Polyethylene terephthalate (abbreviated PET, PETE, or PTE), is the chemical name for polyester which is repeatedly polymerized units of monomer ethylene terephthalate. PET is a light and transparent material that is shaped into various packaging items, commonly into plastic bottles, boxes, and jugs. PET packaging material possesses high transparency, good stability, high-pressure resistance, lightweight, and various packaging properties which makes it better and reliable than other packaging materials.
PET is to be globally considered as safe and recyclable material. PET material used in packaging is cost-effective and environmentally friendly. PET packaging method has emerged as an alternative to conventional packaging methods, such as aluminum paper, glass, and metal owing to factors such as lightweight and being a robust material. PET containers have become a popular choice across the manufacturers as they are reusable, easy to transport, and are virtually unbreakable. PET material packaging has aesthetic design owing to the flexible production processes, which further results in zero fractures, cracks, and shapeless designs during manufacturing processes.
The global PET material packaging market is anticipated to record a robust CAGR during the forecast period, i.e. 2020-2028. This market is segmented based on product, packaging, end-user industry, and filling technology. In terms of packaging, this is further segmented into rigid packaging and flexible packaging, where rigid packaging is anticipated to hold the largest market share and is projected to grow at a significant rate. The rigid packaging market is thriving back on the rising demand for consumer goods along with the rising demand for food and beverages. Additionally, consumers are buying food & beverages of PET packaging owing to its versatile properties of greater shelf-life, virtually non-breakable, easily shippable, and recyclable. CLICK TO DOWNLOAD SAMPLE REPORT
The global PET material packaging market is highly disintegrated among international, regional, and local players. The competition among manufacturers has recently increased owing to the availability and introduction of innovative products in the market. Additionally, the competition amongst manufacturers has increased in terms of product range and pricing. The global PET packaging market is expected to observe a stable growth over the forecast period and is closely associated with the technological development in the manufacturing process for creating new products as well as developing existing products.
The significant transformation has been observed in consumer behavior during the past couple of decades. There has been a surge in global demand for consumer goods owing to the increasing population, higher disposable incomes, and consumer awareness. The PET material packaging durability, longevity along with its easy storage, and transportability have positively affected consumers’ behavior to compel them to buy food and beverages only in PET packaging.
According to the World Integrated Trade Solution, the total value of exports (FoB) was USD 20,834,690 million in 2018 and 4,668 products were exported to 238 countries, where Consumer goods exports held a product share of 31.30% and worth USD 6,520,905 million.
The growing demand for consumer goods coupled with higher disposable incomes, consumer awareness, rising demand for consumer goods is anticipated to raise the demand for PET packaging material in the coming years.
Consumers increasingly prefer PET bottles on account of its handiness, aesthetic appearance and lightweight which is encouraging consumers to adopt PET packaging. This is prompting consumers to adopt PET packaging globally, such a factor is anticipated to drive the growth of the PET material packaging market in coming years.
According to the World Bank, in 2016, the world generated 242 million tonnes of plastic waste—12 percent of all municipal solid waste. This waste primarily originated from three regions—57 million tonnes from East Asia and the Pacific, 45 million tonnes from Europe and Central Asia, and 35 million tonnes from North America.
The market for PET material packaging is growing at a substantial rate, and several factors are positively influencing the growth of this market. PET packaging is recyclable however, it is not bio-degradable and cannot be degenerated completely, which can hinder the growth of the PET material packaging market owing to the consumer behavior shifting towards the concerns for environmental safety. This is estimated to become a major growth restricting factor for the market over the forecast period.
In-depth analysis of the global PET material packaging market includes the following segments:
On the basis of regional analysis, the PET material packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market in Asia-Pacific region is estimated to dominate the PET material packaging market owing to several factors including population, changing lifestyles, rising disposable income, increasing industrialization, and low labor cost. The markets in North America and Europe are anticipated to hold the second and third positions, respectively. Increasing per capita income, along with growing preferences in consumer goods, making a positive impression on the developing PET material packaging market in North America and Europe are factors predicted to result in this growth.
The global PET material packaging market is further classified on the basis of region as follows:
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