Dublin, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The "Global PET Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
The global PET Packaging market was valued at USD 55.52 billion in 2020 and is expected to reach USD 74.2 billion by 2026, at a CAGR of 5% 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.
Industry 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.
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.
Plastic has been one of the major pollutants resulting in environmental degradation. Several types of research had been stating the adverse effects of plastic on the environment. Owing to this, the European region has been implementing regulations in order to reduce the usage of plastics.
Key Market Trends
- Bottle Observing a Significant Increase
- United States Region to Hold a Significant Share
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.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Outstanding Properties of PET
4.3.2 Rising Demand for Environment-friendly Packaging
4.4 Market Restraints
4.4.1 Regulations Against the Use of Plastics In Some Regions
4.5 Value Chain Analysis
4.6 Industry Attractiveness Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 by Product Types
5.1.1 Bottles and Jars
5.1.2 Bags and Pouches
5.1.3 Trays
5.1.4 Lids/Caps and Closures
5.1.5 Other Product Types
5.2 by Packaging
5.2.1 Rigid
5.2.2 Flexible
5.3 by End-User Industry
5.3.1 Food & Beverage
5.3.2 Pharmaceuticals
5.3.3 Personal Care and Cosmetic Industry
5.3.4 Industrial Goods
5.3.5 Household Products
5.3.6 Other End-User Industries
5.4 by Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Amcor Ltd.
6.1.2 Resilux NV
6.1.3 Gerresheimer AG
6.1.4 Berry Global Group Inc.
6.1.5 Silgan Holdings Inc.
6.1.6 Graham Packaging Company
6.1.7 GTX Hanex Plastic Sp. z o.o.
6.1.8 Dunmore Corporation
6.1.9 Comar LLC
6.1.10 Sonoco Products Company
6.1.11 Huhtamaki OYJ
6.1.12 Nampak Limited
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/90bgbw
