Polyethylene Terephthalate (PET) Procurement Procurement Intelligence
In this Polyethylene Terephthalate (PET) procurement intelligence report, we have estimated the key cost components which include raw materials, labor, machinery & equipment, transportation, rent & utilities, and others. Other costs can be further bifurcated into maintenance & repair, quality assurance & testing, insurance, tax, interest on loan, and administrative fee.
Key factors that influence the prices of PET include supply chain expenses, current state of the market, production & processing expenses, raw material prices, government regulations at national & global levels, and commodity markets. Manufacturing businesses must abide by local political and legal requirements. The output capacity of factories is affected by regulations such as waste management and anti-dumping duties. It therefore has an impact on the final product's price.
Cost-plus pricing is one of the prominent pricing structures followed in the industry. The goal of this model is to increase suppliers' profits. It involves totaling all of the product's expenses and then adding a profit margin. Benefits of this model include consistency in rate of return, simplicity in computation, and dependability. Another pricing model followed in this category is fixed pricing model, which entails maintaining a fixed pricing for products notwithstanding shifts in the market or in consumer behavior.
Order your copy of the Polyethylene Terephthalate (PET) Procurement category procurement intelligence report 2024-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Operational Capabilities - Polyethylene Terephthalate (PET)
- Industries Served - 25%
- Geographical Service Provision - 25%
- Years in Service - 20%
- Employee Strength - 10%
- Revenue Generated - 10%
- Certifications - 5%
- Key Clientele - 5%
Functional Capabilities -Polyethylene Terephthalate (PET)
- Types of PET (Virgin / Recycled) - 30%
- Technologies Deployed in Production - 20%
- Customization Options - 15%
- Regulatory Compliance - 10%
- Customer Support - 10%
- Lead Time - 10%
- Others - 5%
Rate Benchmarking
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.
To gain a comprehensive understanding of other aspects of rate benchmarking, please subscribe to our services and get access to the complete report.
Supplier Newsletter
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.
List of Key Suppliers
- Alfa Chemistry
- Alpek S.A.B. de C.V.
- China Petrochemical Corporation (Sinopec)
- China Resources (Holdings) Co., Ltd.
- DuPont de Nemours Inc.
- Far Eastern New Century Corporation (FENC)
- Indorama Ventures Public Company Limited
- Jiangsu Sanfangxiang Group Co., Ltd.
- LOTTE Chemical Corporation
- Reliance Industries Ltd. (RIL)
- Saudi Basic Industries Corporation (SABIC)
- SK Inc.
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Polyethylene Terephthalate (PET) Procurement Procurement Intelligence Report Scope
- Polyethylene Terephthalate (PET) Procurement Category Growth Rate : CAGR of 9.63% from 2024 to 2030
- Pricing Growth Outlook : 4% - 9% increase (Annually)
- Pricing Models : Cost-plus pricing, Fixed pricing, Competition-based pricing
- Supplier Selection Scope : Cost and pricing, Past engagements, Productivity, Geographical presence
- Supplier Selection Criteria : Industries served, geographical service provision, years in service, employee strength, revenue generated, certifications, key clientele,types of PET, technologies deployed in production, customization options, regulatory compliance, customer support, lead time, and others
- Report Coverage : Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
- Market Intelligence involving – market size and forecast, growth factors, and driving trends
- Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
- Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
- Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
