India PET and PBT Resins Market to Grow with a CAGR of 3.78% through 2029
Growth in research and development activities is
expected to drive the India PET and PBT Resins Market growth in the forecast
period, 2025-2029
According to TechSci Research report, “India PET
and PBT Resins Market- By Region, Competition, Forecast and Opportunities,
2019-2029”, the India PET and PBT Resins Market stood at USD1.38 billion in 2023
and is anticipated to grow with a CAGR of 3.78% in the forecast period, 2024-2029.
Initiatives taken by government based on PET and PBT resins has led to
favorable market conditions for the India PET and PBT Resins Market. Several
factors contribute to the growth of various PET and PBT resins products. The Indian government has implemented a series of
strategic initiatives to bolster and support the growth of the Polyethylene
Terephthalate (PET) and Polybutylene Terephthalate (PBT) resins market within
the country. Notably, one of the key initiatives is the "Make in
India" campaign, which aims to position India as a global manufacturing
powerhouse. Under this
campaign, there has been a concerted effort to encourage domestic production,
leading to a surge in investments in manufacturing units dedicated to PET and
PBT resins. As a prime example, Indian conglomerate Reliance Industries
recently inaugurated its state-of-the-art PET resin plant located in Dahej,
Gujarat. This new facility is equipped with cutting-edge technology and
advanced production processes, enabling Reliance Industries to meet the growing
demand for PET resins in both domestic and international markets. By fostering an environment conducive to the
development and production of PET and PBT resins, the Indian government is not
only supporting the growth of the industry but also attracting investments and
creating employment opportunities. These initiatives are instrumental in
positioning India as a prominent player in the global market for PET and PBT
resins, driving economic growth and contributing to the overall development of
the country. The significant increase in research and development (R&D)
activities has played a pivotal role in driving the remarkable growth of the
PET and PBT resins market. These dynamic activities have not only resulted in
product innovations but have also contributed to the overall improvement in the
quality and functionality of resins. Moreover, the application scope of PET and
PBT resins has been substantially expanded due to these advancements.
For instance, the thriving food and beverage industry
has witnessed a surge in demand for PET resin as a preferred choice for food
packaging materials. This can be attributed to the continuous R&D efforts
that have effectively enhanced the properties of PET resin, such as its
exceptional strength, remarkable transparency, and remarkable chemical
resistance. These advancements have made PET resin an ideal material for
ensuring the preservation and integrity of various food and beverage products. The continuous investment in R&D activities has
not only propelled the growth of the PET and PBT resins market but has also
paved the way for a more sustainable and efficient future in the industry. The
commitment to innovation and constant improvement in resin technology will
undoubtedly drive further advancements and open up new opportunities in various
sectors, ensuring the continued success and expansion of the PET and PBT resins
market. The India PET and PBT Resins Market is segmented into PET resins
application, PBT resins application, regional distribution, and company.
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Based on its PET resins application, the food
packaging segment held the largest market share in the forecast period. In
recent years, PET (polyethylene terephthalate) and PBT (polybutylene
terephthalate) resins have gained significant traction as alternatives to
traditional packaging materials like glass, aluminum, and paper. This notable
shift in the industry can be attributed to the exceptional properties exhibited
by these resins. Not only do they offer exceptional strength, transparency, and
chemical resistance, but they also provide an ideal solution for preserving the
freshness and extending the shelf life of various food products. With their
ability to withstand harsh environments and maintain product integrity, PET and
PBT resins have emerged as game-changers in the packaging industry,
revolutionizing the way we preserve and protect our consumables. Based on region, West India segment is expected to
grow during the forecast period. The western region of India,
particularly Maharashtra and Gujarat, has emerged as a frontrunner in the
country's industrial development. This region showcases exceptional
connectivity, supported by a robust infrastructure of well-developed roads,
modern ports, and state-of-the-art airports. This comprehensive network
facilitates seamless transportation of raw materials and finished products,
contributing to the overall efficiency and productivity of industries in the
area.
Major companies operating in India PET and PBT Resins
Market are:
- Reliance Industries Limited
- JBF Industries Limited
- BASF India Limited
- SRF Limited
- Ester Industries Limited
- Sen Pet (India) Limited
- E.I. DuPont India Private Limited
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“Growing application of PET and PBT resins in various
end user industries are key drivers of the PET and PBT resins market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of PET and PBT resins with
every passing year are anticipated to register an impressive growth to India
PET and PBT Resins Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“India PET and PBT Resins Market
By PET Resins Application (Bottles, Films, Food Packaging, Others), By PBT Resins Application (Automotive,
Consumer Appliance, Electronic & Electricals, Others), By Region, By Competition Forecast & Opportunities, 2019-2029”, has evaluated
the future growth potential of India PET and PBT 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 and PBT Resins Market.
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