According to the latest report by IMARC Group, titled “PET Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global PET packaging market size reached US$ 63.8 Billion in 2018. PET, or polyethylene terephthalate, is a lightweight plastic that has become an innovative and attractive packaging solution in numerous industries. PET packaging is produced by melting pellets of PET resin and extruding the molten liquid into the desired shape. It offers numerous advantages, such as minimizing wastage, lowering transportation and shipping costs, and retaining freshness of the packaged product. The growing awareness and the shift in consumer preference toward eco-friendly solutions have led manufacturers in various industries to adopt PET packaging.
Global PET Packaging Market Trends:
On account of the hectic lifestyles and rising working population, a large number of individuals are preferring ready-to-eat food products. Owing to this, there has been an increasing demand for PET packaging which has been licensed as safe for contact with food and beverages by the European Safety Authority (EFSA) and the United States Food and Drug Association (USFDA). Also, it helps in extending the shelf-life, does not react with the product and is resistant to attacks by micro-organisms. Apart from this, PET packaging is widely used in the e-commerce industry to pack numerous items. Furthermore, governments of various nations are encouraging the use of PET packaging to maintain hygiene and safety standards. Moreover, the leading companies are using advanced technologies to manufacture reusable and recyclable packaging solutions. For instance, they are utilizing plasma-based coating to make PET bottles more impervious. Looking forward, the market value is projected to reach US$ 84.5 Billion by 2024, registering a CAGR of 4.8% during the forecast period (2019-2024).
- Based on the packaging type, the market has been segmented as rigid and flexible packaging. Rigid packaging is currently the most popular packaging type, holding the largest market share.
- On the basis of the form, the market has been categorized as amorphous and crystalline PET packaging. At present, amorphous PET dominates the market across the globe.
- The market has been segregated based on the pack type into bottles and jars, bags and pouches, trays, lids/caps and closures and others. Amongst these, bottles and jars represent the leading segment.
- On the basis of the filling technology, the market has been divided into hot fill, cold fill, aseptic fill and others. Presently, cold fill technology exhibits a clear dominance in the market.
- Based on the end-user, the market has been classified as beverage, household goods, food and pharmaceutical industries. The beverages industry is the largest end-user segment which further includes bottled water, carbonated soft drinks, milk and dairy products, juices, beer and others.
- Region-wise, Asia Pacific dominates the market, accounting for the majority of the overall market share. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being Amcor plc, Berry Global, Graham Packaging Company, Dunmore Corporation, Huhtamäki Oyj, Resilux NV, E. I. du Pont de Nemours and Company, Silgan Holdings Inc., GTX Hanex Plastic, Comar LLC, Sonoco Products Company, Nampak Ltd., CCL Industries Inc., Smurfit Kappa Group and Rexam PLC.
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