection moulding are simple processes for processing polyethylene terephthalate. It is typically extruded to create sheets and films, and it can then be thermoformed. Transparent bottles are typically made via blow moulding. PET resins are widely employed in a variety of sectors, including consumer goods, electronics, healthcare, and food & beverage. In the automobile sector, PET finds applications such as headlamp retainers, windshield wiper arms, and engine covers.
In China, PET has become preference in the food and beverage packaging sector owing to its 100% recyclable nature and offered barrier properties. These supreme properties of PET along with its eco-friendly attribute makes it a highly demanded commodity in the packaging industry. Furthermore, the ability of PET to replace bulky metal containers along with its ability to be shaped in any desirable shape and size as per customer’s requirement. Excellent clarity and a built-in shield against CO2 are two additional benefits of PET. PET can be easily moulded into a sheet or blown into a bottle and has a wide range of uses. Online food delivery services are becoming more and more popular, which has increased demand for flexible packaging products made of lightweight materials. The growing awareness regarding bio-based PET and the increasing R&D activities and investments in PET technology is likely to act as opportunities for the market's growth in the future. Furthermore, PET is a recyclable plastic which makes it stand out in the plastic market. Compared to BOPP, it is clearer and stiffer. BOPP films are more likely to absorb oil and acidic materials, which can cause them to distort. China is one of the leading producers and consumers of Polyethylene Terephthalate (PET) across the globe, and robust demand from food & beverage market will most likely further augment its market growth in the forthcoming years. The country is also sufficient to cater to the export requirements from countries like India, Saudi Arabia, Algeria, Bangladesh, Egypt, etc. Owing to these reasons, the China PET market is anticipated to reach approximately 11 million tonnes in 2030.
Based on end-use, the China Polyethylene Terephthalate (PET) market is segregated into different industrial sectors such as Food and Beverages, Consumer Goods, Healthcare, Electronics and Appliances, Automotive, and Others. Among these, the Food and Beverages industry is the major consumer. This industry consumed approximately 40% of the Polyethylene Terephthalate (PET) market in 2022 and is anticipated to dominate the market in the forecast period.
Significant players operating in China Polyethylene Terephthalate (PET) market are Jiangsu Sanfangxiang Group, Eastman Chemical Company, China Resources Chemical Innovative Material Limited, Jiangyin Chengxing Industrial Group, Sinopec Yizheng Chemical Fibre Company Limited, Guangdong IVL PET Polymer, LOTTE Chemicals, Nan Ya Plastics Corporations and BASF SE.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2030
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Objective of the Study:
• To assess the demand-supply scenario of Polyethylene Terephthalate (PET) which covers production, demand and supply of Polyethylene Terephthalate (PET) market in China.
• To analyse and forecast the market size of Polyethylene Terephthalate (PET) in China.
• To classify and forecast China Polyethylene Terephthalate (PET) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, green field projects/ brown field expansions. mergers & acquisitions, etc., of Polyethylene Terephthalate (PET) market in China.
To extract data for China Polyethylene Terephthalate (PET) market, primary research surveys were conducted with Polyethylene Terephthalate (PET) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for China Polyethylene Terephthalate (PET) market over the coming years.
ChemAnalyst calculated Polyethylene Terephthalate (PET) demand in China by analyzing the historical data and demand forecast which was carried out considering the imports and domestic production coupled with demand from end user industry. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data / import data of Polyethylene Terephthalate (PET) to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Polyethylene Terephthalate (PET) manufacturers and other stakeholders
• Organizations, forums and alliances related to Polyethylene Terephthalate (PET) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Polyethylene Terephthalate (PET) manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, China Polyethylene Terephthalate (PET) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
7.8 million tonnes
Market size Volume by 2032
11 million tonnes
Growth Rate
CAGR of 3.4% from 2023 to 2030
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2030
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2030
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process.
Segments covered
By End-Use: (Food and Beverages, Consumer Goods, Healthcare, Electronics and Appliances, Automotive, and Others)
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Member - Board of Directors
Osaka Gas Co. Ltd
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What is the anticipated market growth rate of China Polyethylene Terephthalate (PET) market for the forecast period?
Ans:
The China Polyethylene Terephthalate (PET) market is anticipated to grow at a healthy CAGR of 3.4% for the forecast period.
Q2.
Which industry is dominating the China Polyethylene Terephthalate (PET) market?
Ans:
As of 2022, Food and Beverages industry is dominating the Polyethylene Terephthalate (PET) market in China with an estimated share of nearly 54%.
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