The global polyethylene terephthalate packaging market is expected to witness significant growth over the forecast period owing to the continued demand from various end-use industries including beverages, food, pharmaceuticals, personal care & cosmetics, and others. Also, the growing demand for recyclable and sustainable packaging is further likely to augment market growth over the forecast period. Furthermore, increasing the use of polyethylene terephthalate (PET) packaging as a replacement for metal, and glass containers is also likely to boost the PET packaging market growth.
PET is a thermoplastic polymer that is manufactured from through the process of polymerization of ethylene glycol and terephthalic acid. These raw materials are combined to form PET pellets. These pellets are then heated to a molten liquid state that can be molded or extruded into products of any shape and size.
PET is a strong, clear, and lightweight plastic that is widely used for producing bottles, jars, containers, and other packaging products. PET is a semi-crystalline and transparent plastic in its natural state and is most commonly used for packaging carbonated drinks, and water.
PET is a non-toxic, safe, lightweight, flexible, and easily recyclable raw material that is widely used in the food and beverage end-use industry. Also, it is an inert material that does not react with food products. Furthermore, it assists in retaining the freshness of various food products and has excellent shatter resistance owing to which it widely used for manufacturing bottles, and jars for water, carbonated drinks, and soft drinks.
PET is also a commonly used material for manufacturing packaging for various products such as peanut butter, cooking oil, salad dressings as well as personal care products including liquid hand soap, shampoo, and other personal care and cosmetic products.
Also, food trays, lids, containers, and bowls are manufactured using special grades of PET such as Amorphous Polyethylene Terephthalate (APET), and Crystalline Polyethylene Terephthalate (CPET) among others. APET is a transparent, robust, and shock-resistant material that offers good barrier properties to water, and gas. This material is commonly used for manufacturing trays, lids, and other packaging products. CPET on the other hand is a tough, robust, and heat resistant material that is commonly used for food and beverage packaging applications.
China is one of the major countries engaged in the production of PET resin. Some of the major companies engaged in the production of PET resin include Indorama Ventures Public Company Limited, Petro China, and DAK America among others.
The PET packaging market has been segmented based on packaging type, product type, end-use, and region. Based on the packaging type, the market has further been segmented into rigid packaging and flexible packaging. The rigid packaging type is expected to dominate the industry owing to its widespread use and growing demand especially form the food, and beverage end-use industries for manufacturing various products such as bottles, containers, and bowls among others. The flexible packaging type is however likely to grow significantly owing to several benefits such as low production, storage, as well as transportation cost as compared to rigid packaging.
Based on product type, the PET packaging market has been further segmented into bottles & jars, trays, bags & pouches, Lids/caps & closures, and others. The bottles & jars segment dominated the industry as PET is the most commonly used material for producing bottles & jars for water, juices, and carbonated soft drinks.
Also, rising water pollution across the globe is likely to increase the demand for bottled water which is likely to benefit market growth. Moreover, growing demand for functional beverages especially among the younger population is further expected to augment the polyethylene terephthalate (PET) packaging market growth. Furthermore, increasing trend towards consumption of single-serve, on-to-go meals is projected to increasing the demand for PET packaging over the forecast period.
Based on end-use, the market has been segmented into food, beverages, pharmaceuticals, personal care & cosmetics, and others. The beverage end-use segment expected to dominate the PET packaging market. The introduction of new beverage products with functional advantages by several beverage companies coupled with growing health consciousness among consumers is likely to strengthen the growth of this segment.
Also, the trend towards lightweight, sustainable packaging is expected to benefit the industry growth. The growing pharmaceutical industry is further likely to contribute to the growth of the PET packaging market. PET material is widely used for manufacturing containers, dropper bottles, and nasal spray bottles as well as clamshells used for packaging medical devices and components.
Based on the region, the PET packaging market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. The Asia Pacific region is likely to dominate the industry owing to several factors including a growing population, changing lifestyles, and rising disposable income among others.
Besides, the presence of several emerging economies coupled with growing food, beverage, and pharmaceutical end-use industries in the region is expected to strengthen the growth of PET packaging in the region. Furthermore, growing environmental concerns about plastic waste are in turn likely to benefit the market growth as PET is a recyclable material.
Prominent players operating in the PET packaging market include Gerresheimer AG, Amcor plc, Sonoco Products Company, Berry Global Inc., Graham Packaging Company, GTX HANEX Plastic Sp. z o. o., Comar LLC, RESILUX NV, and Nampak Limited among others. Companies operating in the market are adopting strategies such as mergers & acquisitions, and expansions among others.
In June 2019, Amcor plc completed the acquisition of Bemis Company, Inc., a U.S. based manufacturer of a wide range of packaging products catering to various markets including food, beverage, and pet food among others. This acquisition has expanded the product offerings by Amcor plc.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.