North America Based PET Containers Market Is Expected To Have a Revenue Share Of 23% In 2022

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.

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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.

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.

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PET containers Market Historical Outlook (2017-2021) Vs. Forecast Outlook (2022-2032)
• North America based PET containers market is expected to have a revenue share of 23% in 2022 and is likely to reach a valuation of USD 29 Bn by 2032 with a growth rate of 5.7%.
• The Europe region is presumed to hold market value of around USD 23 Bn by the end of 2022 owing to high technology adoption rate.
• The bottle segment as container type is expected to be valued at USD 72 Bn by 2032 with a growth rate of 4.9%.
• By end use industry, homecare and personal care segment holds a growth rate of 3.7% with the market share of 18% by the end of 2032.
• Under container type, jars and trays segment is expected to hold combined market share of 21% in 2022 and is likely to reach a combine valuation of USD 27 Bn by the end of forecast period.
• The beverages segment in end use industry type is expected to grow at a CAGR of 4.3% over the period of 2022-2032.

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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Key Segments Covered
By Container Type
• Bottles
• Jars
• Pails
• Clamshells
• Trays
• Others

By Technology
• Stretch Blow Molding
• Extrusion Blow Molding
• Thermoforming

By End Use Industry
• Food
• Beverages
• Bottled Water
• Carbonated Drinks
• Ready-to-Drink
• Sports Drinks
• Alcoholic Drinks
• Home care and Personal care
• Healthcare & Pharmaceuticals
• Chemical
• Others

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This release was published on openPR.