PET Packaging Market Analysis
According to Market Research Future, the global PET packaging market is accounted to grow at a higher CAGR by 2027. Packaging is referred to the use of flexible packaging than rigid, as there have been many impressive new product developments, which helped to demonstrate consumers real potential of flexible packaging.
PET is denoted as polyethylene terephthalate, is a type of polyester, which can easily be shaped into plastic boxes or plastic jars for packaging of refreshments and food, beverages, pharmaceuticals, and several other consumer products.
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The key players that are involved in Global PET Packaging Market are CCL Industries, Inc. (Canada), Amcor Limited (Australia), Rexam PLC (U.K.), Smurfit Kappa Group PLC (Ireland), Gerresheimer AG (Germany), KlöcknerPentaplast GmbH & Co. KG (Germany), and Graham Packaging (U.S.).
PET Packaging Market: Drivers and Trends
The trend of sustainability includes recycling, and the use of a biodegradable form of PET is highly expected to rise during the forecast period. FDA has approved PET as a safe material for direct in use for food and beverages for at least 30 years. Several countries across the globe have started a venture of promotion for biodegradable materials for packaging, which is directly leading to the growth of PET packaging market.
Apart from this, many beverage manufacturers are now investing more in project setups for the production of cost-effective PET bottles to keep safety measures for food packing and attract a higher number of consumers as well. This activity is has increased in demands of packaging of carbonated beverages using PET and hence, fueling the growth of the overall PET packaging market.
Global PET Packaging Market Segmentation Overview
In the reports of MRFR, the global PET Packaging Market has been segmented by type, end-user, and by-product.
By type segment, the market includes amorphous PET and crystalline PET. Of these, the amorphous PET segment seized a significant market share in 2016, as this trend is augured to continue throughout the forecast period rapidly.
By end-user segment, the market includes food, beverages, pharmaceuticals, cosmetics, household goods, and others.
By product segment, the market includes bags, bottles, closures, trays, cups, and others. Among these, the bottles & jars segment is leading the market share and is projected to be continually rising during the forecast period. Besides, the rising demand for cost-effective and bearable packaging in end-use industries such as food, beverages, pharmaceutical, and personal care is resulting in the rise in demand for bottles and jars worldwide.
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The global PET packaging market is profoundly split among numerous regional vendors. Asia-Pacific is accounted to be leading in the share of global PET packaging market owing to low labor costs, excellent industrialization, emerging economic status, and an excellent hold on food, retail, beverage, and pharmaceutical & healthcare industry. All these have played a vital role in the growth of the global PET packaging market in the Asia-Pacific region.
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