PET Packaging Market Will Grow 1.6x through 2032 as Demand for Flexible Packaging Solutions Continues to Grow: FMI
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.
Key Takeaways:
- Based on packaging type, demand in the rigid PET packaging segment will increase at a 5% CAGR through 2032.
- By product type, the bottles & jars segment is projected to create an incremental opportunity of US$ 17.1 Bn.
- In terms of end-use industry, food & beverage segment will expand at a steady pace pver the forecast period.
Competition Landscape
Berry Global Group, Mondi Group, Amcor plc, Sonoco Products Company, Huhtamäki Oyj, CCL Industries, Inc., Gerresheimer AG, Klöckner Pentaplast GmbH & Co. KG, ProAmpac LLC, Sealed Air Corporation, SCHUR FLEXIBLES GROUP, CLONDALKIN GROUP, Constantia Flexibles Group GmbH are some leading players operating in the global PET packaging market. Some recent developments include:
- In April 2020, Amcor plc announced the launch of a family stock of polyethylene terephthalate (PET) bottles to meet the increasing demand for e-commerce ready packaging.
More Insights into the PET Packaging Market Report
ESOMAR-certified market research and consulting firm, in its new report, offers an unbiased analysis of the global PET packaging market, analyzing historical demand from 2015-2021 and forecast statistics for 2022-2032. The study reveals market growth projections on the PET packaging based on the packaging type (rigid PET packaging and flexible PET packaging), product type (bottles & jars, caps & closures, trays & clamshells, bags & pouches, films & wraps, labels, and others (blisters, tubes, stick pack, etc.)), and end-use industries (food & beverage, pharmaceutical & healthcare, personal care & cosmetics, homecare, automotive, electricals & electronics, chemicals, others (durable goods, etc.)) across seven regions.
These insights are based on a report on PET Packaging Market by Future Market Insight