The PET Packaging market is expected to reach USD 74. 2 billion by 2026, at a CAGR of 4. 93% over the forecast period 2021 - 2026. Packaging is moving from rigid to flexible packaging, as there have been many exciting new product developments, which have helped to demonstrate to consumers the true potential of flexible packaging.
New York, Dec. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global PET Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06192757/?utm_source=GNW Key Highlights The adoption of PET can lead to weight reduction by up to 90%, compared to glass, allowing a more economical transportation process. Currently, plastic bottles made from PET have been widely replacing heavy and fragile glass bottles, as they offer reusable packaging for mineral water and other beverages.? The focus on PET and its market share growth has been reflected by several developments and trends in how brands and products use PET. With its clarity and natural CO2 barrier properties, PET has wide applications and is easily blown into a bottle or formed into a sheet. To develop a bottle to match a brand’s specific needs, PET properties can be improved with colorants, UV blockers, oxygen barriers/scavengers, and other additives. The packaging industry continues to make notable progress in environment-friendly innovations meeting consumer demand for a more sustainable community. There is a noticeable rise in awareness among customers that high-performance packaging may increase the shelf life of a product, creating an extensive need for sustainable end-of-life packaging options, especially in PET (polyethylene terephthalate) packaging solutions. Furthermore, end-users are also exploring options for packaging. For instance, in January 2021, the indulgent ice cream brand Magnum announced the use of recycled plastic, with the material sourced from mixed plastic waste converted to plastic resin feedstock through advanced recycling. Chemical producer SABIC creates plastic resin using pyrolysis oil made from mixed plastic waste. Magnum then uses the resulting resin for its packaging, which can be recycled after use, creating a circular system for single-use plastics. While not necessarily a proxy for other resins, PET provides a good bellwether because it is a core packaging substrate for many Global Commitment signatories, and it is already widely collected, with a relatively mature supporting infrastructure. Also, due to the COVID-19 pandemic, a sudden spike in demand for PET healthcare industries has made the manufacturers for operating over 60% efficiently to fulfill the domestic demand profoundly, and this has led to the high bargaining power from the supplier side, which ultimately leads to the high price (source: Organisation for Economic Co-operation and Development (OECD)). Plastic has been one of the major pollutants resulting in environmental degradation. Several types of research have been stating the adverse effects of plastic on the environment. Owing to this, the European region has been implementing regulations to reduce the usage of plastics. Key Market Trends Bottle are Observing a Significant Increase Polyethylene terephthalate (PET) is often used in food packaging due to its strong barrier properties against water vapor, gases, dilute acids, oils, and alcohols. PET is also shatter-resistant, moderately flexible, and easy to recycle. According to Earth Day organizers, 1 million plastic bottles are purchased in the US every minute. An average American consumes 167 plastic bottles of water per year; owing to the demand for packaged drinking water in the region, there is a rising demand for plastic caps and enclosures, especially PET. Derived from PE, PET offers excellent rigidity compared to other forms of plastic. It also maintains a firm protective structure and exhibits excellent moisture-resistant properties. It is used for the manufacturing of plastic bottles for beverages or liquids. PET is used in the production of disposable plastic containers that are also used for ready-made or frozen foods. PET is popular as it offers a good oil barrier, which helps resist the chemicals that may damage the plastic. ? Moreover, the emerging e-commerce industry across the globe is also contributing significantly to the market’s growth. As transporting PET bottles and jars is easy from a logistics point of view, various brands are increasingly using PET for their packaging needs. Additionally, as PET bottles are lightweight and do not require extreme care, the transportation cost is significantly reduced. Therefore, the growing inclination of people towards e-commerce is anticipated to bolster the market demand over the forecast period. The increasing demand for food & beverage products across the globe is expected to provide a significant boost to the demand for PET for making bottles and jars. Furthermore, the healthcare industry also witnessed a heightened demand for PET bottles for the packaging of hand sanitizers. Furthermore, as the impact of COVID-19 remains with several regions still witnessing a rise in coronavirus cases, the demand for hand sanitizer