Oftentimes talk of PET centers around a persistent and growing oversupply. However, the market for PET is actually growing in step with the expanding middle classes in developing countries such as China. But demand in developed countries such as the U.S. is starting to flatten, according to a new global study by IHS.
The report, entitled IHS Chemical 2014 World Analysis - Polyester, covers historical developments and future projections for supply, demand, capacity and trade in the PET fiber and packaging resin markets from 2008 to 2023. Polyester fiber, the report says, now commands nearly a 50 percent share of the global natural and synthetic fiber market and is the largest fiber type by volume. Within the next five years, according to the report, the market for polyester fiber will be larger than all other fibers combined.