Polyethylene Terephthalate (PET) Market Business Overview, Challenges, Opportunities, Trends And Market Analysis By 2023
Global PET Packaging Market Size, Share, Trends, Future Scope, Analysis: 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
Polyethylene Terephthalate (PET) Packaging Market Scenario
The global PET packaging market is predicted to register 5% CAGR during the forecast period (2018-2023) owing to the growing demand for packaged food items across the globe, asserts Market Research Future (MRFR). Also known as polyethylene terephthalate, PET is a type of polyester which can be shaped into plastic jugs and plastic boxes for packaging of personal care items, refreshments and food, and several other consumer products. With the growing foreign direct investment coupled with rapid industrialization in the developing economies, the global PET packaging market is considered to flourish. PET is a terephthalic corrosive and an ethylene glycol polymer. Pellets of PET pitch are warmed in order to form a fluid, which can be effortlessly be expelled into any shapes.
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The prominent players operating the global PET packaging market are
- Berry Plastics Group Inc. (U.S.)
- Amcor Limited (Australia)
- Silgan Holdings (U.S.)
- Rexam PLC (U.K.)
- Resilux NV (Belgium)
- PET Power B.V. (The Netherlands)
- Graham Packaging Company (U.S.)
- Dunmore Corporation (U.S.)
- CCL Industries, Inc. (Canada)
- GTX Hanex Plastic Sp. Z O.O. (Poland)
- I. Du Pont De Nemours and Company (U.S.)
- Smurfit Kappa Group PLC (Ireland)
- Gerresheimer AG (Germany)
- Huhtamäki Oyj (Finland)
- Klöckner Pentaplast GmbH & Co. Kg (Germany)
December 13, 2018: Sidel Group, France has recently acquired PET Engineering Srl, Italy, which prototypes and designs PET preforms and bottles and builds PET blow molds.
Drivers and Constraints Impacting the Market
The global plastics industry is experiencing a constant shift of production right from conventional to advanced techniques. The packaging industry is highly application driven, industries such as food & beverages, pharmaceuticals, and consumer goods use PET packaging in various ways. The food and beverages sector is the dominant industry owing to the increased demand for packaged food items across the world. Moreover, the demand from the healthcare industry is presumed to contribute to the global PET packaging market during the assessment period.
With stringent government policies regarding food safety regulations, the global PET packaging market is likely to flourish over the forecast period. Additionally, the food & beverage sector has adopted PET packaging extensively functionalities such as prevention of food spoilage, retention of integrity of a product, enhanced product attributes such as taste, look, and aroma besides increased shelf life. Such factors are considered to propel the global PET packaging market during the appraisal period. Moreover, the growth of pharmaceutical industry has induced the demand for PET packaging.
On the flip side, high fluctuations in the prices of raw material is a major concern considered to dampen the market growth across the globe. Moreover, strict mandates imposed on the use of plastic is further considered to impede the global PET packaging market during the assessment period.
Global PET Packaging Market: Segmental Analysis
The global PET packaging market has been segmented on the basis of packaging type, form, pack type, end-use industry, and region.
By mode of form, the PET packaging market has been segmented into crystalline PET and amorphous PET. Among these, the amorphous PET segment is considered to dominate the global PET packaging market owing to its attributes such as water-resistant nature, high durability, and high adhesive strength of the amorphous PET.
By mode of packaging type, the global PET packaging market has been segmented into flexible packaging and rigid packaging. Among these, the flexible packaging provides extraordinary features compared to rigid packaging. A smaller amount of packaging materials is required, less shipping cost, negligible solid waste, and requires less storage space. Moreover, such type of packaging is eco-friendly, which is likely to accelerate the product’s demand.
By mode of pack type, the PET packaging market has been segmented into bags & pouches, bottles & jars, lids/caps & closures, trays, and others. Among these, the bottles & jars segment is considered to dominated and is also presumed to witness a phenomenal growth during the assessment period as they are light in weight, bendable, safe, and 100% recyclable.
By mode of end-use industry, the global PET packaging market has been segmented into personal care & cosmetics, food & beverage, pharmaceuticals, household products, and others. Among these, the food & beverage segment acquires the major market share and is considered to witness the highest CAGR. The varying consumer preferences for healthy packaged food is stimulating the growth of PET packaging market in the food & beverage sector.
Geographically, the PET packaging market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, Asia Pacific is considered to dominate the global PET packaging market and is considered to expand at the highest CAGR. The growth is attributed to the increasing urbanization and industrialization, high scope for foreign direct investment in major emerging nations, low labor cost, and an excellent hold on the industries like pharmaceutical & healthcare, food & beverages, and construction in this region.
The European region is anticipated to expand with the highest CAGR owing to factors such as growing investment by the companies in the packaging of pharmaceutical and healthcare products. The region has also witnessed tremendous growth in the medical sector which has created lucrative opportunities for PET packaging in the healthcare sector.
The North America region is anticipated to dominate the global PET packaging market owing to the growing investment in the research and development activities and product innovation. Moreover, the strict food safety policies in the countries of Canada and the U.S. further drive the demand for PET packaging in the food & beverage sector.
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Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
List Of Tables
Table 1 Global Industrial Packaging Market: By Region, 2017-2023
Table 2 North America Industrial Packaging Market: By Country, 2017-2023
Table 3 Europe Industrial Packaging Market: By Country, 2017-2023
Table 4 Asia-Pacific Industrial Packaging Market: By Country, 2017-2023
Table 5 RoW Industrial Packaging Market: By Country, 2017-2023
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