The global PET preform marketis valued at US$ 15.2 Billion in 2022 and is projected to grow at a CAGR of 3.9% during the forecast period, to reach a value of US$ 22.28 Billion by 2032. 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.
To reduce carbon footprint, a shift in the trend is seen concerning PET bottles. Bottles made from recyclable materials are gaining a lot of traction in the market. Leading players in the industry are opting for beverage bottles made from recycled-PET materials 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 their 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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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.
A 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, Retail Industries Ltd, Resilux NV, Societe Generale Des Techniques (SGT), Taiwan Hon Chuan Enterprises Co., Ltd., etc
Key Takeaways from the Report
- PET preforms for bottles with capacities 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
- The beverages industry is expected to be the largest consumer of global PET preforms demand by the 2030 year-end
- Besides beverages, manufacturers across industries such as food, pharmaceutical, and home care to 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
Covid 19 pandemic outbreak and the restrictions put forth because of it has 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 laborers and skilled workers from plants has aggravated the situation. Unfavorable market conditions, as the 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.
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To know more about the 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 based on 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.
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
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