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The key highlights of the report include:
Market Overview (2015-2025)
Historical Market Size (2019): USD 65 billion
Forecast CAGR (2020-2025): 4.5%
Forecast Market Size (2025): USD 84.6 billion
The rising awareness of eco-friendly goods among the consumers and western impact are driving the PET packaging market. The growing demand for carbonated drinks and ready-to-eat food items worldwide is contributing to the growth of the PET packaging market. Its low manufacturing and shipping costs, minimal solid wastage and storage, and the ease of transport have made PET packaging a preferred option among the manufacturers. The growing R&D to develop recyclable packaging solutions and technological advancements have increased the demand for PET packaging. These factors are expected to drive the PET packaging market over the forecast period.
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Industry Definition and Major Segments
Polyethylene terephthalate, also known as PET, is a thermoplastic polymer resin of polyester. It can be moulded into a variety of packaging containers like boxes, pouches, and PET bottles. PET packaging is commonly used in packaging food and beverage items, in personal care products, and pharmaceutical products owing to its properties like thermal stability, non-breakability, and resistance to microorganisms.
Based on form, the PET packaging market can be broadly divided into:
By packaging, the market is segmented into:
Bags and Pouches
Lids/Caps and Closures
Based on the filling technology, the market is categorised into:
On the basis of end-user, the market is segmented into:
Household Goods Sector
The major regional markets for PET packaging are:
Middle East and Africa
The key trend in the market is the production of lightweight bottles. Lightweight products are being preferred for cost-optimisation as they help manufacturers achieve a competitive edge. Government regulations across the world are promoting the usage of approved oxo-biodegradable materials for the production of packaging products. Manufacturers are trying to develop more sustainable products. More emphasis is being paid on the reusability and recyclability of the PET products due to environmental concerns. Recently, the U.S. based beverage giant Coca-Cola has announced the expansion of 2L returnable PET bottles in its South African division to help reduce plastic waste.
Key Market Players
The major players in the market are Amcor Plc, Berry Global Inc., Graham Packaging Company, RPC Group, Resilux NV (EBR: RES), and Plastipak Packaging, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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