Newsletter: 173

Date:     October 8, 2024

The European PET market is in a phase of sustained growth, driven by the demand for packaged products, concerns about sustainability, and product innovation. However, companies in the sector must face challenges such as the volatility of raw material prices and increasing competition. The key to success in this market will be the ability to adapt to new regulations, invest in sustainable technologies, and develop innovative products that meet the needs of consumers and businesses.

 According to a report by Mordor Intelligence, the size of the European PET market is estimated to reach 5.4 billion $ by 2024, and it is expected to continue growing at a CAGR of 5.91% until 2029.

In September, the price of PET in Spain, after the summer campaign, began to experience downward pressure, especially favoured by the fall in the price of its raw materials. However, the latest events related to the war between Israel and its neighbours, especially Iran, are producing a boomerang effect, causing oil to experience an unexpected rise, which may translate into a change in trend in the short term.

 BRENT

 The trend of the last three months pointed to a certain decrease in the price of oil, which would thus have an impact on the price of PET raw materials, however, the war in the Middle East is causing an escalation in its price that was not foreseeable just 15 days ago.

Israel’s incursion into Lebanon and Iran’s response with an attack on Israel has caused the price of oil to skyrocket. September closed with a price of 71 USD/barrel, while today it is already pointing above 80 USD.

An Israeli attack on Iran’s oil facilities could lead to a worsening of supply in the short term, however, OPEC+ has sufficient production capacity to counteract this possibility, although its impact on the price of Brent is not ruled out.

 

 

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