India PET Resins Market to Grow with a CAGR of 6.20% through 2029
Surge in research and development activities is
expected to drive the India PET Resins Market growth in the forecast period,
2025-2029
According to 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% in the forecast period, 2024-2029. Initiatives
taken by government based on PET Resins has led to favorable market conditions
for the India PET Resins Market. Several factors contribute to the growth of
various PET Resins products.
The Department of Science and Technology (DST) has
taken significant strides in supporting innovative technologies for plastic
recycling. This forward-thinking initiative aims to not only promote the
recycling and reuse of plastic waste, including Polyethylene terephthalate
(PET), but also to combat the pressing issue of environmental pollution caused
by plastic waste.
Recognizing the importance of sustainable practices,
the Indian government has demonstrated unwavering support for the integration
of recycled PET (rPET) in the beverage industry. This aligns with global
sustainability trends and the global movement towards a circular economy, where
resources are utilized efficiently, and waste is minimized.
Addressing the growing concerns surrounding plastic
waste, the government has implemented comprehensive measures to improve the
existing scenario of plastic waste management. These measures encompass various
aspects, including waste segregation, collection, and recycling processes, with
a particular focus on PET, which constitutes a significant component of the
overall plastic waste stream. By prioritizing these efforts, the government
aims to achieve a more sustainable and environmentally-friendly future.
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PET Resins Market”
The surge in research and development (R&D)
activities is playing a pivotal role in driving the growth of the Indian PET
resins market. With numerous major players making substantial investments in
R&D, they are introducing new and improved PET resin products into the market.
These advancements are aimed at meeting the evolving needs of various
industries, especially the packaging sector.
Furthermore, the ongoing research efforts in the field
of PET recycling are promoting the concept of a circular economy, thereby further
enhancing the market appeal of PET resins. The continuous innovations in
recycling technologies are enabling the efficient reuse of PET waste,
transforming it into high-quality rPET (recycled PET) that can be utilized for
a wide range of applications.
By focusing on R&D and recycling initiatives, the
Indian PET resins market is not only ensuring the availability of superior
products but also contributing to sustainability and environmental
preservation. This comprehensive approach highlights the industry's commitment
to innovation, resource efficiency, and responsible manufacturing practices.
The India PET Resins Market is segmented into type, application,
regional distribution, and company.
Based on its application, 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 a wide range of products such as
packaged food and beverages, personal care items, pharmaceuticals, and
household essentials. As consumers increasingly prioritize convenience and
hygienic packaging, the popularity of PET resin-based packaging materials has
soared.
PET, highly esteemed in the packaging industry, owes
its reputation to its remarkable versatility. It offers numerous advantages,
including exceptional clarity, lightweight nature, impressive barrier
properties, impact resistance, and recyclability. These exceptional qualities
render PET an ideal choice for a diverse array of packaging applications,
spanning from bottles and containers to blister packs and films. With its
continuous technological advancements and sustainable attributes, PET continues
to revolutionize the packaging landscape, catering to the evolving needs of
both businesses and consumers alike.
Based on region, West India segment is expected to
grow during the forecast period.
The presence of manufacturing facilities, such as PET
resin production plants and packaging manufacturers, in a particular region can
significantly contribute to its dominance in the market. These manufacturing
facilities not only provide a local source of production but also support the
overall supply chain logistics, ensuring efficient and timely delivery of
products. This not only benefits the manufacturers but also creates a
competitive advantage for the region as it becomes an attractive destination
for businesses and investors.
In addition to manufacturing facilities, regions with
well-developed transportation and logistics networks, including strategically
located ports and distribution centers, have a distinct advantage in accessing
both domestic and international markets. These robust transportation and
logistics networks enable seamless movement of goods, reducing transit times
and costs. Moreover, it facilitates easier connectivity between suppliers,
manufacturers, and customers, fostering a more efficient and responsive supply
chain ecosystem. This enhanced connectivity and accessibility further
contribute to the region's growth and competitiveness in the market, attracting
more businesses and driving economic development.
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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