Globally, it has been found that the pet packaging market grows at a CAGR value of nearly equal to 4.90% during the market forecast period of 2022 to 2030.
Top Impacting Factors
As per MRFR, the growing reputation of lightweight packaging will have an encouraging impact on the market and add to its growth significantly over the forecast period. Lightweight packaging is both cost-effective and recyclable. Besides, glass packaging solutions are heavier and thus lead to a surge in the cost of transportation. Thus, the end-users are moving toward the adoption of PET packaging. In fact, various manufacturers are also investing heavily in the development of lighter PET materials for packaging. Thus, the growing popularity of PET packaging is expected to drive the growth of the PET packaging market during the forecast period.
Owing to these properties, PET packaging is valuable among other packaging materials and making the market more strong among other packaging competitors. This marks from no fractures while filling, transporting, as well as use. PET packaging has specific properties that make it preferable, among other packaging technologies. Some assured beneficial properties of PET packaging are shiny surface, high transparency, high-pressure resistance, good stability, good barrier properties, and lightweight, which is making the market of it more profitable. PET packaging offers optimal protection to all consumers. Also, due to its outstanding material qualities, PET containers are almost resilient.
Besides, shifting trend toward eco-friendly materials is positively moving the global market for PET packaging to gain more valuation in the forecast period. The food industry is witnessing an exponential rise in demand for PET packaging. Similarly, other significant factors driving the global PET packaging market also include rising demand from end-use industries. The pharmaceutical industry is also bearing increased demand, as PET bottles are measured safe for drug packaging.
Despite these factors, more factors such as high fluctuations in raw material prices are posing as a significant control for the global market for PET packaging. Countries in the Asia Pacific and the Middle East &Africa are likely to create growth opportunities for the global PET packaging market in the future.
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Segmentation of Market: PET Packaging
The global PET packaging market has been analyzed upon various segments such as form, packaging type, pack type, and end-use industry.
Among the form segment, the market has included amorphous PET and crystalline PET. Among them, the amorphous PET is anticipated to lead the PET packaging market till 2023. The high durability, the high adhesive strength of the amorphous PET, and water-resistant nature are driving the growth of this segment.
Among the packaging segment, the market has included rigid packaging and flexible packaging. Among these, flexible packaging offers astonishing features when compared to rigid packagings, such as a smaller amount of packaging materials, less shipping cost, negligible solid waste, and requires less storage space.
Among the pack type segment, the market includes bags & pouches, bottles & jars, Lids/caps & closures, trays, and others. Bottles & jars lead the product segment in 2016 and are expected to witness phenomenal growth over the forecast period.
Among the end-use industry segment, the market includes personal care & cosmetics, food & beverage, pharmaceuticals, household products, and others. Among these, the food & beverage segment held the largest market share in 2016 and is now likely to witness the peak CAGR in the forecast period. Also, the varying consumer prefers healthy packaged food, which is highly boosting the escalation of the PET packaging market in the food & beverage trade.
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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).
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