Polyethylene Terephthalate (PET) Procurement Intelligence Report, 2024 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Every organization and its procurement team look forward to negotiating the best deal while procuring a set of products or subscribing to services. Rate benchmarking involves price/cost comparison of more than one set of products/services to analyze the most efficient combination that can potentially help the procurement team in getting the optimum rate.

The prices of Polyethylene Terephthalate (PET) in different regions stood as below:

a)       The prices of PET in the U.S. had been between USD 1.32 per kg to USD 1.33 per kg, between January 2024 to March 2024. It is anticipated that in the upcoming months, market attitude will continue to be optimistic.

b)      The prices of PET in Europe had been between USD 1.10 per kg to USD 1.13 per kg, between January 2024 to March 2024.

c)       The prices of PET in India had been between USD 0.94 per kg to USD 0.96 per kg, between January 2024 to March 2024. It reproduces comparable marginal swings to the domestic Indian market.

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Labor cost is one of the key components of the total cost incurred while offering a product or service. Therefore, an organization must decide whether the focus category should be retained in-house or outsourced if the organization is providing its products or services at competitive prices. If the organization decides in favor of outsourcing, it must understand the difference in the salary structures of suppliers before selecting a supplier and formulating a negotiation strategy.

According to our research, Polymer Engineer working with Alfa Chemistry and Alpek S.A.B. de C.V. receives 10% - 15% higher base salary compared to the salary received by Polymer Engineer working with China Resources (Holdings) Co., Ltd. and SK Inc. However, the year-on-year increment rate in all these companies majorly depends on the Key Result Areas (KRAs).

Organizations may find it cumbersome to continuously track all the latest developments in their supplier landscape. Outsourcing the activities related to gathering intelligence allows organizations to focus on their core offerings. At this juncture, our newsletter service can help organizations stay updated with the latest developments and innovations and subsequently assist in preventing disruptions in the supply chain. We have identified the following developments within the Polyethylene Terephthalate (PET) category over the last two years:

In April 2024, Far Eastern New Century Corporation (FENC) announced the commencement of its green PET resin production plant, FE GREEN PET (M) SDN BHD, located in Malacca, Malaysia. With this growth, FENC is demonstrating its dedication to creative solutions for the plastics industry and environmental sustainability.

In October 2023, China Petrochemical Corporation (Sinopec) entered into an equity agreement with KazMunayGas JSC (KMG), Kazakhstan's national oil and gas industry operator, supporting a polyethylene-specific project in Atyrau Region. In addition, Sinopec and KMG inked a pre-feasibility joint development agreement to investigate the viability of funding the establishment of PET (polyethylene terephthalate) and PTA (phthalic acid) plants in Kazakhstan.

In September 2023, Indorama Ventures Public Company Limited has announced that it is investing USD 150 million to set-up three different PET-recycling plants in India, which are tentatively scheduled to start its commercial operations by 2026. The company has been granted with regulatory approvals and has completed the process of acquiring lands for same.