The global PET packaging market is slated to reach a valuation of US$ 77.2 Bn in 2022. Expanding at a steady 4.9% CAGR , the market valuation is set to top US$ 124.1 Bn by 2032.
PET material is a lightweight and clear plastic that’s commonly used for packaging products. It is available in both rigid and flexible forms, which makes it useful for specific end-use applications. PET packaging is distinguished by its high strength, inexpensiveness, recyclability, lightweight, transparency, and high rigidity.
Innovation and customisation of PET packaging are creating prospects for growth in the market. In addition to this, the ongoing expansion of sectors such as food & beverage, pharmaceutical & healthcare, personal care & cosmetics, and home care are expected to boost demand for PET packaging.
Further, growing trend for sustainable plastic packaging solutions is anticipated to bolsters sales in the market. Manufacturers are launching customized solutions as per end-use requirements, which will augment the growth in the market.
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Will Increasing Focus On Design And Innovation In PET Packaging Influence Demand?
Surging demand for customized packaging solutions from various end use sectors is driving innovations in the packaging sector. Plastic packaging manufacturers are offering innovative and functional features in the product such as recyclable, lightweight, durable, easy-to-handle, and easy-to-use.
For instance, Amcor plc offers a PET round bottle that has various features such as tamper-evident, lightweight, recyclable, portable, and shatter-resistance. This trend is expected to continue over the assessment period, creating opportunities for growth in the market.
“Growing preference for recyclable, durable and, cost-effective packaging solutions will bolster the demand for PET packaging. Also, customization offered by PET packaging manufacturers will fuel growth in the market,” says an FMI analyst.
Key Takeaways:
Competition Landscape
are some leading players operating in the global PET packaging market. Some recent developments include:
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PET Packaging Market By Category
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends