PET Packaging Market Outlook 2031:
The PET packaging market size was valued at USD 63.74 Billion in 2022 and is projected to reach USD 105.06 Billion by 2031, expanding at a CAGR of 5.71% during the forecast period 2023 - 2031. The growth of the market is attributed to the rising consumer awareness of eco-friendly products, along with western influence and an increasing demand for personalized and different-sized packaging.
PET, or polyethylene terephthalate, is a kind of polyester that may be molded into a variety of packaging containers, including boxes and bottles, depending on the needs of the user. PET packaging is made by melting PET resin pellets into molten liquid and extruding the molten liquid into desired forms.
It is thermally stable, unbreakable, long-lasting, and microorganism-resistant, preventing the packaged material from degrading and ensuring quality. It also has good dimensional stability and resists moisture, solvents, and alcohols, as well as diluted alkalis and halogenated hydrocarbons to a less extent.
PET has packaging characteristics that make it superior to other packaging methods. High transparency, a gleaming surface, strong stability, high-pressure resistance, good barrier characteristics, and light weight are advantages of PET packing. PET packaging have a unique look and a sophisticated image due to their increased transparency and gleaming surface.
New labeling options, like as double-sided printed labels, can improve the bottle's visual appeal. PET-containers are almost indestructible due to their superior material properties. PET provides the best possible protection for all customers. PET packaging has a number of advantages over conventional packaging materials because of these characteristics.
PET Packaging Market Trends, Drivers, Restraints, and Opportunities
- Increasing consumer awareness of eco-friendly products, along with western influence is projected to fuel the market during the forecast period.
- Rising demand for personalized and different-sized packaging are key factors propelling the market in the coming years.
- High variations in raw material costs are expected to restrict the market growth.
- Lack of skilled labor act as major challenge that can hinder the market during the forecast period.
- R&D investment and technological advancement is expected to created lucrative opportunities for the market players.
Scope of the PET Packaging Market Report
The report on the PET packaging market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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PET Packaging Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Pack Type (Bottle & Jars, Bags & Pouches, Trays, Lids/Caps & Closures), Packaging Type (Flexible Packaging and Rigid Packaging)
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Geographical Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Silgan Holdings Inc.; Gerresheimer AG; Berry Global Group Inc.; Resilux NV; and Amcor Ltd.
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PET Packaging Market Segment Insights
The bags & pouches segment is expected to grow at a rapid pace
Based on pack type, the PET packaging market is divided into bottle & jars, bags & pouches, trays, lids/caps & closures. The bags & pouches segment is expected to represent a key share of the market during the forecast period. The bags segment is expected to expand significantly as a result of firms' increasing attention on reducing the amount of material used in the production of the product.
Flexible materials are not commonly collected through kerbside recycling systems at the moment, but they are expected to become more widely recycled in the future. Some major stores who collect carrier bags are aiming to accept back bread bags, cereal bags, and other similar bags, which might make monolayer bags more recyclable in the future.
The majority of packaging firms strive to reduce the amount of material used in their products. And this is the primary driver of bag adoption in the pet food packaging business.
The rigid packaging segment is projected to hold a major market share
Based on packaging type, the PET packaging market is segregated into flexible packaging and rigid packaging. The rigid packaging segment is expected to represent a key share of the market during the forecast period due to its widespread use in bottles, jars, containers, trays, and clamp shells. Due to nature of its manufacturing, it will always confront sustainability challenges in various manners.
Recycling streams, on the other hand, and their growth, will assist to mitigate such sustainability concerns. In January 2017, Unilever declared its commitment to make all of its plastic packaging completely reusable, recyclable, or compostable by 2025.
Flexible packaging, on the other hand, requires less resources and energy to implement than rigid polymers, making it a more appealing option. In some segments, this might stifle the expansion of rigid packaging.
The United States is expected to dominate the market
On the basis of geography, the PET packaging market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The United States is anticipated to dominate the market during the forecast period. Due to increased consumption and industrial applications of plastic-made containers, demand for plastic bottles and containers is expected to rise steadily in the US.
Plastic bottle consumption in the United States continues to grow, according to the plastics industry association (PLASTICS). In 2017, plastic bottles and jars accounted for around 75% of all plastic containers in terms of weight.
Segments
The PET packaging market has been segmented on the basis of
Pack Type
- Bottle & Jars
- Bags & Pouches
- Trays
- Lids/Caps & Closures
Packaging Type
- Flexible Packaging
- Rigid Packaging
Geography
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the PET packaging market include Silgan Holdings Inc., Gerresheimer AG, Berry Global Group Inc., Resilux NV, and Amcor Ltd.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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