Farmington, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The Global PET Packaging Market Is Estimated Reach A Valuation Of US$ 77.2 Billion In 2022. With Sales Growing At A 4.9% CAGR, The Market Size Is Projected To Top US$ 124.1 Billion By 2032. PET/PETE, also called polyethylene terephthalate, is a chemical compound that is used as a recycled plastic in many industries, such as food and drink (especially canned foods, fruit juice, etc.), healthcare, consumer goods, cosmetics, electronics, pharmaceuticals, filmmaking, etc. It's great for the environment and doesn't hurt its health in the long run. Thermoforming, gift packs for household toys, and other things are also done with PET packaging. The main parts of the compound are ethylene glycol and terephthalic acid. They are made by heating ethylene glycol and terephthalic acid strands and mixing them together. Then, the strands are cooled to make pellets.
The pellets are then sent to different factories where they are heated and shaped into the right shape and size. PET bottles are much better for the environment than other kinds of plastic bottles. PET products are good because they can be recycled, are strong, don't break easily, and don't let microorganisms grow on them. Habits of Waste.org says that about 481.61 billion PET bottles are used every year around the world. That's almost $40,1 billion every month. In the United States, the PET Resin Association (PETRA) says that more than 1.5 billion pounds of PET plastic bottles and containers are recycled every year. Because of this, the market for PET packaging will grow in the coming years as demand for PET grows in the healthcare and consumer markets.
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Recent Developments:
- April 2022 – Sidel launches PressureSAFE, a PET aerosol container for home and personal care products. The containers are approved for recycling from existing PET streams and claim to have a lower carbon footprint than aluminum alternatives.
- May 2022 - Tekklex Consumer Products introduces a new line of 100% PET processor trays. This product solves a common packaging problem faced by poultry processors, especially quality products labeled organic, non-GMO or sustainably sourced. TekniPlex's new trays are made from 100% PET and contain up to 50% industrial recycled content. It is also 100% recyclable, raising consumer awareness of sustainability.
Segment Overview
In this category, the Rigid Packaging Type was the most popular because it is often used to make bottles, containers, and bowls. Rigid packaging is any kind of packaging that is made to keep its shape no matter what is going on around it. They are used a lot in the food and drink packaging business. Rigid PET products are popular because they can be used for more than one thing. Also, more small bakeries and refineries that make cooking oils are packaging baked goods and cooking oils in materials that can bend. The growth of this segment as a whole is helped by this.
Cold fill technology had the biggest share of the market for filling types because it was better than other methods in many ways. It's how foods made with dairy are packed. The best thing about it is that it's cheaper than hot filling. Using cold fill instead of hot fill saves a lot of energy. Also, cold-filled items tend to stay fresh longer and don't have any germs. Also, it takes less time to bottle something, which saves time throughout the packaging process. So, the cold fill technology will be the most popular in the segment for a longer time. Krones.com says that the Dynafill can be used to fill drinks that are cold or warm (up to 30 °C). In either case, the whole thing will be over in less than five seconds. There is always the same way to fill.
The Bottle segment will still be the most popular type of package in the future, with a share of 60.24 percent. PET bottles are used for many things, including carbonated drinks, juices, cooking oil, mouthwash, shampoo, window cleaners, liquid hand soaps, medicines, and processed foods. PETRA says that more than 1.2 million PET bottles are used every minute, which adds up to more than 630 billion bottles every year. Other products in the segment, like food trays and pouches used to package food, will also be in higher demand because they are used in the quick service restaurant (QSR) industry. Since more and more food and drinks need to be put in bottles, the market for PET bottles will grow a lot.
The Food and Beverage industry is still the largest end-user segment, mostly because demand for both goods keeps going up. The USDA ERS says that 15.8% of all shipments from U.S. factories came from food processing plants. In the coming years, this number is likely to go up. The International Bottled Water Association (IBWA) said that in 2020, about 15 billion gallons of bottled water were sold, and most of it was in PET bottles, which can be recycled. Since sales of packaged foods and drinks in bottles are going up, more PET packaging will be needed.
Regional Outlook:
North America is likely to have the biggest share of the global PET packaging market in the next few years. In North America, the number of plastic packages is likely to go up in the U.S. Plastics Industry Association (PLASTICS) says that in 2020, the plastics industry in the U.S. was still one of the biggest parts of the economy and was still growing. In 2019, plastic products were the eighth most important part of the plastics industry in the United States. By 2020, the U.S. plastics industry will have shipped goods worth USD 394.7 billion.
