Like many consumer products, PET Packaging Resin demand is strongly linked to the health of the global economy. Based on long-term correlations with GDP, PET consumption in 2020 might have been expected to fall by close to 10% overall – with demand returning to 2016-17 levels and not reaching the forecast total for the year until 2022-2023.
This has not happened – Yet.
Usage in bottled water and protective sheet has been boosted by panic buying and short-term necessity, underpinning otherwise fragile consumer spending. But as we move through the phases of recovery, the reality of reduced incomes, a summer of staycations and the absence of big ‘events’ – The Olympics etc. – will surely start to hit.
The impact that Covid-19 has had on the PET market this year, and Tecnon OrbiChem’s forecasts on the lasting impact on future years’ supply and demand for PET, are detailed for all countries of relevance in the world, in the new edition of our On-Line Supply/Demand Database App.