Global PET Packaging Market-Growth, Trends, COVID-19 Impact and Forecast (2021)

The PET packaging market is expected to reach 7.42 billion U.S. dollars by 2026, with a compound annual growth rate of 4.93% during the forecast period from 2021 to 2026.Packaging is shifting from rigid packaging to flexible packaging because there are many exciting new product developments that help to show consumers the true potential of flexible packaging.
New York, December 23, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announced the release of the report “Global PET Packaging Market-Growth, Trends, COVID-19 Impact and Forecast (2021-2026)”-https:// /www .reportlinker.com/p06192757/?utm_source=GNW Main highlight Compared with glass, the use of PET can reduce the weight by up to 90%, thereby achieving a more economical transportation process.At present, plastic bottles made of PET have widely replaced bulky and fragile glass bottles because they provide reusable packaging for mineral water and other beverages.The focus on PET and its market share growth has been reflected in several developments and trends in the use of PET in brands and products.PET has transparency and natural CO2 barrier properties, is widely used, and is easy to blow into bottles or sheets.In order to develop bottles that meet the specific needs of the brand, colorants, UV blockers, oxygen blockers/scavengers, and other additives can be used to improve PET characteristics.The packaging industry continues to make significant progress in environmental innovation to meet consumer demand for more sustainable communities.Customer awareness has increased significantly that high-performance packaging can extend the shelf life of products, resulting in a broad demand for sustainable end-of-life packaging options, especially in PET (polyethylene terephthalate) packaging solutions.In addition, end users are also exploring packaging options.For example, in January 2021, the indulgence ice cream brand Magnum announced the use of recycled plastics to convert materials from mixed plastic waste into plastic resin raw materials through advanced recycling.SABIC, a chemical manufacturer, uses pyrolysis oil made from mixed plastic waste to make plastic resins.Magnum then uses the resulting resin in its packaging, which can be recycled after use, thus creating a recycling system for single-use plastics.Although not necessarily a substitute for other resins, PET provides a good weather vane because it is the core packaging substrate for many global commitment signatories, and has been widely collected and has relatively mature supporting infrastructure.In addition, due to the COVID-19 pandemic, the sudden surge in demand for the PET healthcare industry has made manufacturers’ operating efficiency more than 60% in order to deeply meet domestic demand, which has resulted in suppliers with high bargaining power and ultimately high prices ( Source: Organization for Economic Cooperation and Development (OECD)).Plastics have always been one of the main pollutants that cause environmental degradation.Various types of research have shown the adverse effects of plastics on the environment.Therefore, the European region has been implementing regulations to reduce the use of plastics.Major market trends Significant increase in bottles. Polyethylene terephthalate (PET) is often used for food packaging because of its strong barrier to water vapor, gas, dilute acid, oil and alcohol.PET is also shatter-resistant, moderately flexible and easy to recycle.According to Earth Day organizers, the United States buys 1 million plastic bottles every minute.An American consumes an average of 167 bottles of plastic water each year; due to the demand for packaged drinking water in the region, the demand for plastic bottle caps and shells is increasing, especially PET.Compared with other forms of plastics, PET is derived from PE and has excellent rigidity.It also maintains a strong protective structure and exhibits excellent moisture resistance.It is used to make plastic bottles for beverages or liquids.PET is used to produce disposable plastic containers, which are also used for ready-made or frozen foods.PET is popular because it has good oil barrier properties and helps resist chemicals that can damage plastics.In addition, the global emerging e-commerce industry has also made a significant contribution to the growth of the market.From a logistics perspective, it is easy to transport PET bottles and cans, so various brands are increasingly using PET to meet their packaging needs.In addition, since PET bottles are light in weight and do not require special care, transportation costs are greatly reduced.Therefore, the increasing tendency of people to e-commerce is expected to boost market demand during the forecast period.The growing global demand for food and beverage products is expected to significantly drive the demand for PET used to manufacture bottles and cans.In addition, the healthcare industry has also witnessed an increase in demand for PET bottles for packaging hand sanitizers.In addition, as the impact of COVID-19 still exists and coronavirus cases are still increasing in multiple regions, the demand for hand sanitizer bottles is expected to remain high, which will subsequently promote the growth of PET bottles used for hand sanitizer packaging.The focus on PET and its market share growth has been reflected in several developments and