In terms of revenue, the Global PET Preform Market is expected to reach USD 18.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 3.40% from 2022 to 2028.
The rise in demand for consumer goods has driven the Global PET Preforms market expansion along with the mounting worldwide population base and dispensable income. Moreover, PET Preform is utilized widely in food and beverage packaging, personal care packaging, pharmaceutical packaging, home care packaging, and household items packaging, driving the Global PET Preform Market growth. Also, PET Preform is the cost-effective solution for packaging carbonated soft drinks, bottled water, edible oil, and other care & domestic goods, contributing significantly to their booming demand of PET Preform. Furthermore, in recent years, the PET Preform is observing a significant need due to the growing consumption of packaged beverage products that comprise soft drinks, juiced, and ready-to-drink tea & coffee across both developing and developed nations.
Key Highlights from Report
· Based on Capacity, the Up to 500ml segment dominates the PET Preform Market with the highest share and will continue its dominance in the forecast period.This surge is due to the increasing demand for small-sized containers for packaging food & beverage, cosmetics products, and pharmaceuticals.
· Among End-Use Industries, the beverage segment accounted for the highest CAGR in the forecast period owing to increased demand for packaged food and beverages that need containers prepared of PET.
· In terms of region, Asia Pacific holds the significant market share within the PET Preform Market. The increase in consumption of cosmetics and beverages in key Asian nations will augment the demand for PET Preform for the packaging of such products, resulting in a constructive market in this region.
Top market players opt for beverage bottles made from recycled-PET materials to achieve sustainability of raw materials. This change helps the companies develop their brand image in the eyes of the customers. As a result, big companies like Nestle, Coca-Cola, and others proudly source a significant amount of their consumption from recycled materials. Therefore, the rising significance of sustainable packaging solutions with recyclable materials is fuelling the growth of the Global PET Preform industry.
The high usage of PET Preform is because of the increasing use of packaged beverages. Moreover, the Global PET Preform Market is profiting from an augment in beverage sales owing to the rising consumption of carbonated drinks. Also, the global market benefits from the changing lifestyles and the increasing popularity of ready-to-drink (RTD) beverages. As a result, PET Preformis likely to be broadly used in the beverage sector.Furthermore, increasing tourism is anticipated to increase bottled water consumption, another factor likely to stimulate the Global PET Preform Market growth in the forecast period. Additionally, manufacturers and self-regulating research bodies are developing constantly enhanced techniques to generate superior products, likely to propel the global market.
Geographically, Asia Pacific market is likely to witness significant market growth with the highest growth rate in the forecast period. The region’s market growth is attributable to the rapid increase in cosmetic & personal care and food & beverage industries. Thus, there is high consumption of PET Preforms in emergent nations across the region. Japan, China, and India are significant contributors to this regional market. Moreover, rising demand for purified water, beverages, carbonated soft drinks, and pharmaceutical liquor, owing to a mounting population in countries including India and China, has elevated the demand for plastic products, propelling the regional market. Also, India has the maximum recycling rate of PET products, which is likely to fuel the regional market's growth in the future.
The Global PET Preform Market is Segmented as follows
- Up to 500 ml
- 500 ml to 1000 ml
- 1000 ml to 2000 ml
- More than 2000 ml
- Neck Type
- Other Neck Types
- Personal Care
- Home Care
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global PET Preform Market is
ALPLA Werke Alwin Lehner GmbH & Co KG (Austria), Plastipak Holdings Inc. (US), RETAL Industries Ltd. (Cyprus), Resilux NV (Belgium), Societe Generale Des Techniques (France), Taiwan Hon Chuan Enterprises Co. Ltd. (Taiwan), Zhongfu Enterprise Co Ltd. (China), Manjushree Technopack Limited Co. (India), Logoplaste UK Ltd. (UK), Indorama Ventures Public Co. Ltd. (Thailand)
The Global PET Preform Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|