The market for PET preforms is expected to increase at a CAGR of 3.9% from 2022 to 2032, reaching a value of US$ 22.28 billion. The market is now valued at US$ 15.2 billion.
By 2024, the market for PET preforms is anticipated to expand by 3.8%. To meet customer demand, a number of well-known industries, including food and beverage, personal care, pharmaceuticals, and home care, are producing enormous demand for PET preforms.
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.
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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.
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.
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Covid-19 impact
Covid 19 pandemic outbreak and the restrictions put forth because of it have impacted 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 corona virus across globe has disrupted supply chains, impacting packaging industry as well. As productions came to a standstill and transport became impossible due to lockdown restrictions, the industry suffered heavy losses.
Furthermore, shortage of raw materials and absence of labors and skilled workers from plants has aggravated the situation. Unfavorable market conditions, as consumer has become skeptical 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.
Who is winning?
Key players are expected to hold almost 20 % of the global PET preform market. However, market is highly fragmented and small and medium sized companies are predicted to contribute to the 80% of the remaining market.
Few key players in the PET preforms 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, Retal Industries Ltd, Resilux NV, Societe Generale Des Techniques (SGT), Taiwan Hon Chuan Enterprises Co., Ltd., etc
To know more about PET Preforms market
Future Market Insights, in its new report, offers an unbiased analysis of the global PET Preforms market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the PET preforms market on the basis of capacity (Up to 500 ml, 500 ml to 1000 ml, 1000 ml to 2000 ml, and more than 2000 ml), neck type (ROPP/BPV, PCO/BPF, Alaska/Bericap/Obrist, and others), end use (beverages {bottled water, carbonated drinks, RTD Tea & Coffee, juice, sports drinks, other soft drinks, and alcoholic drinks}, food, personal care, pharmaceuticals, home care, and others) across seven regions.
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Key Segments Covered in PET Preforms Industry Research
PET Preforms Market by Capacity:
- Up to 500 ml
- 500 ml to 1000 ml
- 1000 ml to 2000 ml
- More than 2000 ml
PET Preforms Market by Neck Type:
- ROPP/BPV
- PCO/BPF
- Alaska/Bericap/Obrist
- Others
PET Preforms Market by End-use:
- Beverages
- Bottled Water
- Carbonated Drinks
- RTD Tea & Coffee
- Juice
- Sports Drinks
- Other Soft Drinks
- Alcoholic Drinks
- Food
- Personal Care
- Pharmaceuticals
- Home Care
- Others
PET Preforms Market by Region:
- North America PET Preforms Market
- Latin America PET Preforms Market
- Europe PET Preforms Market
- East Asia PET Preforms Market
- South Asia PET Preforms Market
- Oceania PET Preforms Market
- Middle East & Africa (MEA) PET Preforms Market
About Future Market Insights, Inc.
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