PET Packaging Market Size and Overview 2021, Industry Share, Key Developments, Growth Strategies, Geographic Comparison and status, Challenges and Drivers till 2026-Amcor Ltd., Resilux NV, Gerresheimer AG, Berry Global Group Inc

PET Packaging Market by Component, Application, Services, and Region- Forecast to 2026

The Global PET Packaging Market Research Report 2021-2026 published by MarketInsightsReports is a significant source of keen information for business specialists. It furnishes the PET Packaging business outline with development investigation and historical and futuristic cost analysis, income, demand, and supply information (upcoming identifiers). The research analysts give a detailed depiction of the PET Packaging worth chain and its wholesaler examination. PET Packaging Market study gives extensive information which upgrades the agreement, degree, and use of this report.

The 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.

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Top Leading Companies of PET Packaging Market are Amcor Ltd., Resilux NV, Gerresheimer AG, Berry Global Group Inc., Silgan Holdings Inc., Graham Packaging Company, GTX Hanex Plastic Sp. z o.o., Dunmore Corporation, Comar LLC, Sonoco Products Company, Huhtamaki OYJ, Nampak Limited and others.

Industry News And Updates on PET Packaging Market-

United States Region to Hold Significant Share

The demand for plastic bottles and containers in the United States is estimated to increase at a steady rate, owing to the increasing consumption and industrial applications of plastic-made containers. According to the Plastics Industry Association (PLASTICS), the demand for plastic bottles continues to expand in the United States. Plastic bottles and jars represented, approximately, 75% of all plastic containers, by weight, in 2017.

Plastic usage continued to increase across products and sectors, including food and beverage, household, pharmaceutical, and automotive chemicals and fluids. In the United States, about 50 billion plastic water bottles were purchased in 2017, an increase from the previous year.

Key Market Trends PET Packaging Market-

Rigid Packaging Segment Expected to Register a Significant Growth

The rigid packaging segment occupied the largest share of the market due to their extensive use in bottles, jars, containers, trays, and clamp shells. With plastic bottles continuing to witness a strong growth over the forecast period, the rigid PET packaging is expected to continue to dominate the market studied, during that time.

The trend of sustainability, which includes recycling and the use of bio-degradable forms of PET, is expected to rise over the forecast period. In some regards, it will always face sustainability issues due to the nature of its production. However, it is the recycling streams and the development of these that will help neutralize such sustainability issues.

Competitive Landscape On PET Packaging Market-

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.

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