According to IMARC Group’s report, titled “PET Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global PET packaging market reached a value of US$ 66.9 Billion in 2019. Looking forward, IMARC Group expects the market is growing at a CAGR of 4.6% during 2020-2025 and reach a value of US$ 87.7 Billion by 2025.
The rising awareness for eco-friendly products is primarily driving the PET packaging market growth. Additionally, the increasing demand for customized and different-sized packaging for consumer convenience and brand differentiation further augments the demand for PET packaging. Moreover, the growing consumption of packed beverages and ready-to-eat food products also acts as a growth-inducing factor. The widespread product adoption due to low production and shipping costs, minimal solid waste and storage requirements, and ease of transportation further impel the market growth. Furthermore, extensive research and development (R&D) activities for producing reusable and recyclable packaging solutions and the advent of plasma-based coating to make bottles more impervious also contribute to the PET packaging market growth.
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Polyethylene terephthalate (PET) is a polyester type that can be shaped into various packaging containers. It is manufactured by melting pellets of PET resin and extruding molten liquid into desirable shapes. The packaging is thermally stable, durable, unbreakable, and resistant to microorganisms, which prevents the content from degrading and ensures sustained quality. It also provides high dimensional stability and resistance to moisture, solvents, and alcohols, along with moderate resistance to diluted alkalis and halogenated hydrocarbons. As a result, it finds applications for the packaging across various industries, ranging from food and beverages, personal care to pharmaceuticals.
PET Packaging Market 2020-2025 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the PET packaging market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
The report has segmented the global PET packaging market on the basis of packaging type, form, pack type, filling technology, end user and region.
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Key highlights of the report:
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