The global PET packaging market exhibited moderate growth during 2015-2020. 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 Trends and 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. Looking forward, the global PET packaging market is expected to grow at a CAGR of around 5% during 2021-2026.
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 2021-2026. 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:
Key Questions Answered in This Report
We expect the global PET packaging market to exhibit a CAGR of around 5% during 2021-2026.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end use industries for PET packaging materials.
The expanding packaging industry along with the rising demand for processed and ready-to-eat food products represent some of the other factors driving the global PET packaging market.
Based on the packaging type, the global PET packaging market can be bifurcated into rigid packaging and flexible packaging. Currently, rigid packaging holds the majority of the market share.
Based on the form, the global PET packaging market has been segregated into amorphous PET and crystalline PET, where amorphous PET currently represents the largest segment.
Some of the major players in the global PET packaging market include Amcor, Berry, Graham Packaging Company, Dunmore Corporation, Huhtamaki, Resilux, Dupont, Silgan Holdings, GTX Hanex Plastic, Comar (Sonoco), Nampak, CCL Industries, Smurfit Kappa Group, Rexam, etc.
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