Historically, Europe has always been a net exporter of plastics materials, but in case of PET, European Union is a net importer. Most of the PET is being imported from the Asia Pacific region. The Europe polyethylene terephthalate (PET) market is anticipated to progress with a CAGR of 6.84% and 5.00% by revenue and volume respectively over the forecast period of 2019-2027.
PET supply was tightened due to higher demand and plant maintenance work and logistics issues in this region. But steadily, the supply is catching up with the demand and is increasing due to a rise in the demand from the food and beverages sector. The Italian PET market is expected to rise with very significant CAGR over the projected years. The growth in food & beverages and cosmetics industry is likely to boost the PET industry in Italy. The UK food and beverage sector accounts for xx% of the total UK manufacturing GVA, making it the largest manufacturing subsector in terms of GVA contribution. This is one of the sectors which is continuously increasing and is going to help boost the PET market in the UK. Other significant PET markets in this region are France, Germany, Spain, Italy and the Rest of Europe.
The European PET market is blessed with the presence of several noted companies like M&G Chemicals, JBF Industries Ltd., BASF SE, Jiangsu Sanfangxiang Group, Alpek SAP DE CV, China Resources Chemical Materials Technology Ltd., Hengli Group Ltd., Reliance Industries Ltd., Royal DSM, Sinopec Group, Far Eastern New Century Corporation, Indorama Ventures Public Company Ltd., Octal, Saudi Basics Industries Corp, and Lotte Chemical Corporation.