Also, the use of recyclable plastic packaging like PET is making sales go up because the plastics industry is growing. In Europe, the demand for single-serve and small-sized PET packaging has gone up because ready-to-eat foods are becoming more and more popular. According to PLASTICS EUROPE, the European plastics industry made USD 335 billion in 2020, which was a small drop from the year before. Most of the industries that bought plastics were affected by the COVID-19 crisis. In 2021, companies that make plastic planned to spend a lot of money on chemical recycling technologies. The Asia-Pacific region has a big share of the PET packaging market. Plastic Packaging in Southeast Asia and China says that every year in China, 5,474,000 tonnes of PET bottles are used to package household items. Latin America is drinking more drinks, which means more PET packaging is needed. In 2020, people in Mexico bought 9,959 million gallons of water in bottles.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 4.9% from 2023 to 2032. |
| Revenue Forecast by 2032 | USD 124.1 Billion |
| By Packaging Type | Rigid, Flexible, Others |
| By Filling Technology | Cold Fill, Hot Fill, Aseptic Fill, Others |
| By Pack Type | Bottles, Bags and Pouches, Lids / Caps and Closures, Trays, Others |
| By End-user industry | Food, & Beverage, Consumer Goods, Pharmaceutical, Others |
| By Companies | Berry Global (U.S.), Amcor (Australia), Sonoco Products Company (U.S.), Huhtamaki (Finland), Gerresheimer (Germany), Klöckner Pentaplast (U.S.), Schur Flexibles Group (Austria), Clondalkin Flexible Packaging (Amsterdam), Constantia Flexibles (Austria), Novolex Holdings, Inc. (U.S.), Dunmore (U.S.), Printex Transparent Packaging (U.S.), MD Group (U.K.), PDG PLASTIQUES (France) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2032 |
Latest Trends:
Manufacturers have a hard time being environmentally friendly when they package consumer goods in plastic. But making plastic that can be recycled helps fix some of the problems with sustainability. Europe's recycling rates have gotten better over time. PET is very light compared to other materials that are used for bottling and, more specifically, packaging.
The European Union is showing other countries how to accept and use recycled materials, so that by 2032, all plastic can be recycled. By 2025, 12 million tonnes of end markets for recycled plastic must be set up for the EU to reach the halfway point of its recycling goals.
Driving Factors:
Because of globalisation, companies in the food and beverage and pharmaceutical industries have come up with new ways to package products that meet the needs of consumers. It's likely to become more popular as more people look for ways to keep food safe while travelling that are easy to use and carry. Food and drinks are also being put in plastic containers to make sure they can be handled safely. More than 90% of India's used PET packaging is recycled, according to the PET Packaging Association for Clean Environment. Single-use PET bottles now weigh less than 10 grammes and can hold 50 times as much water as they do. Because PET containers are "lightweight," the average weight of a 0.5-liter PET bottle has dropped by 48% in the last 10 years.
Restraining Factors:
According to the research, India will stop importing plastic waste in 2019. This will help India deal with its own plastic waste. Over the next few years, the ban on single-use plastic will hurt sales and demand for PET packaging in some countries. Manufacturers of packaging use things like paper, moulded fibre, and other biodegradable materials. In the coming years, these things could slow the growth of the PET packaging market.
Key Segments Covered:
Top Market Players:
Berry Global (U.S.), Amcor (Australia), Sonoco Products Company (U.S.), Huhtamaki (Finland), Gerresheimer (Germany), Klöckner Pentaplast (U.S.), Schur Flexibles Group (Austria), Clondalkin Flexible Packaging (Amsterdam), Constantia Flexibles (Austria), Novolex Holdings, Inc. (U.S.), Dunmore (U.S.), Printex Transparent Packaging (U.S.), MD Group (U.K.), PDG PLASTIQUES (France), and others.
By Packaging Type
- Rigid
- Flexible
- Others
By Filling Technology
- Cold Fill
- Hot Fill
- Aseptic Fill
- Others
By Pack Type
- Bottles
- Bags and Pouches
- Lids / Caps and Closures
- Trays
- Others
By End-user industry
- Food, & Beverage
- Consumer Goods
- Pharmaceutical
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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