Australia PET Preform Market Analysis and Future Prospects for 2031

Allied Market Research has recently released a report titled "Australia PET Preform Market By Type, Neck Size, Application, and Region: Country Opportunity Analysis And Industry Forecast, 2022-2031". According to this report, the Australia PET Preform market was valued at $108.3 million in 2021 and is estimated to reach $167.0 million by 2031, with a Compound Annual Growth Rate (CAGR) of 4.6% from 2022 to 2031.

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The growth of the Australia PET Preform market is primarily attributed to the increased consumption of carbonated and other beverages. For instance, data from the Australia Bureau of Statistics indicates a rise in the sale of foods and non-alcoholic beverages by 4% in 2019-20 compared to the previous year. Additionally, there is a growing focus on developing product packaging using recyclable PET material, further propelling the industry forward. PET preforms are widely utilized due to their recyclable nature across various applications such as CSD bottles, water bottles, food packaging, and more.

The standard PCO Australia PET Preforms segment retained its dominant position during the forecast period. This segment accounted for the largest share in 2021, contributing to more than one-fourth of the market revenue. It is anticipated to grow at the highest CAGR of 5.0% during the forecast period due to its suitability for producing bottles for carbonated drinks with high dimensional accuracy and quality.

In terms of neck size, the 28mm segment held the largest market share in 2021 and is expected to grow at a CAGR of 4.8%. This growth is attributed to continuous product innovations aimed at manufacturing precisely sized PET preforms to meet consumer demands, particularly in carbonated soft drinks.

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The carbonated soft drinks application segment dominated the market in 2021, contributing to more than one-fourth of the market revenue and is projected to grow at a CAGR of 5%. PET remains the most widely used material for preforms and bottles in this segment due to its favorable properties such as transparency, lightness, flexibility, and mechanical strength.

Key players in the Australia PET Preform market include Visy, IC-Plastica, Vision Packaging, Amcor Plc, and Wellman Packaging. These players have adopted various strategies such as new product launches, collaborations, expansions, and agreements to maintain their market dominance.

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