The global PET packaging market size was worth US$ 63.8 Billion in 2018. 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.
Growing consumer awareness for eco-friendly products, coupled with western influence, is the key factor driving the growth of the 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 market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 84.5 Billion by 2024, registering a CAGR of 4.8% during the forecast period (2019-2024).
The report has also analysed the competitive landscape of the market with some of the key players being Amcor, Berry, Graham Packaging Company, Dunmore Corporation, Huhtamäki, Resilux, Dupont, Silgan Holdings, GTX Hanex Plastic, Comar, Sonoco, Nampak, CCL Industries, Smurfit Kappa Group, Rexam, etc.
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