The global PET packaging market reached a value of US$ 66.9 Billion in 2019 and is expected to reach a value of US$ 87.7 Billion by 2025, registering a CAGR of 4.6% during 2020-2025. Polyethylene terephthalate, or PET, is a form of polyester that can be shaped into different packaging containers, such as boxes and bottles, depending upon the user’s requirement. PET packaging is manufactured by melting pellets of PET resin and extruding the molten liquid into desirable shapes. It is thermally stable, unbreakable, durable and resistant to microorganisms, which prevents the packaged content from degradation and ensures quality maintenance. It also exhibits high dimensional stability and resistance to moisture, solvents and alcohols, along with moderate resistance to diluted alkalis and halogenated hydrocarbons. Owing to these attributes, it is widely used in the packaging of products ranging from food and beverages, personal care products to pharmaceuticals.
Global PET Packaging Market Growth Drivers:
Growing consumer awareness for eco-friendly products, coupled with western influence, is the key factor driving the growth of the PET packaging market. Furthermore, there is an increase in the demand for customized and different-sized packs for brand differentiation. For instance, manufacturers use specific shapes, colors and designs for the packaging material as a branding tool for the product. Additionally, increasing preference for carbonated beverages and various ready-to-eat food products amongst the young population across the globe also acts as a growth-inducing factor.
Some of the manufacturers are also rapidly adopting PET packaging owing to its low production and shipping costs, minimal solid waste and storage requirements, and ease of transportation. Increasing research and development (R&D) to produce reusable and recyclable packaging solutions, along with the technological advancements such as plasma-based coating that makes bottles more impervious, are also contributing to the global PET packaging market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global PET packaging market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on packaging type, form, pack type, filling technology, end user and region.
The global PET packaging indusrty is highly fragmented with the presence of several small and large players competing in terms of price and quality. Some of the major players in the market are:
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