trends in the use of PET in brands and products.PET has transparency and natural CO2 barrier properties, is widely used, and is easy to blow into bottles or sheets.In order to develop bottles that meet the specific needs of the brand, colorants, UV blockers, oxygen blockers/scavengers, and other additives can be used to improve PET characteristics.The European market has been witnessing an increase in the capacity of PET recycling infrastructure.For example, in November 2020, Indorama Ventures invested in recycling plants in France and Poland.The goal of this investment is to recycle 10 billion PET bottles in Europe by 2023.The Asia-Pacific region has witnessed major growth opportunities in the market. China is one of the world’s largest consumers of polyethylene terephthalate (PET).In the past few years, sufficient supply of raw materials and low production costs have been supporting the growth of the country’s production of engineering plastics such as PET.China’s demand for PET bottles continues to expand.The significance of soft drinks to PET’s prospects in China is obvious.This is largely influenced by the bottled water industry and participants such as Master Kong and Nongfu Spring, as well as important factors in the year-on-year increase in the consumption of bottled water by Chinese consumers.The use of PET products (PET containers, bottles, etc.) in the packaging sector is increasing at an alarming rate because they have more advantages than the traditional packaging plastics used.Due to the increase in exports and domestic consumption, the demand for packaging materials in China’s food and beverage, consumer goods and other industries is increasing.Similarly, the increasing demand for high-quality water and health-conscious drinking habits is expected to increase the consumption of bottled water, which will directly affect the packaging industry in the region.For example, according to data from DCC China, by 2020, the consumption of bottled water is expected to reach 49 million tons.The Indian plastics industry produces a wide variety of plastics, including polypropylene (PP), polyethylene terephthalate (PET), polyvinyl chloride (PVC), etc.PET is mass-produced in India, and most of the country’s demand is met by domestic production.However, the consumption of PET in the domestic market also varies from region to region.In India, due to the existence of many end-user industries and huge distribution channels, PET is mainly consumed in the northern and western regions.The emerging trend of mobile food consumption in India has increased the demand for disposable and small-size products packaged in materials such as PET and metal cans.As consumers pay attention to price and seek value-for-money products, flexible packaging materials such as PET are still very popular across the country.However, consumers have always tended to use other packaging materials with environmentally friendly characteristics.Due to the environmentally friendly nature and high recyclability of aluminum and glass, the consumption of aluminum and glass in the region has been high.As a result, consumers are increasingly turning to materials other than plastic.According to data from the PET Bottle Recycling Committee (Japan), in fiscal year 2020, approximately 88.5% of PET bottles in Japan will be recycled.In recent years, the recycling rate of PET bottles has increased, while the total waste recycling rate in Japan has remained at about 20%.In 2018, the Japanese government announced a proposal to reduce the country’s annual 9.4 million tons of plastic waste by 25% by 2030.Competitive landscape The PET packaging market is highly competitive and consists of several major players.In terms of market share, few major players currently dominate the market.These major players with a prominent share in the market are focusing on expanding their customer base abroad.These companies are using strategic cooperation plans to increase their market share and profitability.August 2021-Flexible packaging supplier Elif has been acquired by Huhtamaki for £350 million.Through this acquisition, Huhtamaki consolidated its position as one of the leading flexible packaging suppliers in emerging regions and expanded its existing flexible packaging business in attractive consumer product categories.In line with Huhtamaki’s 2030 growth strategy, this acquisition provides scale in key regions and supports Huhtamaki’s progress in achieving its high sustainability vision.According to the company, the acquisition also improves its technical capabilities and product portfolio, enabling it to better serve its customers.November 2020-Amcor uses advanced technology and design techniques to develop Brazil’s lightest 900ml polyethylene terephthalate (PET) edible oil bottle.Bunge, an agribusiness and food company based in So Paulo, has developed a custom-designed container that is 22% lighter than similar bottles while providing higher productivity and sustainability advantages.Other benefits: Market Estimates (ME) in Excel format. 3 months of analyst support to read the full report: https://www.reportlinker.com/p06192757/?utm_source=GNWAAbout ReportlinkerReportLinker is an award-winning market research solution .Reportlinker finds and organizes the latest industry data so you can get all the market research you need—in one place right now.__________________________
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