Market Highlights:
PET, best known as clear plastic is nothing but a plastic resin and the most common type of polyester. It is most widely recycled plastic in the world. PET packaging is used extensively across industries to facilitate the convenience, the physical and chemical form of the products. The key drivers responsible for the growth of such packaging are the demand from beverage, healthcare and personal care industries. These industries extensively use such packaging for their end products like drinks, foods, cosmetics, medicines in the form of lotions, liquids, foams, capsules, and many more.
The market is majorly influenced by the properties of plastic. It is the most preferred material which is used as packaging by the manufacturers and consumers. The use of plastic ensures the durability of the packaging along with retention of the important minerals, nutrients and chemical properties of the product. This leads to the popularity of the material for packaging.
The food beverage and pharmaceutical industries accounts for a major share of the market. Packaging is very crucial to these industries as lot of nutrients and chemical components are at play which needs much secured packaging for the product to retain its properties for which it is designed for. Both the food beverage items and medicines are exposed to the concerns like food safety, diseases, chemical reactions, and other health risks, which makes it even more important for the product to deliver the right results. Thus, these industries are highly pet packaging driven. The global PET packaging market is expected to grow from about USD 53 Billion in 2015 to cross USD 75.4 Billion by the end of 2022, growing at a CAGR of 5.6% in the forecasted period.
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Key Players of PET Packaging Market:
• Amcor Limited
• Berry Plastic Group Inc.
• Graham Packaging
• CCL Industries Inc.
• E. I. du Pont de Nemours and Company
• Smurfit Kappa Group PLC
• Gerresheimer AG
• Huhtamaki Group
• KG Resilux NV
• Klöckner Pentaplast Company
• GTX Hanex Plastic Sp. z o.o
Market Research Analysis:
The market is highly application based. The key driver for market growth is increased emphasis on packaging across all industries. This is backed by the need for packaging that retains the product value and form. It is expected that the global PET packaging market will advance with higher growth rate as compared to previous years. However the current challenge for the market is the increasing competition from emerging nations.
On the basis of application, food beverages lead the market in all the major regions across the globe. The share owes to the properties of plastic such as light-weight, and durability. This type of packaging ensures the safety of the product as well as the wellbeing of the consumers by ensuring food safety and health safety. The pharmaceutical market also dominated the market for such packaging. The need for all the medicines to be packaged well before consumption augments the growth of PET packaging.
On the basis of region, APAC takes the lead as fastest growing market, followed by North America, Europe. The region has seen an increased consumption of PET packaging market due to the growing industrialization in the low cost Asian countries. Furthermore the government initiatives taken for healthcare reforms augment the demand for the packaging from healthcare sector. The region has also seen a lot of investment in RD towards the technological advancement in packaging industries.
Scope of the Report:
This study provides an overview of the global PET packaging industry, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global PET packaging market as type, product, and application. On the basis of type, it is segmented as rigid and flexible packaging. On the basis of product it is segmented as bottles jars, bags pouches, lids/caps closures, trays, and others. On the basis of application it is segmented as food beverages, pharmaceuticals, personal care, consumer goods, and others.
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