New York, United States, June 09, 2022 (GLOBE NEWSWIRE) -- PET is a type of polyester that is also called polyethylene terephthalate. It's ejected or molded into plastic bottles and boxes for the packaging of personal care products, food and beverages, and various other consumer goods. The packaging sector continues to make significant progress in developing environmentally friendly technologies in response to customer demand for a more sustainable society. Customers are becoming more aware that high-performance packaging can extend a product's shelf life, resulting in a greater need for sustainable end-of-life packaging options, particularly in PET (polyethylene terephthalate) packaging solutions.
Increase in Innovative Packaging to Provide New Market Opportunities
Polymer research is progressing rapidly, which could substantially impact plastic bottle packaging. With their R&D activities, companies like Berry Plastics and Gerresheimer are expected to play a crucial role in identifying innovative packaging solutions that give more significant value than existing products, such as intelligent and active packaging. There are some exciting alternatives for dealing with future packaging issues. The most significant is recycled PET (rPET), which has a carbon footprint that is about half that of virgin PET. Consumer acceptability is the first and most crucial component in its development. Despite previous opposition, people are willing to drink beverages from 100 percent rPET bottles.
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Umpteen Benefits of PET to Drive the Global PET Packaging Market
PET has packaging characteristics like high transparency, a gleaming surface, outstanding stability, high-pressure resistance, good barrier qualities, and lightweight, making it better than other packaging methods. PET is a biologically inert material resistant to microbial attack and does not react with foods or beverages. The FDA, Health Canada, the European Food Safety Authority, and other health-safety agencies have thoroughly studied and approved it for interaction with foods and drinks.
Furthermore, according to the National Association of Container Distributors, consumer and industry desire for lightweight packaging promotes PET demand. While the weight of bottles has steadily decreased over the years, it has gained traction, with some manufacturers achieving less than 8gms for a 500ml PET water bottle. Cost-cutting is part of the drive toward lightweight items, which helps producers gain a competitive advantage.
Compared to several other plastics, PET has a significantly better eco-balance. The recyclability of PET refers that the packaging waste is reduced, and the volume of waste incineration decreases. The raw materials consumption in production is also lower than many other plastics. Due to the thermodynamic qualities of PET, the material can be heated, melted, and transformed into new materials again and again.
Globally, the recycling trend of PET is growing with government mandates and industry initiatives. The United States PET recycling rate increased from 29%, as per the NAPCOR (National Association for PET Container Resources) and APR (Association of Plastic Recyclers). Toronto also recycles around 3,600 metric tons of single-use PET bottles every year; 30% are water bottles.
With the increasing investment in the plastic packaging industry, PET bottle grade manufacturers are witnessing a surging demand from various pharmaceutical companies, boosted by the onset of the COVID-19 pandemic. For instance, Samyang Packaging constructed a PET bottle manufacturing and recycling factory in Korea. It emerged as the only enterprise in Korea capable of manufacturing, distributing, and recycling PET bottles for environmental preservation.
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Regional Insights
Asia-Pacific is the most dominant and the fastest-growing region in the market. It is estimated to reach a predicted value of USD 45 million by 2030 at a CAGR of 6%. China is the largest consumer of polyethylene terephthalate (PET) globally. The excellent accessibility of raw materials and low cost of production has been aiding the production growth of engineering plastics, like PET, in the country for the last few years.
North America is the second-largest region. It is estimated to reach a value of USD 12.5 million by 2030 at a CAGR of 4.3%. The United States is the largest producer and consumer of PET globally due to the great demand in its downstream sectors. Europe holds the third-largest market share. It is estimated to reach a value of USD 12 million by 2030 at a CAGR of 3.2%. Germany boasts Europe's most advanced plastics industry. The country's plastics sector includes polymer producers, converters, and machine manufacturers. According to GTAI, the domestic plastics industry is one of Germany's most important industry sectors, with sales of EUR 92 billion.
Key Highlights
- The global PET packaging market was worth USD 64 billion in 2021, and it is expected to reach USD 100 billion by 2030, registering a CAGR of 5% during the forecast period (2022–2030).
- By product, the global PET packaging market is segmented into bottles and jars, bags and pouches, trays, lids/caps, closures, and others. Bottles and Jars hold the most dominant share in the market. It is also expected to be the fastest-growing product type over the forecast period, accounting for USD 55 million by 2030 at a CAGR of 5.8%. The developing e-commerce sector globally contributes significantly to the market's growth.
- By packaging type, the global PET packaging market is segmented into rigid packaging and flexible packaging. The rigid packaging type occupied the largest market share. It is estimated to reach a value of USD 65 million by 2030 at a CAGR of 4.9%.
- By end-use industry, the global PET packaging market is segmented into food and beverage, pharmaceuticals, personal care and cosmetic industry, industrial goods, household products, and other end-use industries. The Food and Beverage industry holds the largest market share and is expected to be the fastest-growing end-use industry over the forecast period, accounting for USD 60 million by 2030 at a CAGR of 5.8%. The food and beverage industry is the most prominent user of PET packaging.
