The global PET Packaging Market 2020 offers a steady compound annual growth rate (CAGR) from 2018 to 2023 of 5%, making the total market valuation higher than previously. These figures are accumulated after an in-depth study has been conducted through Market Research Future that eminently focuses on the packaging industry.
Top Impacting Factors
PET packaging has specific properties that make it preferable, among other packaging technologies. Some assured beneficial properties of PET packaging are shiny surface, high transparency, high-pressure resistance, good stability, good barrier properties, and lightweight, which is making the market of it more profitable. Also, due to the outstanding material qualities, PET-containers are almost resilient. This marks from no fractures while filling, transporting, as well as use. PET packaging offers optimal protection to all consumers. Owing to these properties, PET packaging is valuable among other packaging materials and making the market more strong among other packaging competitors.
As per MRFR, the growing reputation of lightweight packaging will have an encouraging impact on the market and add to its growth significantly over the forecast period. Lightweight packaging is both cost-effective and recyclable. Besides, glass packaging solutions are heavier and thus lead to a surge in the cost of transportation. Thus, the end-users are moving toward the adoption of PET packaging. In fact, various manufacturers are also investing heavily in the development of lighter PET materials for packaging. Thus, the growing popularity of PET packaging is expected to drive the growth of the PET packaging market during the forecast period.
Similarly, other significant factors driving the global PET packaging market also include rising demand from end-use industries. The food industry is witnessing an exponential rise in demand for PET packaging. The pharmaceutical industry is also bearing increased demand, as PET bottles are measured safe for drug packaging. Besides, shifting trend toward eco-friendly materials is positively moving the global market for PET packaging to gain more valuation in the forecast period.
Despite these factors, more factors such as high fluctuations in raw material prices are posing as a significant control for the global market for PET packaging. Countries in the Asia Pacific and the Middle East &Africa are likely to create growth opportunities for the global PET packaging market in the future.
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.
Top Market Players
The top players in the global PET packaging market are listed as CCL Industries, Inc. (Canada), E. I. Du Pont De Nemours and Company (U.S.), Resilux NV (Belgium), Rexam PLC (U.K.), Smurfit Kappa Group PLC (Ireland), Graham Packaging Company (U.S.), Amcor Limited (Australia), Gerresheimer AG (Germany), and Klöckner Pentaplast GmbH & Co. Kg (Germany).
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