Wilmington, Delaware, United States, April 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Demand for high-speed production of PET containers is likely to drive technological advancement in PET preform machines. Recent market trends indicate constant focus of manufacturers on automation to meet demand for automated packaging solutions in several end-use industries such as food & beverages and pharmaceutical.
The global PET preform machines market was valued at US$ 8.3 Bn in 2022 and is anticipated to expand at a CAGR of 6.0% from 2023 to 2031 to reach US$ 14.1 Bn by 2031.
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Surge in adoption of PET plastic bottles and jars for packaging various food and beverage products is expected to propel global PET preform machines market development. PET bottles can be recycled and used to make new bottles, which presents a key environmental sustainability advantage for packaging companies in the food & beverages industry. PET is one of the most widely recycled plastics worldwide. Thus, rise in awareness about favorable environmental impact of PET is expected to bolster industry growth.
Key Findings of Study
- Significant Utilization of PET in Bottles and Jars in F&B Industry to Generate Revenues: Rapidly increasing popularity of PET bottles and jars in the food & beverages industry is expected to offer lucrative business opportunities to companies in the PET preform machines market. Rise in utilization of PET in the packaging industry is likely to bolster demand for PET preform machines. Recent analysis of key consumer trends in the PET preform machines market indicates increase in demand for recycled PET. Regulatory agencies are promoting usage of recycled PET by supporting its utilization in food packaging. Rapid increase in trend of recycled PET could be also ascribed to significant volume of PET bottles recycled. Advances in recycling infrastructure in developing countries are likely to enhance the rate of recycling of PET.
- Continuous Advancement in PET Machines to Reduce Change-over Time: High change-over time in PET preform machines poses a major challenge for food & beverage packaging companies. They face the difficulty in reducing the dry cycle of the PET preform machine, as cooling is a common injection molding machine problem. Thus, prominent manufacturers in the market are developing machines with more number of cooling units to improve the production output.
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Key Drivers
- Increase in trend of usage of environmentally-friendly materials in the packaging industry has positively impacted the evolution of the PET preform machines market
- Rapid expansion of the food & beverages industry is expected to spur usage of PET containers. This, in turn, is anticipated to drive the PET preform machines industry. Advancements in the pharmaceutical and cosmetics & personal care industries are expected to augment demand for PET bottles, which is likely to boost market value.
- Advancement in PET preform machines is likely to accelerate market development in the next few years. Manufacturers in the market are focusing on launch of automated preform machines.
Regional Growth Dynamics
Asia Pacific is projected to account for major share of the global PET preform machines market in 2022. India is anticipated to dominate the market in the region from 2023 to 2031. China is another lucrative market in Asia Pacific. Surge in demand for PET preform machines in the food & beverages and pharmaceutical industries is expected to propel the market in the region. Surge in consumption on PET bottles in India and China is expected to offer significant opportunities to companies in the market in Asia Pacific.
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Competition Landscape
The business landscape is highly competitive, ascribed to entry of several local and start-ups in the market in the past few years.
Key players operating in the PET preform machines market are Top Unite Machinery Co. Ltd., Pazard, Windsor Machines Pvt. Ltd., Piovan S.p.A., Alleycho Precision Mold Technology Co., Ltd., Ningbo Beilun Fully Machinery Co., Ltd., Sinco Machinery, DKM Machinery Co. Ltd., Daya Machinery, NPC Precision Co. Ltd., Sacmi Group, Oima Srl, PET All Manufacturing Inc., PET Technology Company and Magnum Group Inc.
Segmentation
By Mold Cavity
- Less than 50 mm
- 50 to 100 mm
- 101 to 150 mm
- More than 150 mm
Orientation
- Linear
- Rotary
Screw Diameter
- Less than 30 mm
- 30 to 60 mm
- 61 to 120 mm
- More than 120 mm
End-use
- Food & Beverages
- Pharmaceuticals
- Chemicals
- Cosmetics & Personal Care
- Home Care
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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