PET Containers Market to Record an Impressive 5.1% CAGR By 2028

Fact.MR delivers key insights on the PET containers market in its published report, titled “PET Containers Market: Industry Analysis and Opportunity Assessment, 2018–2028”. In terms of revenue, the PET containers market is estimated to expand at a CAGR of 5.1% during the forecast period, owing to numerous factors, about which Fact.MR offers thorough insights in this report.

Over 500 billion PET bottles are used globally for packaging of different goods in the food & beverages, chemical, household, personal care and other industries. PET containers are cost-effective packaging solutions that are used for packaging of mineral water, carbonated beverages, ready-to-drink and other food applications. On the basis of container type, market for PET containers is segmented into bottles, jars, pails, clamshells, trays and others (cans, cups, vials, etc.). On the basis of technology, the PET containers market is segmented into stretch blow molding, extrusion blow molding and thermoforming. Based on the end-use industry, the PET containers market is segmented into food, beverages, home care & personal care, healthcare & pharmaceuticals, chemical and others.

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High Consumption of Bottled Water Driving the Growth for PET Containers Market

According to Earth Day Organization, people in the U.S. purchased nearly 1 million PET containers of all types per minute in 2016. The customers in the developed countries have become more health conscious and are switching from sugary soft drinks to the healthier and more natural drinks. The sales of PET containers in bottled water application has grown at more than 10% rate for the past few years in the developed countries. The declining profit margins of carbonated drinks sales has been compelling the beverage companies to invest more on bottled water, which is consequently driving the sales of PET containers.

Lighter PET Containers in Packaging is Trending

The effort to provide lighter packaging has been one of the initial developments in plastic bottles, enabling it to surpass the volume of glass as the packaging option for brands/consumers. Nowadays, packaging manufacturers are trying to save even more by using lightweight PET containers. The advantage of lighter PET containers packaging are numerous, such as lower raw material cost and savings on shipping which can reduce the energy costs and volumes in landfill trashes. According to the International Bottled Water Association (IBWA), the average weight of a 500 ml PET containers has dropped by 48% in the recent past.

Acceptance of Recycled PET Containers will continue to Grow

Plastics supply chain brands and packaging converters are nowadays focusing on design enhancements that will ease the collection and recycling of PET containers. According to PET Container Recycling Europe, PET containers recycling rate in Europe was nearly 56.3% in 2016 with an increase of 7.3% as compared to 2014. All the EU 28+ countries in 2016 exceeded the European Union minimum targets of 22.5% recycling.

Regulations against PET Containers Remain as a Potent Restraint for Market Growth

Plastic materials including PET containers are extremely harmful to the environment as it takes thousands of years to degrade. Recently, some of the state governments in several countries including the U.S., China and India have banned the use of PET containers and other plastic products. This has been restraining the growth of the PET containers demand.

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PET Containers: Highly Fragmented Market

The PET containers market is highly fragmented, where Plastipak Holdings, the largest players account for a mere 3% share. Plastipak produces nearly 40.1 billion PET containers and preforms. The top ten players in PET containers market make up only one-third of the market, although they cater to most of the applications. Key players operating in the PET containers market include Plastipak Holdings, Inc., RETAL Industries Ltd., ALPLA Werke Alwin Lehner GmbH & Co KG, Resilux NV, Taiwan Hon Chuan Enterprises Co., Ltd., Esterform Packaging Limited, Berry Group, Inc, Indorama Ventures Public Co., Ltd, Zhongfu Enterprise Co Ltd., and Eskapet Pet Ürünleri Kimya San. ve Tic. Ltd.

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This release was published on openPR.