PET (Polyethylene Terephthalate) is a widely used thermoplastic polymer that is commonly employed in the packaging industry due to its excellent properties. PET materials are known for their transparency, strength, and versatility, making them suitable for various packaging applications.
The PET material packaging market is poised for substantial expansion, with a projected valuation of US$ 81.7 billion by 2024. Demonstrating a notable trend, the market is anticipated to maintain a steady Compound Annual Growth Rate (CAGR) of 4.1% until 2034. These consistent growth forecasts indicate that the global PET material packaging market is set to achieve an impressive valuation of US$ 122 billion by 2034.
The market experienced considerable growth in the historical period from 2019 to 2023, driven by various factors, notably the widespread adoption of PET material for packaging solutions across diverse industries.
In 2019, the market’s total valuation was recorded at US$ 81.7 billion. Over the subsequent four years, spanning from 2019 to 2023, the market witnessed significant expansion, with the market value surging to US$ 122 billion. This remarkable growth was anchored in the versatility and suitability of PET material for packaging applications, addressing regulatory requirements, and responding to environmental concerns.
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Key aspects related to PET materials in packaging:
- Bottles and Containers:
- One of the most common uses of PET in packaging is for the production of bottles and containers. PET bottles are widely used for beverages, water, juices, and other liquid products. They are lightweight, shatter-resistant, and have good barrier properties.
- Food Packaging:
- PET is commonly used for food packaging, including trays, clamshells, and jars. It is a popular choice for packaging fruits, salads, snacks, and other food items due to its transparency and ability to showcase the product.
- Clear Films and Sheets:
- PET is used to produce clear films and sheets, which are often employed in packaging applications where visibility of the product is important. These films can be used for packaging items such as stationery, cards, and consumer goods.
- Blister Packaging:
- PET is utilized in blister packaging, providing a transparent and protective covering for pharmaceuticals, medical devices, and consumer goods. Its clarity allows consumers to view the product while ensuring protection against external elements.
Market Trends
Derived from terephthalic acid (TTA) and mono ethylene glycol (MEG), PET (polyethylene terephthalate) finds extensive application in containers for bottled water and food packaging, meeting rigorous safety and reliability standards mandated by regulatory authorities. This compliance underscores the suitability of PET for packaging needs, particularly within the food and beverage industry.
When employed as a packaging material, PET can be deemed a biodegradable substance, aligning with the prevalent trend of embracing environmentally friendly practices in the packaging sector. The increasing emphasis on green plastics has emerged as a pivotal driver for the growth of the PET material market, with sustainability and environmental considerations playing a decisive role in material choices across industries.
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Key Market Players
- Amcor Limited
- CCL Industries, Inc.
- Gerresheimer AG
- Smurfit Kappa Group PLC
- Masterchem
- PET Power
- Berry Plastic Group Inc.
- Resilux NV
- GTX Hanex Plastic Sp. z o.o.
- Klöckner Pentaplast GmbH & Co. KG.
- PerPETual Global
- Waipak
- Loop Industries
For Instance
In January 2022, Sonoco announced a strategic initiative to raise the pricing of CPET (crystallized polyethylene terephthalate) thermoformed plastic trays and bowls, marking a substantial increase of 9%.
Also in January 2022, Berry and TotalEnergies initiated a collaborative effort, emphasizing their shared dedication to reducing landfill waste and enhancing the circularity of food packaging. This partnership underscores a joint commitment to sustainable practices within the packaging industry.
Key Segments Profiled in the PET materials packaging Industry Survey
PET materials packaging Market by End Use:
- PET materials packaging for Food and Drink
- PET materials packaging for Personal Care
- PET materials packaging for Pharmaceuticals
- PET materials packaging for Alcoholic Beverages
- PET materials packaging for Other End Uses
PET materials packaging Market by Product:
- PET Bottles
- PET Jars
- PET Preforms
- PET Closures
PET materials packaging Market by Region:
- North America PET materials packaging Market
- Latin America PET materials packaging Market
- Europe PET materials packaging Market
- Asia Pacific PET materials packaging Market
- Middle East and Africa PET materials packaging Market
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