Market Analysis
The PET packaging market is predicted to grow at a healthy CAGR between 2018- 2027, states the recent Market Research Future (MRFR) analysis. PET or polyethylene terephthalate is a kind of polyester. This is expelled or shaped into plastic jugs and boxes to pack food and refreshments, personal care items, and other consumer products. Such PET materials have various properties that make it have an upper hand over other forms of conventional packaging technologies such as good barrier properties, lightweight, high-pressure resistance, shiny surface, good stability, and high transparency.
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Various factors are propelling the global PET packaging market share. As per the current MRFR report, such factors include increasing adoption in household products and food and beverages industry, increasing use in the cosmetics and personal care sector, shifting preference of consumers towards recyclable and eco-friendly materials, ongoing technological advances, and increasing promotional activities for biodegradable materials for packaging solutions. Additional factors adding market growth comprise the growing demand for recyclable and sustainable packaging, preference of consumers and manufacturers for PET packaging for its wonderful characteristic performance in temperature, moisture, and humidity, and growing demand for packaging solutions for carbonated beverages utilizing PET packaging.
On the contrary, fluctuation in raw material price, coupled with the impact of the current COVID-19 pandemic may impede the global PET packaging market growth over the forecast period.
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global PET packaging market based on type, product, and end user industry.
By type, the global PET packaging market is segmented into crystalline and amorphous. Of these, the amorphous segment will lead the market over the forecast period.
By product, the global PET packaging market is segmented into cups, trays, closures, bottles, bags, and others. Of these, the bottles segment will dominate the market over the forecast period.
Regional Analysis
The global PET packaging market is drastically fragmented over four main regions, which are Europe, North America, Asia Pacific, and Rest of the World.
Asia Pacific region leads the global market in 2016 and is now predictable to develop at the highest CAGR over the forecast period. The factors such as rising industrialization, urbanization, the high scope for foreign direct investment with economic evolution in major emerging nations, and an exceptional hold on the industries, such as pharmaceutical & healthcare, food & beverages, and construction are playing a pivotal role for the augmentation of PET packaging market.
Europe and North America regions held the second and third levels, respectively, concerning market share in the year 2016. The ascendancy of these regions was owing to the escalating per capita disposable income, coupled with upward preferences in consumer goods is making a positive way for the development of the PET packaging market in Europe and North America.
Top Market Players
The top players in the global PET packaging market are listed as CCL Industries, Inc. (Canada), E. I. Du Pont De Nemours and Company (U.S.), Resilux NV (Belgium), Rexam PLC (U.K.), Smurfit Kappa Group PLC (Ireland), Graham Packaging Company (U.S.), Amcor Limited (Australia), Gerresheimer AG (Germany), and Klöckner Pentaplast GmbH & Co. Kg (Germany).
By end user, the global PET packaging market is segmented into household goods, cosmetics, pharmaceuticals, beverages, food, and others. Of these, the beverages segment will spearhead the market over the forecast period.
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