Polyethylene terephthalate (PTE) a plastic resin or polyester which is made up of a combination of two monomers such as terephthalic acid (PTA) and mono-ethylene glycol (MEG). AS per various regulating bodies, bottled water containers and food packaging must be safe and reliable for contact of food and beverages. PTE fulfills these criteria and is used in packaging of soft drinks, bottled water and numerous food items. PET material used in packaging is also bio-degradable in nature. The inclination of packaging industry to adopt green plastics has become a key trend that is expected to drive the growth of PET material market. PET has emerged as an alternative for conventional packaging materials, such as aluminum paper, glass and metal as it is light in weight and thus easy for logistics and transportation. PET containers have become a popular choice across the manufacturers as they are recyclable and reusable in nature.
Global PET Material Packaging: Drivers and Restrains
FDA and other regulatory agencies across the world has approved PET as safe material for direct contact with food and beverage for over 30 years. Countries across the world has started to promote biodegradable materials for packaging leading to the growth of PET material packaging market. Various beverage manufacturers are investing into projects which focus on producing cost-effective PET bottles to gain significant benefits by attracting a higher number of consumers. There is an increase in demand of packaging of carbonated beverages using PET thus fueling the growth of overall PET material packaging market. Currently, various new trends have emerged in the food and beverages industry such as hot-filling or cold-filling PET bottles which can still increase the shelf life of the product even if not kept in good state.
Global PET Material Packaging: Segmentation
Global PET material packaging market is segmented based on various parameters
Based on the end use, PET material market can be segmented as
- Food and drink
- Personal care
- Alcoholic beverages
Based on the products, PET material market can be segmented as
Global PET Material Packaging: Segmentation Overview
PET material packaging market is segmented into various sectors based on its end-use, but food and beverages segment bags the highest share in the end-use industry segment and is estimated to grow at a healthy CAGR over the forecast period. Among the product segment, PET material packaging is highly used in the production of bottles which are further used in packaging of soft drinks, alcoholic beverages, pharmaceutical containers and others.
Global PET Material Packaging: Regional Overview
Geographically, the global PET material packaging market is segmented into seven regions, namely Latin America, North America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). Owing to the technological advancement and inclination of manufacturers and customers toward the use of green packaging, the market of PET material packaging in North America and Europe are expected to flourish at a healthy CAGR over the forecast period. In Asia Pacific region, the application of PET material in FMCG and other beverages segment has increased on a large scale. This increase has attributed the rise in population; there increased disposal income and their inclination towards safe packaging. Thus, Asia-Pacific region is expected to show a substantial growth rate in PET material packaging over the forecast period. There is an increase in demand of PET material in Middle-East and Africa leading to the growth of PET material packaging market. Overall, Global PET material packaging market is expected to show a healthy CAGR over the forecast period.
Global PET Material Packaging: Key Players
Some of the prominent players in PET material packaging market are Amcor Limited, CCL Industries, Inc., Gerresheimer AG, Smurfit Kappa Group PLC, Masterchem, PET Power, Berry Plastic Group Inc, Resilux NV, GTX Hanex Plastic Sp. z o.o., Klöckner Pentaplast GmbH & Co. KG.