Shahid Tondgouyan Petrochemical Complex raised production and export of varieties of polyethylene terephthalate (PET) in the last fiscal year (ended in March) compared to the previous year, head of the company said.
“Last year about 1.14 million tons of PET grades were produced by STPC,” Reza Qasemi Shahri was reported as saying by the Oil Ministry news agency Shana.
This was a record in the company’s history since its establishment in 1998 and was 20% more than the year before (March 2018-2019), Shahri added.
STPC produces over 20 grades of PET. According to the company boss, the company plans to increase output by 18% this year.
Located in in Mahshahr, Khuzestan Province, Tondgouyan complex is the only PET producer in Iran.
“Over 45,000 tons were exported last year, about three times higher than in the previous year,” Qasemi Shahri said outlining the growth of his company.
PET, best known as clear plastic, is a plastic resin and the most common type of polyester. It is the most widely recycled plastic in the world. PET packaging is used extensively across industries because of its convenient usage.
A non-toxic, lightweight, safe, and flexible material, PET can be recycled and reused efficiently. It can be processed up to 3 to 4 times without affecting its chemical properties.
These features make PET an ideal choice for use in various industries such as automotive, electronics, and textiles, among others.
The majority of the world’s PET production is for synthetic fibers (over 60%), with bottle production accounting for about 30% of global demand.
In the context of textile applications, PET is referred to by its common name, polyester, whereas the acronym PET is generally used in relation to packaging.
The global PET market is expected to grow at an rate of 11% and reach $68.3 billion by 2023.
Major factors driving the market growth for PET include increasing consumption of textiles and fabrics, increasing recycling and collection rate of PET in Europe, and rising demand for sustainable and recyclable products globally.
Amid low oil prices and dull demand early in the first quarter this year, there was an undercurrent of tension in the face of the potential effects of the coronavirus outbreak.
As countries announced lockdowns, people rushed out to buy water and packaged food that would last, boosting sales late in the quarter.
The growing technological advancements and innovations in packaging applications, mainly through weight reduction, are also expected to positively influence the market growth in the coming years.
