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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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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