PET Preform Market to Reach US$22.28 Billion by 2032, Driven by Growing Demand from Food and Beverage, Personal Care, Pharmaceuticals, and Home Care Industries

The PET preforms market is experiencing robust growth due to the rising demand for packaged beverages and consumer goods worldwide. PET (Polyethylene Terephthalate) preforms are widely used in the packaging industry as they offer lightweight, cost-effective, and recyclability. Rapid urbanization, increasing disposable incomes, and changing consumer lifestyles are driving the market further.

Manufacturers are focusing on technological advancements and eco-friendly solutions to meet sustainability goals. Additionally, the expanding food and beverage industry, along with the booming e-commerce sector, is propelling the demand for PET preforms. However, fluctuating raw material prices and stringent regulations pose challenges to the market's growth trajectory.

The market for PET preforms is expected to increase at a CAGR of 3.9% from 2022 to 2032, reaching a value of US$ 22.28 billion. The market is now valued at US$ 15.2 billion. By 2024, the market for PET preforms is anticipated to expand by 3.8%. To meet customer demand, a number of well-known industries, including food and beverage, personal care, pharmaceuticals, and home care, are producing enormous demand for PET preforms.

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Key points highlighting the market trends:

*Growing Beverage Industry: The beverage industry's increasing consumption of carbonated drinks, juices, water, and other beverages is fueling the demand for PET preforms globally.
*Shift from Glass to PET: The packaging industry is witnessing a shift from traditional glass bottles to lightweight and shatter-resistant PET bottles. This transition is driving the demand for PET preforms.
*Technological Advancements: Advanced manufacturing techniques, such as injection molding, have led to improved production efficiency and better quality control in PET preform manufacturing, thereby propelling market growth.
*Sustainable Packaging Solutions: PET preforms are preferred by environmentally conscious consumers due to their recyclability and lower carbon footprint compared to other packaging materials. This eco-friendly aspect is boosting their demand.
*Emerging Economies: Developing economies in Asia-Pacific and Latin America are witnessing rapid urbanization and changing consumer preferences, leading to increased consumption of packaged goods and subsequently driving the PET preforms market.

Overall, the PET preforms market is poised for steady growth due to the expanding beverage industry, technological advancements, and the growing emphasis on sustainable packaging solutions.

Key Takeaways from the Report

PET preforms for bottles with capacity up to 500 ml to 1000 ml are expected to be the most lucrative segment by capacity type, during the forecast period of 2020-2030
Beverages industry is expected to be the largest consumer of global PET preforms demand by 2030 year end
Besides beverages, manufacturers across industries such as food, pharmaceutical, and home care too are taking steps towards sustainability, in turn fuelling demand for PET preforms for packaging
North America is the most lucrative market for PET preforms, closely followed by Europe
East Asia is expected to see the highest growth during the forecast period

"At a time when regulations are implemented to curb dependence on plastics for packaging, manufacturers within the PET preforms market are exploring recyclability of the material to stay relevant. PET remains widely used plastic today and manufacturers are focusing on various applications of recycled PET to counter threats" said a lead analyst at FMI.

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Covid-19 impact

Covid 19 pandemic outbreak and the restrictions put forth because of it have impacted global PET preforms market heavily. The market is seeing a considerable decline in demand owing to lockdowns implemented across the world.

The spread of the novel corona virus across globe has disrupted supply chains, impacting packaging industry as well. As productions came to a standstill and transport became impossible due to lockdown restrictions, the industry suffered heavy losses.

Furthermore, shortage of raw materials and absence of labors and skilled workers from plants has aggravated the situation. Unfavorable market conditions, as consumer has become skeptical about his spending have added to the woes of the market.

However, the demand for PET preforms is expected to witness significant growth in the first quarter of 2021, as manufacturing activities resume and demand for PET preforms from end user industries restores to normal.

Who is winning?

Key players are expected to hold almost 20 % of the global PET preform market. However, market is highly fragmented and small and medium sized companies are predicted to contribute to the 80% of the remaining market.

Few key players in the PET preforms market are ALPLA Werke Alwin Lehner GmbH & Co KG, Plastipak Holdings, Inc., and Logoplaste UK Ltd., etc. are the top players operating in the PET preforms market. Furthermore, Retal Industries Ltd, Resilux NV, Societe Generale Des Techniques (SGT), Taiwan Hon Chuan Enterprises Co., Ltd., etc

To know more about the PET Preforms market

Future Market Insights, in its new report, offers an unbiased analysis of the global PET Preforms market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the PET preforms market on the basis of capacity (Up to 500 ml, 500 ml to 1000 ml, 1000 ml to 2000 ml, and more than 2000 ml), neck type (ROPP/BPV, PCO/BPF, Alaska/Bericap/Obrist, and others), end use (beverages {bottled water, carbonated drinks, RTD Tea & Coffee, juice, sports drinks, other soft drinks, and alcoholic drinks}, food, personal care, pharmaceuticals, home care, and others) across seven regions.

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Key Segments Covered in PET Preforms Industry Research

PET Preforms Market by Capacity:

Up to 500 ml
500 ml to 1000 ml
1000 ml to 2000 ml
More than 2000 ml

PET Preforms Market by Neck Type:

ROPP/BPV
PCO/BPF
Alaska/Bericap/Obrist
Others

PET Preforms Market by End-use:

Beverages
Bottled Water
Carbonated Drinks
RTD Tea & Coffee
Juice
Sports Drinks
Other Soft Drinks
Alcoholic Drinks
Food
Personal Care
Pharmaceuticals
Home Care
Others

PET Preforms Market by Region:

North America 
Latin America 
Europe 
East Asia 
South Asia
Oceania 
Middle East & Africa (MEA) 

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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.