Indorama Ventures Public Company Limited told PlasticsToday that North America represents the company's best market for PET today.
Richard Jones, Indorama's spokesman, said that the company sees around 3% growth in demand each year.
"The reason it continues to grow is that PET is the most cost-effective packaging material and is eating into the market share of glass and aluminum each year," he said. "On a global basis, PET continues to grow and is the packaging material of choice today for younger economies."
According to Research and Markets, due to its varied applications, PET consumption increased significantly in the last 15 years over other alternative packaging materials such as aluminum, glass, paper and others. The global PET resin industry grew at a CAGR of 7.8% over the period 2005-2011. This growth is being driven by population growth, urbanization in developing countries, rise in disposable income and growth in the fast-moving consumer goods sector. In addition, the report said that the emergence of new application areas for PET resin like alcoholic and non-alcoholic beverages, as well as pharmaceuticals, will contribute to its growth in future years...