Rising at a CAGR of 3.8% in terms of value, the PET preforms market is forecast to rise at a steady pace between 2020 and 2030. Future Market Insights (FMI) in its latest study has forecast growth opportunities to spur especially with industries taking measures to reduce the harm done to ensure maximum safety of the environment. Key players in the beverage packaging industry are updating the manufacturing processes and shifting to recycling programs.
In order to reduce carbon footprint, a shift in the trend is seen with respect to PET bottles. Bottles made from recyclable material is gaining a lot of traction in the market. Leading players in the industry are opting for beverage bottles made from recycled-PET materials in order to achieve sustainability of raw materials.
Additionally, this shift helps the companies improve their brand image in the eyes of the customers. Big players such as Coca Cola, Nestle and others proudly source a significant amount of its consumption from recycled materials.
Growing significance for sustainable packaging solutions with recyclable materials is driving the global PET preforms market. FMI offers a comprehensive overview of the market in its recent studies.
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Key Takeaways from the Report
- PET preforms for bottles with capacity up to 500 ml to 1000 ml are expected to be the most lucrative segment by capacity type, during the forecast period of 2020-2030
- Beverages industry is expected to be the largest consumer of global PET preforms demand by 2030 year end
- Besides beverages, manufacturers across industries such as food, pharmaceutical, and home care too are taking steps towards sustainability, in turn fuelling demand for PET preforms for packaging
- North America is the most lucrative market for PET preforms, closely followed by Europe
- East Asia is expected to see the highest growth during the forecast period
“At a time when regulations are implemented to curb dependence on plastics for packaging, manufacturers within the PET preforms market are exploring recyclability of the material to stay relevant. PET remains widely used plastic today and manufacturers are focusing on various applications of recycled PET to counter threats” said a lead analyst at FMI.
Covid-19 impact on PET Preforms Market
Covid 19 pandemic outbreak and the restrictions put forth because of it have impacted the global PET preforms market heavily. The market is seeing a considerable decline in demand owing to lockdowns implemented across the world.
The spread of the novel coronavirus across the globe has disrupted supply chains, impacting the packaging industry as well. As productions came to a standstill and transport became impossible due to lockdown restrictions, the industry suffered heavy losses.
Furthermore, the shortage of raw materials and the absence of labourers and skilled workers from plants has aggravated the situation. Unfavourable market conditions, as the consumer has become sceptical about his spending have added to the woes of the market.
However, the demand for PET preforms is expected to witness significant growth in the first quarter of 2021, as manufacturing activities resume and demand for PET preforms from end-user industries restores to normal.
PET Preforms Market: Segmentation
- Up to 500 ml
- 500 ml to 1000 ml
- 1000 ml to 2000 ml
- More than 2000 ml
By Neck Type
- Bottled Water
- Carbonated Drinks
- RTD Tea & Coffee
- Sports Drinks
- Other Soft Drinks
- Alcoholic Drinks
- Personal Care
- Home Care
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
PET Preforms Market Who is winning?
Key players are expected to hold almost 20 % of the global PET preform market. However, the market is highly fragmented and small and medium-sized companies are predicted to contribute to 80% of the remaining market.
Few key players in the PET preform market are ALPLA Werke Alwin Lehner GmbH & Co KG, Plastipak Holdings, Inc., and Logoplaste UK Ltd., etc. are the top players operating in the PET preforms market. Furthermore, Rental Industries Ltd, Resilux NV, Societe Generale Des Techniques (SGT), Taiwan Hon Chuan Enterprises Co., Ltd., etc
Key Questions Answered in the Report
- What is the expected growth rate for PET preforms market?The PET preforms market is predicted to grow at a CAGR of 3.4 % at the end of the forecast period 2020-2030.
- Which region is leading the global PET preforms market?North America is the largest markets for PET preforms market. Europe is close behind accounting for the second-leading share. In the coming years however, South Asia is forecast to exhibit growth at a higher rate.
- Which are the top companies influencing the PET preforms market?Some of the key players in the PET preforms market are ALPLA Werke Alwin Lehner GmbH & Co KG ,Plastipak Holdings, Inc. ,RETAL Industries Ltd. ,Resilux NV ,Societe Generale Des Techniques (SGT) ,Taiwan Hon Chuan Enterprises Co., Ltd
- What is the most popular type of preforms based on capacity in the PET preforms market?Preforms for bottles with capacity up to 500ml and 1000ml are the most popular ones in the market.
- Which is the leading end-use industry in PET preforms market?Beverage industry is the leading end user with highest market share.