Strong PET growth forecast for Asia Pacific - annual growth of 11% up to 2014

The dramatic growth rate in PET consumption and manufacture in China are highlighted in the latest review of the polymer in the Asia Pacific region from consultancy PCI (PET Packaging, Resin & Recycling). The country is enjoying 13% a year growth and now accounts for 40% of total consumption in the area while its PET capacity growth over the next five years is forecast to amount to 420%, the report says.

Asia Pacific demand for PET is predicted to rise by 11% a year in the period to 2014. The region now boasts a total of 44 PET makers producing 7 million tpa, a growth of over 670% in the past decade. The region’s share of the world market has risen steadily since 1995 when it accounted for 19.5%, against a 30.4% figure for North America. Last year, says PCI, its share had risen to 25.9% while that of North America had dropped to 30.4%.