Introduction
According to the TechSci Research report, “India PET Resins Market– By Region, Competition, Forecast and Opportunities, 2019-2029,” the India PET Resins Market stood at 1.23 million tonnes in 2023 and is anticipated to grow with a CAGR of 6.20% during the forecast period, 2024-2029. The market’s favorable conditions are driven by government initiatives and various factors contributing to the growth of PET Resins products.
Market Drivers
Government Initiatives
The Indian government has implemented several initiatives to support the PET resins market, particularly focusing on plastic recycling and sustainability. The Department of Science and Technology (DST) has supported innovative technologies for plastic recycling, promoting the recycling and reuse of plastic waste, including Polyethylene Terephthalate (PET). Additionally, the government’s support for integrating recycled PET (rPET) in the beverage industry aligns with global sustainability trends and the circular economy, where resources are efficiently utilized and waste minimized.
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Plastic Waste Management
The government has introduced comprehensive measures to address plastic waste, including waste segregation, collection, and recycling processes. These efforts focus on PET, which constitutes a significant component of the overall plastic waste stream. By prioritizing these measures, the government aims to achieve a more sustainable and environmentally-friendly future.
Technological Advancements and R&D
Research and Development (R&D)
The surge in R&D activities plays a pivotal role in driving the growth of the Indian PET resins market. Major players are investing substantially in R&D to introduce new and improved PET resin products. These advancements meet the evolving needs of various industries, particularly the packaging sector. Ongoing research efforts in PET recycling are promoting the circular economy, enhancing the market appeal of PET resins. Innovations in recycling technologies enable the efficient reuse of PET waste, transforming it into high-quality rPET for various applications.
Market Segmentation
By Type
- Bottled Beverages
- Films & Sheets
- CSD
- Food
- Others
By Application
- Transportation
- Automotive
- Electrical & Electronics
- Household Appliances
- Packaging
- Textile
By Region
- North India
- South India
- East India
- West India
Key Segment: Packaging
The packaging segment held the largest market share in the forecast period. India has witnessed a remarkable transformation in consumer preferences, with a notable surge in the demand for packaged goods. This encompasses products such as packaged food and beverages, personal care items, pharmaceuticals, and household essentials. PET resin-based packaging materials are highly esteemed in the packaging industry due to their versatility, exceptional clarity, lightweight nature, impressive barrier properties, impact resistance, and recyclability.
Regional Insights
West India
West India is expected to grow during the forecast period due to the presence of manufacturing facilities, such as PET resin production plants and packaging manufacturers. These facilities provide a local source of production and support the overall supply chain logistics, ensuring efficient and timely delivery of products. Well-developed transportation and logistics networks, including strategically located ports and distribution centers, further enhance the region’s competitiveness.
Major Companies
Some of the major companies operating in the India PET Resins Market include:
- Reliance Industries Limited
- JBF Industries Limited
- Indorama Ventures Public Company Limited
- BASF SE
- Toray Industries (India) Private Limited
- Eastman Chemical India Pvt. Ltd.
Future Outlook
The growing application of PET Resins in various end-user industries is a key driver of the market. The competitive landscape and the presence of well-established companies committed to enhancing their productivity of PET Resins are anticipated to register impressive growth in the India PET Resins Market during the forecast period.
Major companies operating in India PET Resins Market are:
- Reliance Industries Limited
- JBF Industries Limited
- Indorama Ventures Public Company Limited
- BASF SE
- Toray Industries (India) Private Limited
- Eastman Chemical India Pvt. Ltd.
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“Growing application of PET Resins in various end user industries are key drivers of the PET Resins market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of PET Resins with every passing year are anticipated to register an impressive growth to India PET Resins Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“India PET Resins Market By Type (Bottled Beverages, Films & Sheets, CSD, Food, Others), By Application (Transportation, Automotive, Electrical & Electronics, Household Appliances, Packaging, Textile), By Region, By Competition Forecast & Opportunities, 2019-2029”, has evaluated the future growth potential of India PET Resins Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India PET Resins Market.
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