The global PET packaging market size is projected to experience dynamic expansion in the forthcoming years owing to the rising demand for PET from the food and beverages industry across the world, finds Fortune Business Insights™ in its report, titled “PET Packaging Market, 2022-2029”.
Polyethylene Terephthalate (PET) is a type of polyester that is used in the manufacturing of plastic jugs, cartons, packages, containers, and other consumer items. There has been an increasing demand for PET from the food and beverages industry across the world owing to its wide availability and less cost. Further, the PET possesses high strength to weight ratio, high moisture resistance, and high chemical resistance. PET can be molded into plastic bottles for packaging of food and beverages. Hence, the growing demand for PET from the food and beverage industry has resulted in the propelling of this market during the forecast period.
However, the PET is produced using raw material such as crude oil. The constant changes in the prices of crude oil are projected to hinder the growth of this market.
Most of the industries and businesses have been severely affected due to the COVID-19 pandemic. Lockdowns, social distancing, and infection fears have stymied economic activities, disrupting supply chain networks across the world. This pandemic has also impacted the PET packaging market which has led to a reduction in the manufacturing of PET across several regions in the market.
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On the basis of pack type, this market is classified into bottles and jars, bags and pouches, lids, caps and closures, and others. By application, the market is divided into food and beverages, personal care, industrial goods, consumer goods, pharmaceuticals, and others. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report provides an exhaustive assessment of each market segment and also offers an in-depth analysis of the market drivers, trends, opportunities, and hindrances. Furthermore, the report contains a granular examination of the regional developments impacting the market, along with a thorough evaluation of the top market players and their key strategies.
Increasing Research and Development Activities in Chemicals Industry to Fuel the Market
There has been a significant increase in the research and development activities in the chemicals and materials industry by the governments of various countries around the world. This has resulted in the increasing investments in the chemicals industry, which is anticipated to bolster the growth of this market across several regions.
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Rising Demand for Food Packaging to Boost the Asia Pacific Market Growth
Asia Pacific region is projected to dominate the PET packaging market share on account of the rising demand for food packaging in the countries such as India and China.
North America region is anticipated to grow steadily in this market due to the increasing number of PET manufacturing companies in the countries such as the US and Canada.
Key Players to Exploit Broad Innovation Opportunities
With industries moving toward sustainable manufacturing practices, leading companies in the PET packaging market are looking to exploit the unprecedented innovation opportunities in the chemicals and pharmaceuticals industries. To exploit these opportunities, companies are partnering with each other to increase their research capabilities and enhance their production capacity, both of which ultimately enable them to widen their foothold in the market.
August 2020: Berry M&H introduced a new range of recyclable PET bottles for fruit juice market. The bottles are available in five different sizes ranging from 250ml to 1 litre.
List of Key Players Covered in the PET Packaging Market Report:
- Amcor Ltd, Resilux NV,
- Gerresheimer AG,
- Berry Global,
- Silgan holding,
- CCL Industries.
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