Global PET Packaging Market: by Form (Amorphous PET, Crystalline PET), Pack type (Bottles & jars, Bags & pouches, Trays, Lids/Caps & closures, others), Packaging Type (Rigid, Flexible), End-use industry, and Region – Global Forecast to 2023
PET Packaging Market– Overview
PET packaging market is driven by various factors such as its increase in demand from food & beverage and pharmaceutical industry. The increase in government policies regarding the food safety regulations is also driving the growth of the market. Food & Beverage industry has adopted PET packaging extensively across the world due to the some additional functionalities such as retention of integrity of a product and prevent food spoilage, enhance product attributes such as look, taste, and aroma, along with increased shelf life.
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The growth of pharmaceutical industry on a global level has induced the demand of PET packaging. The rise in the income especially for the lower income level, along with the government commitments for providing basic health facilities, is expected to drive the pharmaceutical market growth and increase the investment on PET packaging.
The market for PET packaging is growing due to rise in demand of sustainable & recyclable packaging. The emerging economies such as India, South Africa, and Brazil offer great potential for the Polyethylene Terephthalate (PET) Packaging Market.
The key players in the global PET packaging market are E. I. Du Pont De Nemours and Company (U.S.), CCL Industries, Inc. (Canada), Amcor Limited (Australia), Resilux NV (Belgium), Smurfit Kappa Group PLC (Ireland), Rexam PLC (U.K.), Gerresheimer AG (Germany), Graham Packaging Company (U.S.), Klöckner Pentaplast GmbH & Co. Kg (Germany), GTX Hanex Plastic Sp. Z O.O. (Poland), Berry Plastics Group Inc. (U.S.), Dunmore Corporation (U.S.), Huhtamäki Oyj (Finland), PET Power B.V. (The Netherlands), and Silgan Holdings (U.S.).
PET Packaging Market – Competitive Analysis
Key players adopted various strategies to retain and/or expand their market share. Key strategies followed by most companies within the global PET packaging market were new product developments. Extensive research in this market has brought to light that new product development and entering into strategic partnerships and collaboration are the key strategies adopted by the major players in the global Polyethylene Terephthalate (PET) Packaging. This strategy has been adopted to cater to the technological requirements of the PET packaging market for both rigid and flexible packaging segment. The market is highly technology driven across all applications and thus demands regular product innovation and increased investment in R&D. Furthermore the partnerships with other players across the supply chain ensures the expanding client base as well as the market share for the companies.
PET Packaging Market – Segmentation
The PET Packaging Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type – Rigid and Flexible
Segmentation by Product – Bottles & jars, Bags & pouches, Lids/caps & closures, Trays, and others
Segmentation by Application – Food & Beverage, Pharmaceuticals, Consumer goods, Personal care, and others
Segmentation by Regions: North America, Europe, APAC and Rest of the World.
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PET Packaging Market– Regional Analysis
North America region is expected to dominate the Global PET packaging market. The region has witnessed increased investment in the R&D and product innovation as far as PET packaging is concerned. Furthermore, the stringent food safety policies in the countries of the U.S. and Canada drives the demand of PET packaging in the food & beverage sector.
Europe region is expected to grow with the highest CAGR during the forecast period, owing to factors such as increased investment by the companies in the packaging of healthcare and pharmaceutical products. The region has witnessed tremendous growth in the medical sector. This has opened doors for PET packaging in the healthcare sector.
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