Summary
Global PET Packaging Market Size, information: by Form (Amorphous PET, Crystalline PET), Pack type (Bottles & jars, Bags & pouches, Trays, Lids/Caps & closures, others), Packaging Type (Rigid, Flexible), End-use industry, and Region - Global Forecast to 2023
PET Packaging Market Size Analysis
The global PET Packaging Market Size poised to expand at CAGR of 5% between 2018 and 2023, finds Market Research Future (MRFR) in its latest study. PET (polyethylene terephthalate) is popular industrial raw material in the packaging industry. It is used for making plastic jugs, boxes, containers, etc. The PET packaging products find application in industries such as F&B, personal care, electronics among others.
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.
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 Size.
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 Size.
In the latest trend of packaging, varieties of packaging options have emerged in the food and beverages industry namely, hot-filling or cold filling, which successfully increases the shelf life of the product and preserves the freshness of food items. Even the demand from the healthcare industry is also envisioned to propel the global PET Packaging Market Size to a greater extent, following food & beverages.
Other factors such as increasing demand for various sized packs of packages and a growing focus on packaging for brand differentiation are favoring the growth of the global PET Packaging Market Size.
Key Players
The key players that are involved in Global PET Packaging Market Size 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.).
Segmentation Overview
In the reports of MRFR, the global PET Packaging Market Size 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.
Regional Analysis
The global PET Packaging Market Size is profoundly split among numerous regional vendors. Asia-Pacific is accounted to be leading in the share of global PET Packaging Market Size 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 Size in the Asia-Pacific region.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
