The PET packaging market is predicted to grow at a healthy CAGR between 2018- 2027, states the recent Market Research Future (MRFR) analysis. PET or polyethylene terephthalate is a kind of polyester. This is expelled or shaped into plastic jugs and boxes to pack food and refreshments, personal care items, and other consumer products. Such PET materials have various properties that make it have an upper hand over other forms of conventional packaging technologies such as good barrier properties, lightweight, high-pressure resistance, shiny surface, good stability, and high transparency.
Various factors are propelling the global PET packaging market share. As per the current MRFR report, such factors include increasing adoption in household products and food and beverages industry, increasing use in the cosmetics and personal care sector, shifting preference of consumers towards recyclable and eco-friendly materials, ongoing technological advances, and increasing promotional activities for biodegradable materials for packaging solutions. Additional factors adding market growth comprise the growing demand for recyclable and sustainable packaging, preference of consumers and manufacturers for PET packaging for its wonderful characteristic performance in temperature, moisture, and humidity, and growing demand for packaging solutions for carbonated beverages utilizing PET packaging.
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On the contrary, fluctuation in raw material price, coupled with the impact of the current COVID-19 pandemic may impede the global PET packaging market growth over the forecast period.
The MRFR report offers an inclusive segmental analysis of the global PET packaging market based on type, product, and end user industry.
By type, the global PET packaging market is segmented into crystalline and amorphous. Of these, the amorphous segment will lead the market over the forecast period.
By product, the global PET packaging market is segmented into cups, trays, closures, bottles, bags, and others. Of these, the bottles segment will dominate the market over the forecast period.
By end user, the global PET packaging market is segmented into household goods, cosmetics, pharmaceuticals, beverages, food, and others. Of these, the beverages segment will spearhead the market over the forecast period.
Based on the region, the global PET packaging market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, Latin America, & the Middle East and Africa (MEA). Of these, the APAC region will have the lions share in the market over the forecast period. Rising disposable income, changing lifestyles, growing population, and the presence of many emerging economies are adding to the global PET packaging market growth in the region. Additional factors adding market growth include the booming food and beverage and pharmaceutical industries and increasing environmental concerns regarding plastic waste.
The global PET packaging market in North America is predicted to have healthy growth over the forecast period. The high concentration of manufacturers and technological advances are adding to the global PET packaging market growth in the region.
The global PET packaging market in Europe is predicted to have notable growth over the forecast period. Technological advances, coupled with the inclination of customers and manufacturers towards the usage of green packaging, are adding to the global PET packaging market growth in the region.
The global PET packaging market in Latin America and the MEA are predicted to have sound growth over the forecast period. The growing demand for PET material coupled with the increasing adoption is adding to the global PET packaging market growth in the region.
Eminent contenders profiled in the global PET packaging market report include Graham Packaging (U.S.), KlöcknerPentaplast GmbH & Co. KG (Germany), Gerresheimer AG (Germany), Smurfit Kappa Group PLC (Ireland), Rexam PLC (U.K.), Amcor Limited (Australia), and CCL Industries, Inc. (Canada).
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