Global PET Packaging Market: 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 (polyethylene terephthalate) is a type of polyester, which can be shaped into plastic boxes and plastic jugs for packaging of refreshments and food, personal care items, and several other consumer products. The crucial drivers for the PET packaging market are growing foreign direct investment and rapid industrialization in developing economies. The global plastics industry is witnessing a constant shift of production, from conventional to advanced techniques. The packaging industry is highly application driven, Industries such as pharmaceuticals, food & beverages, and consumer goods use PET packaging in many ways. Moreover, Food and beverages are the dominant industry due to increasing demand for packaged food items from all across the globe. The demand from the healthcare industry is also anticipated to propel the global PET packaging market to a greater extent, after food & beverages.
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Global PET Packaging market has been segmented based on form, packaging type, pack type and end-use industry, and region. Based on the form, the market is segmented into amorphous PET and crystalline PET. The amorphous PET is anticipated to dominate the PET packaging market till 2023. The high durability, water resistant nature, and high adhesive strength of the amorphous PET are driving the growth of this segment. Based on the packaging type, the market is segmented into rigid packaging and flexible packaging. Flexible packaging offers extraordinary features when compared to rigid packagings, such as a smaller amount of packaging materials required, negligible solid waste, less shipping cost, and requires less storage space. Furthermore, this type of packaging is eco-friendly, which is anticipated to increase the product’s demand. The use of flexible packaging is beneficial to value chain comprising manufacturers, retails, and consumers. For manufacturers, this is useful in moderating energy intake, augmenting features, including shapes and graphics, and altered shelf life that acts as significant drivers for the market evolution. Based on the pack type, the market is segmented into bottles & jars, bags & pouches, trays, lids/caps & closures, and others. Bottles & jars dominated the product segment in 2016 and are expected to witness a phenomenal growth over the forecast period. Bottles & jars are vastly preferred as they are safe, lightweight, bendable, and most importantly, 100% recyclable. Moreover, PET provides excellent performance in harsh conditions, such as moisture, high temperature, and humidity. PET packaging is favored in the food industry as it preserves the freshness of food items and increases the shelf life. It is highly used in beverages and carbonated-soda drink because of its anti-contaminable property. Based on the end-use industry, the market is segmented into food & beverage, personal care & cosmetics, household products, pharmaceuticals, and others. Food & beverage segment acquired the largest market share in 2016 and is expected to witness the highest CAGR over the forecast period. Additionally, the varying consumer preferences for healthy packaged food is boosting the growth of the PET packaging market in the food & beverage industry.
The global PET packaging market is highly split among numerous international, regional, and local vendors. The competition among manufacturers has recently intensified due to availability and introduction of innovative products in the market. Furthermore, the competition among manufacturers has increased in terms of portfolio and pricing. The global PET packaging market is expected to witness a high number of expansion activities over the forecast period and is closely followed by the launch of new products or new product development.
The global PET Packaging market is expected to grow at a CAGR of ~5% during the forecast period, 2018-2023.
Global PET Packaging Market
The global PET packaging market is majorly fragmented over four dominant regions, which are North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific dominated the global market in 2016 and is anticipated to grow at the highest CAGR over the forecast period, 2017-2023. Growing urbanization, increasing industrialization, low labor cost, high scope for foreign direct investment with economic evolution in major emerging nations, and an excellent hold on the industries, such as food & beverages, pharmaceutical & healthcare, and construction, are playing a vital role for the enhancement of the PET packaging market in this region. Europe and North America held the second and third positions, respectively, with respect to market share in 2016. The dominance of these regions was due to the increasing per capita disposable income, coupled with growing preferences in consumer goods, thus, making a positive way for the development of the PET packaging market in Europe and North America.
The key players in the global PET packaging market are E. I. Du Pont De Nemours and Company (U.S.), CCL Industries, Inc. (Canada), Amcor Limited (Australia), Resilux NV (Belgium), Smurfit Kappa Group PLC (Ireland), Rexam PLC (U.K.), Gerresheimer AG (Germany), Graham Packaging Company (U.S.), Klöckner Pentaplast GmbH & Co. Kg (Germany), GTX Hanex Plastic Sp. Z O.O. (Poland), Berry Plastics Group Inc. (U.S.), Dunmore Corporation (U.S.), Huhtamäki Oyj (Finland), PET Power B.V. (The Netherlands), and Silgan Holdings (U.S.).
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