Polyethylene Terephthalate (PET) is a polymer material and a very common category of plastic used in the packaging industry.
Global Polyethylene Terephthalate (PET) packaging market was valued at USD 50.5 Billion (amounted to around 17.2 million tones) in 2015 and projected to reach USD 21.2 Million tones making it worth USD 63.4 Billion by 2021, expanding at a compound annual growth rate (CAGR) of 5.15% over the forecast period i.e. 2015-2021.
By Product Type
On the basis of by product type, global Polyethylene Terephthalate (PET) packaging market is segmented as follows:
By industry end-use, global polyethylene Terephthalate (PET) packaging market can be divided into:
• Food & Beverages
• Healthcare And Medical
• FMCG Industries
Depending upon the demand by region, global polyethylene Terephthalate (PET) packaging market is segmented are as follows:
• North America
• Latin America
• Western And Eastern Europe
• Row (Rest Of World)
Growth Drivers and challenges
Technology advancement, rapid growth in consumer packaged goods industry and expanded demand from beverages are expected to be the major drivers of the global polyethylene Terephthalate (PET) packaging market in the upcoming years.
In addition to this, easy to handle/convenience, un-breakable capability, and light for on-the-go use would be the growth driver of the polyethylene Terephthalate (PET) packaging market in the near future.
However, difficulties with supply of raw material, environmental issues while recycling, proper disposal techniques missing in developing countries and some concerns related to the quality of supply are projected to restrain the PET industry in the upcoming years.
In addition to this, sustainability concern regarding PET packaging is the major setback faced by the polyethylene Terephthalate (PET) packaging market.
Market Size and Forecast
During 2009 to 2013, Asia-Pacific accounted for the major share in the gobal market for PET packaging when compared to other regions such as North America and Western Europe. With 31.3% share, Asia-Pacific dominated the global PET packaging market followed by North America with 23.1% and Western Europe with 19.6% in 2014.
On the back of factors like, rising population, increase in urban cities across Asian countries and rising personal disposable income, Asia-pacific PET packaging market is envisioned to grow at a healthy rate in near future.
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