NEWARK, Del, April 04, 2023 (GLOBE NEWSWIRE) -- The global PET material packaging market is expected to propel at a robust CAGR of 5.7% throughout the forecast period from 2022 to 2032. The global market registered a valuation of around US$ 1,573.2.0 Million in 2022 to surpass a valuation of US$ 2,738.6 Million by 2032. According to the historic analysis conducted by Future Market Insights, the global PET material packaging market grew at a CAGR of 4.1% from 2016 to 2021.
The growth of the market is attributed to the augmenting demand for food and beverage products as well as sustainable and recyclable PET materials packaging over the assessment period. Owing to its lightweight and ease of logistics and transportation, PET is rapidly becoming an alternative to conventional packaging materials like aluminum paper, glass, and metal. PET containers are becoming an increasingly popular choice among manufacturers due to their recyclable and reusable properties.
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Polyethylene terephthalate (PTE) is polyester or resin extracted from the monomers terephthalic acid (TTA) and mono ethylene glycol (MEG). In accordance with the regulations of various regulating bodies, containers for bottled water as well as food packaging must meet certain safety and reliability requirements. Numerous soft drink brands, bottled waters, and food items are packaged with PTE, which fulfills these criteria. Furthermore, the growing trend in the packaging industry is focusing on adopting green plastics, which has emerged as a key trend. It has been a driving force for PET material market growth.
Compelling Market Trends
For the past 30 years and above, the Food and Drug Administration (FDA) and other regulatory agencies across the globe have approved PET as a safe material to be used in direct contact with food and beverages. Globally, biodegradable packaging materials are being promoted, resulting in growth in the PET materials packaging market.
In order to gain immense benefits through increasing consumer numbers, several beverage manufacturers are investing in PET bottle projects that are designed to achieve cost-effectiveness for these products in the market.
A variety of new trends have been emerging in the food and beverage industry, including hot-filling and cold-filling PET bottles, which are able to prolong the shelf life of products even if they are not properly stored. Furthermore, a significant increase in the demand for PET package materials is witnessed for packaging carbonated beverages, as well as the overall PET material packaging market, which may be attributed to the increase in packaging demand.
Growth Drivers
The growth of the market is attributed to its continuous exposure to the beverage industry worldwide. Furthermore, due to the high degree of customization, sizes, and shapes, the market for PET bottle packaging is expected to witness significant growth.
Compared to several other types of packaging, bottle packaging is less expensive to ship and store. It further makes the market an attractive choice for growing PET bottle packaging markets. Furthermore, water pollution around the world is likely to lead to an increase in bottled water demand, which will help the market grow in the future.
The surging population of functional beverages, specifically among younger consumers is anticipated to further stimulate the market growth for polyethylene terephthalate (PET) packaging. These factors will lead to further growth for PET bottles in the future.
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Restraints
Plastic pollution and its various harmful effects on health are predicted to hamper the growth of the PET materials packaging market. In addition to that, the PET material’s packaging comes as less- heat resistant, further hampering the growth of the market.
Regulatory requirements as well as a ban on plastic use will be a major hindrance to the development of the PET materials packaging market in the near future.
Competitive Landscape
Key players operating in the global PET materials packaging market include Amcor Limited, CCL Industries, Inc., Gerresheimer AG, Smurfit Kappa Group PLC, Masterchem, PET Power, Berry Plastic Group Inc, Resilux NV, GTX Hanex Plastic Sp. z o.o., Klöckner Pentaplast GmbH & Co. KG., Loop Industries, Waipak and PerPETual Global.
Recent Developments
In the year 2022, Sidel intended to launch a recycling hub dedicated to PET. An innovative recycling hub for PET has been opened by Sidel in France. Octeville is a site set up to help Sidel grow its PET recycling knowledge. The recycling of food-contact PET bottles will be advanced through Sidel's unique small-scale PET recycling line.
Valuable Insights into the PET Material Packaging Market
The North American region is anticipated to dominate the global PET material packaging market by accounting for a total market share of around 19% throughout the projection period.
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Key Segments Profiled in the PET materials packaging Industry Survey
PET materials packaging Market by End Use:
- PET materials packaging for Food and Drink
- PET materials packaging for Personal Care
- PET materials packaging for Pharmaceuticals
- PET materials packaging for Alcoholic Beverages
- PET materials packaging for Other End Uses
PET materials packaging Market by Product:
- PET Bottles
- PET Jars
- PET Preforms
- PET Closures
PET materials packaging Market by Region:
- North America PET materials packaging Market
- Latin America PET materials packaging Market
- Europe PET materials packaging Market
- Asia Pacific PET materials packaging Market
- Middle East and Africa PET materials packaging Market
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Table of Content
1. Executive Summary | PET Material Packaging Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, and packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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PET Preforms Market Analysis: PET Preform Market by Capacity, Neck Type, Application, End-use & Region | Forecast 2022 to 2032
PET Jars Market Outlook: Global Industry Analysis 2014 - 2018 and Opportunity Assessment 2019 - 2029
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