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.
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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.
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
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.
Ready to drink Beverages driving the market
Beverages industry is predicted to remain a key end user of PET preforms throughout the forecast period. Expansion of the ready-to-drink (RTD) market is boosting the global PET preforms market. Single-serve RTD beverages are already quiet popular in developed countries and are gaining popularity in the developing countries as well. Availability of such products in the local grocery and convenience stores is expected to help the market expand and have accelerated growth.
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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.
Surge in Bottled Water Consumption to Fuel Demand
The demand for PET preforms for packaging of water is growing at an accelerated rate, taking its market value to more than half of the total beverages market.
Bottled water is projected to be the most consumed drink as it is the only drink which is calorie free, without additives, sugar and is nourishing.
According to a recent study by the European Federation of Bottled Water (EFBW), 48% people prefer bottled water over other packaged non-alcoholic beverages. Be it sparkling or still, with high or low mineral content, water still remains the most favored drink by many.
Key challenges
The PET preforms market is witnessing challenges as many governments, Environmentalists and NGOs are demanding ban on single use plastic.
Plastic bottles have been impacted heavily after the implementation of measures to reduce plastic usage. The inclination towards more sustainable and recyclable materials is picking demand as a result.
Bottled water industry is therefore seeking an alternative way of packaging as well to reduce harmful impact of plastic on the environment.
East Asia PET Preforms Market
East Asia is anticipated to have highest growth trajectory, at a CAGR of 4.6%. The region is expected to capture market as big as Europe by the end of 2030.
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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 is the leading end-use industry in PET preforms market?Beverage industry is the leading end user with highest market share.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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