The demand for PET is highest in Asia, with China driving the majority of global demand. As per GBI Research, demand in advanced countries like Japan has largely stabilized. There is a huge consumption potential in largely populated countries such as India and China. The strong economic growth along with the large population enables the large consumption of Carbonated Soft Drinks (CSDs) and bottled water in the region. The rapidly changing lifestyle of people in the region supports the consumption of packaged food. China has also grown rapidly in the capacity and production of petrochemicals. China is the largest producer of PET in the region and exports to many countries.
Asian demand by volume for PET in 2009 was nearly 4.7 mln tons. Europe is the second largest consumer of PET in the world. Russia, Italy and Germany are the major consuming countries in Europe. The demand in some Western European countries, such as Germany, France, Spain and the UK, is approaching the maturity stage. Growth in European PET demand is driven mostly by Russia. The demand for PET in Europe was around 3.7 mln tons in 2009. The North American economy is the most developed and advanced, and the scope for growth is lowest as the demand is close to saturation. However, certain new and upcoming applications of PET are driving the North American market. The North American demand for PET in 2009 was close to 3.1 mln tons in 2009.
The PET demand in South and Central America is growing fairly strongly. This region consumed around 2 mln tons of PET in the year 2009. The Middle East and African demand for PET is the second fastest growing after that of Asia. The Middle East and Africa region consumed around 1.2 mln tons PET in 2009.
CSD is the largest market for PET globally. Because of its light weight, toughness and clarity, PET is the most preferred material for CSD bottles. Bottled water is the second biggest PET consuming market globally. CSD and bottled water together account for more than 65% of the global PET demand. However, the packaged food segment is also a very important and growing market for PET. The beer market is largely untapped but has strong potential for growth with regard to PET applications.