RALEIGH, North Carolina, Feb. 27, 2019
RALEIGH, North Carolina, Feb. 27, 2019 /PRNewswire/ -- The global market for PET is expected to grow at a CAGR of 4.8 percent until 2022, according to Beroe Inc, a procurement intelligence firm. By 2022, the market for PET will be driven by end-user applications starting from the film segment (CAGR 5.5 percent), followed by the fiber segment (CAGR 4.8 percent), and lastly bottle segment (CAGR 4.30 percent).
Japan and the U.S. are the major importers of PET, followed by some European regions. Asia has fueled the global supply shortage through its capacity expansions of 1,5MMT per year and is expected to drive the PET market to grow at a CAGR of 6.71 percent until 2022. Saturated markets such as the U.S. and Europe are expected to witness a growth of nearly CAGR of 2 - 4 percent until 2022.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
PET is most prominently used in fibers and the bottling industry, and fiber grade has witnessed a lower rate growth rate (less than CAGR of 2 percent) as compared to the bottling demand (CAGR 6 - 7 percent). However, the demand for bottles is not consistent throughout the year and the demand grows only during summer time.
The poor purchasing rate of PET products limits the advances made in recycling technology. PET is prized for its lightweight quality yet virgin PET is still considered the most sought after resin due to competitive pricing and recyclability. The prices of virgin PET, however, have declined due to a decline in crude prices making them more beneficial for commercial uses.
The research methodology adopted for the report included:
The contract structure in the PET market infers that the period is generally for one year. Recently, multi-year contracts are also gaining popularity among the bigger players to reduce paperwork and build long-term relationships. However, this only holds true with companies that have a strong market for forecasting techniques.
The report also includes:
Cost & Pricing Analysis:
Industry Best Practices:
About Beroe Inc.:
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits, and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc, please visit http://www.beroeinc.com