The worldwide PET packaging market is assessed arrive at a valuation of US$ 77.2 Bn in 2022. With deals developing at a 4.9% CAGR, the market size is projected to top US$ 124.1 Bn by 2032.
PET material is a lightweight and clear plastic that is ordinarily utilized for packaging items. It is accessible in both unbending and adaptable structures, which makes it helpful for explicit end-use applications. PET packaging is recognized by its high strength, cheapness, recyclability, lightweight, straightforwardness, and high unbending nature.
Development and customisation of PET packaging are making possibilities for development in the market. Also, the continuous development of areas like food and refreshment, drug and medical services, individual consideration and beauty care products, and home consideration are supposed to help interest for PET packaging.
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Further, developing pattern for maintainable plastic packaging arrangements is expected to reinforces deals in the market. Producers are sending off tweaked arrangements according to end-use prerequisites, which will expand the development in the market.
“Growing preference for recyclable, durable and, cost-effective packaging solutions will bolster the demand for PET packaging. Also, customization offered by PET packaging manufacturers will fuel growth in the market,” says an FMI analyst.
The key objective of the global PET packaging report is to provide companies with a summary of the latest trends and lucrative business expansion opportunities for PET manufacturers, suppliers, and distributors. The report also demonstrates the key business strategies and principles adopted by the key players around the world. This report is intended to:
- create greater awareness about PET packaging and how they are manufactured and distributed by companies;
- increase access to information about the PET packaging business principles for other institutions that are planning to start the business;
- promote the use of the PET packaging more generally in end-use industries
The research methodology used to forecast the market size was with the help of the top-down approach. The total market size of PET packaging was calculated based on the percentage split of packaging and percentage splits of different technologies used as PET packaging. This allotment and calculation were done on the basis of extensive primary interviews and secondary research. Primary research involved in this report includes extensive interviews with key people such as CEOs, VPs, directors, and executives.
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Will Increasing Focus On Design And Innovation In PET Packaging Influence Demand?
Surging demand for customized packaging solutions from various end use sectors is driving innovations in the packaging sector. Plastic packaging manufacturers are offering innovative and functional features in the product such as recyclable, lightweight, durable, easy-to-handle, and easy-to-use.
For instance, Amcor plc offers a PET round bottle that has various features such as tamper-evident, lightweight, recyclable, portable, and shatter-resistance. This trend is expected to continue over the assessment period, creating opportunities for growth in the market.
Competition Landscape
Berry Global Group, Mondi Group, Amcor plc, Sonoco Products Company, Huhtamäki Oyj, CCL Industries, Inc., Gerresheimer AG, Klöckner Pentaplast GmbH & Co. KG, ProAmpac LLC, Sealed Air Corporation, SCHUR FLEXIBLES GROUP, CLONDALKIN GROUP, Constantia Flexibles Group GmbH are some leading players operating in the global PET packaging market. Some recent developments include:
- In April 2020, Amcor plc announced the launch of a family stock of polyethylene terephthalate (PET) bottles to meet the increasing demand for e-commerce ready packaging.
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PET Packaging Market By Category
Packaging Type:
- Rigid PET Packaging
- Flexible PET Packaging
Product Type:
- Bottles & Jars
- Caps & Closures
- Trays & Clamshells
- Bags & Pouches
- Films & Wraps
- Labels
- Others
End-use Industry:
- Food & Beverage
- Pharmaceutical & Healthcare
- Personal Care & Cosmetics
- Homecare
- Automotive Parts
- Electricals & Electronics
- Chemicals
- Others
Region:
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
Report Objectives
- To analyze and forecast the global PET Packaging market size in terms of value and volume
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders
- To define, describe, and forecast the market by type, material, and application
- To forecast the market size with respect to five main regions: Asia Pacific (APAC), the Middle East & Africa, Europe, North America, and South America
- To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
- To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing market growth
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
- To analyze competitive developments in the market, such as investments & expansions, new product developments, partnerships & collaborations, and mergers & acquisitions
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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