bottles is expected to remain high, which will subsequently augment the growth of PET bottles for hand sanitizer packaging. The focus on PET and its market share growth has been reflected by several developments and trends in how brands and products use PET. With its clarity and natural CO2 barrier properties, PET has wide applications and is easily blown into a bottle or formed into a sheet. To develop a bottle to match a brand’s specific needs, PET properties can be improved with colorants, UV blockers, oxygen barriers/scavengers, and other additives. The European market has been witnessing increasing PET recycling infrastructure capacity. For instance, in November 2020, Indorama Ventures invested in recycling plants in France and Poland. This investment targeted recycling 10 billion PET bottles in Europe by 2023. Asia Pacific regions are witnessing significant growth opportunities in the market China is one of the largest consumers of polyethylene terephthalate (PET) globally. The abundant availability of raw materials and low cost of production has been supporting the production growth of the engineering plastics, such as PET, in the country for the past few years. China’s requirement for PET bottles continues to expand. The significance of soft drinks to PET’s prospects in China is clear. This is very much shaped by the bottled water industry and players, such as Master Kong and Nongfu Spring, and important year-on-year increasing consumption of bottled water by Chinese consumers. The use of PET products in the packaging sector (PET containers, bottles, etc.) is increasing at a tremendous rate, owing to their advantages over the conventional packaging plastics used. The demand from industries like food and beverage, consumer goods, and others for packing materials is increasing in China due to increasing exports and domestic consumption. Similarly, the increasing need for quality water and health-conscious drinking habits are expected to increase the consumption of bottled water, which directly influences the packaging industry in the region. For instance, according to DCC China, the consumption of bottled water is expected to reach 49 million metric tons by 2020. The Indian plastics industry produces a wide array of plastics, including polypropylene (PP), polyethylene terephthalate (PET), polyvinyl chloride (PVC), and more. PET is produced in India at massive capacity, and most of the demand in the country is satisfied by domestic production. However, the consumption of PET in the domestic market varies with regions too. In India, PET is majorly consumed in the North and West region due to the presence of many end-user industries and a vast distribution channel. The emerging trend of on-the-go food consumption in India has increased the demand for single-serve and small-sized products packed in materials like PET and metal cans. Flexible packaging materials like PET remain popular across the country as consumers are price-conscious and seek products that offer value for money. However, Consumers have also been inclining themselves toward other packaging materials, which offer environment-friendly properties. The consumption of aluminum and glass has been witnessing high adoption rates in the region, owing to the eco-friendly nature and high recyclability. Thus, consumers have been increasingly moving toward other materials from plastic. According to the Council for PET Bottle Recycling (Japan), in FY 2020, around 88.5% of PET bottles in Japan were recycled. The recycling rate of PET bottles increased in recent years, while the recycling rate of Japan’s total waste remained at around 20%. In 2018, Japan’s government unveiled a proposal to reduce the country’s 9.4 million tons of plastic waste a year by 25% by 2030. Competitive Landscape The PET packaging market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. August 2021 - Elif, a flexible packaging supplier, has been purchased by Huhtamaki for GBP 350 million. Huhtamaki strengthens its position as one of the leading flexible packaging providers in emerging regions and expands its existing flexible packaging business in appealing consumer product categories with this purchase. The acquisition offers scale in critical geographies and supports Huhtamaki’s progress toward its high sustainability aspirations, according to Huhtamaki’s 2030 growth strategy. According to the firm, the acquisition also improves its technology capabilities and product portfolio, allowing it to serve its clients better. November 2020 - Amcor has developed the lightest 900-ml polyethylene terephthalate (PET) bottle for edible oil in Brazil, using advanced technology and design technology. Bunge, an agribusiness and food company based in So Paulo, has developed a custom-designed container that is 22 % lighter than comparable bottles while giving higher productivity and sustainability benefits. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Read the full report: https://www.reportlinker.com/p06192757/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________
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