- Region-wise, the global PET packaging market is segmented across Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia-Pacific holds the dominion over other reasons.
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Competitive Landscape
Key Players in the global PET packaging market are
- Amcor Ltd
- Sonoco Products Company
- Resilux NV
- Graham Packaging Company
- Gerresheimer AG
- Berry Global Group Inc.
- Silgan Holdings Inc.
- GTX Hanex Plastic Sp zoo
- Dunmore Corporation Comar LLC
- Huhtamaki OYJ
- Nampak Limited
Global PET Packaging Market: Segmentation
By Product Type
- Bottles and Jars
- Bags and Pouches
- Trays
- Lids/Caps and Closures
- Other Product Types
By Packaging
- Rigid
- Flexible
By End-Use Industry
- Food and Beverage
- Pharmaceuticals
- Personal care and cosmetic industry
- Industrial goods
- Household Products
- Other End-Use industries
By Regions
- Asia-Pacific
- North America
- Europe
- Latin America
- The Middle East and Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: PET Packaging Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Product Type Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Bottles and Jars
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Bags and Pouches
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Trays
5.4.1 Market Size & Forecast (Value & Volume)
5.5 Lids/Caps and Closures
5.5.1 Market Size & Forecast (Value & Volume)
5.6 Other Product Types
5.6.1 Market Size & Forecast (Value & Volume)
6 Packaging Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Rigid
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Flexible
6.3.1 Market Size & Forecast (Value & Volume)
7 End User Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 Food and Beverage
7.2.1 Market Size & Forecast (Value & Volume)
7.3 Pharmaceuticals
7.3.1 Market Size & Forecast (Value & Volume)
7.4 Personal care and cosmetic industry
7.4.1 Market Size & Forecast (Value & Volume)
7.5 Industrial goods
7.5.1 Market Size & Forecast (Value & Volume)
7.6 Household Products
7.6.1 Market Size & Forecast (Value & Volume)
7.7 Other End-Use industries
7.7.1 Market Size & Forecast (Value & Volume)
8 Regional Overview
8.1 Introduction
8.1.1 Market Size & Forecast (Value & Volume)
8.2 North America
8.2.1 Economic Overview
8.2.2 Market Scenario
8.2.3 U.S.
8.2.4 Canada
8.2.5 Mexico
8.3 Central and South America and the Caribbean
8.3.1 Economic Overview
8.3.2 Market Scenario
8.3.3 Brazil
8.3.4 Argentina
8.3.5 Colombia
8.3.6 Rest of Central and South America and the Caribbean
8.4 Europe
8.4.1 Economic Overview
8.4.2 Market Scenario
8.4.3 Germany
8.4.4 France
8.4.5 The U.K.
8.4.6 Italy
8.4.7 The Rest Of Europe
8.5 Asia-Pacific (APAC)
8.5.1 Economic Overview
8.5.2 Market Scenario
8.5.3 China
8.5.4 Japan
8.5.5 India
8.5.6 Australia
8.5.7 South Korea
8.5.8 Rest Of APAC
8.6 Middle East
8.6.1 Economic Overview
8.6.2 Market Scenario
8.6.3 South Arabia
8.6.4 The UAE
8.6.5 Qatar
8.6.6 Oman
8.6.7 Turkey
8.6.8 The Rest Of Middle East
8.7 Africa
8.7.1 Economic Overview
8.7.2 Market Scenario
8.7.3 Nigeria
8.7.4 South Africa
8.7.5 The Rest Of Africa
9 Competitive Landscape — Manufacturers & Suppliers
9.1 Competition Dashboard
9.2 Industry Structure
9.3 Amcor Ltd
9.3.1 Business Overview
9.3.2 Financial Performance
9.3.3 Recent Developments
9.3.4 Portfolio
9.4 Sonoco Products Company
9.5 Resilux NV
9.6 Graham Packaging Company
9.7 Gerresheimer AG
9.8 Berry Global Group Inc
9.9 Silgan Holdings Inc
9.10 GTX Hanex Plastic Sp zoo
9.11 Dunmore Corporation Comar LLC
9.12 Huhtamaki OYJ
9.13 Nampak Limited
10 Conclusion & Recommendation
11 Acronyms & Abbreviations
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Market News
- In May 2022, Amcor Rigid Packaging (ARP), a company known for creating technology that produces more environmentally friendly bottles, announced the design and introduction of PowerPostTM. By actively displacing the vacuum in the container after filling, PowerPost technology creates a roughly one-third lighter bottle than most 20 oz (600 ml) bottles, saving 30% energy and 30% carbon.
- In April 2022, Amcor Rigid Packaging (ARP) and Danone have released a 100% recyclable bottle for the Villavicencio water brand, made exclusively for the Argentinean market. This inventive label-less bottle is made from 100% reused material and has a reduced carbon footprint of 21% compared to the previous bottle.
News Media
Top 5 Green Packaging Trends to Watch Out for in 2020
North American Market to Hold Substantial Share in the Polypropylene Market
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