NEW YORK, November 22, 2016 /PRNewswire/ --
Continuing growth in end use industries, booming beverage sector and emergence of new application areas to drive India PET resins market through 2025.
According to a recently released TechSci Research report, "India PET ResinsMarket Study, 2011 - 2025", the market of PET resins in India is anticipated to cross US$ 9.1 Billion by 2025. Globally, India is one of the fastest growing markets for PET resins. Robust growth in packaging sector, rapid industrialization and growing urbanization are the major factors fuelling the country's PET resins market. Moreover, emerging economy, new capacity additions and increasing consumption of packaged food & beverages are further expected to aid the Indian market of PET resins during 2016-2025.
In 2015, India food services industry stood at USD13.79 billion, and the market is expected to grow at a CAGR of 17% during 2015-2020. Moreover, India beverage services market stood at USD2.56 billion in 2015, and it is projected to reach USD4.48 billion by 2020, exhibiting a CAGR of 20.55%, in value terms, during 2016-2025. Increasing demand for safe, hygienic and high quality packaging products, particularly in food services sector, is expected to augment the demand for PET resins in the country over the span of next nine years.
"PET resins are tailored for utilization in several packaging applications including plastic bottles for beverages, food containers, storage containers for household items & reactive chemical substances, cosmetics, pharmaceutical and industrial applications. In addition to this, specialized PET containers produced after various treatments and processing steps are microwaveable and used as take-out containers, single-serving food trays, etc.," said Mr. Karan Chechi, Research Director, with TechSci Research, a research based global management consulting firm.
"India PET ResinsMarket Study, 2011 - 2025" has evaluated the future growth potential of India PET resins market and provides statistics and 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 evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in India PET resins market.
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