"PET Preforms Market was valued at approximately USD 20.5 billion in 2019 and is projected to reach USD 23.55 billion by 2022, with a CAGR of ~5.5 % between 2019 and 2022."
The global market for PET preforms is growing steadily and is expected to maintain momentum in the next few years. One reason for the high adoption of PET is its benefits and its features. It is stiff, strong, and its dimensionally stable factor which enhances the growth of the global PET Preforms Market. It is also water-resistant and chemical resistant. It is also highly transparent and colorless. As a result, glass and metal bottles are gradually being replaced.
Demand for PET preforms has increased over the last decade due to the high consumption of convenient food & drink products such as ready-to-drink tea, coffee, soft drinks and juices in both developed and developing countries. The hot filling process is common in developed countries, which is boosting the market for PET preforms bottles as it requires low capital investment and excludes the use of preservatives. Overall, the outlook for the global PET preforms market is expected to remain optimistic during the forecast period.
Carbonated Soft Drinks Segment Has Increased the Demand for PET Bottles.
Growth in consumption of carbonated soft drinks has increased demand for PET bottles, which, in turn, has led to an increase in demand for PET preforms. The carbonated soft drinks segment is expected to hold a substantial share of xx% in the pet preforms market across the globe. In 2019, Asia Pacific accounted for the largest share of the global market for PET preforms.
The global market for PET preforms could also benefit from an increase in the consumption of carbonated and other drinks. The continued focus on product development is another aspect that is believed to be fueling the market. Manufacturers and independent research bodies are coming up with better techniques for churning out more advanced products. Due to such campaigns, PET bottles are being used in a number of areas. These include carbonated soft drink (CSD) bottles, bottles of water, food packaging, oil/oil bottles, bottles of alcoholic beverages, bottles of juice and milk, and bottles of chemicals and pesticides.
Increased Consumption of Packaged Drinking Water is Significantly Responsible for Increased Market Prospects for PET Preforms.
Packaged drinking water is expected to hold a substantial share in the PET preforms market across the globe. In particular, developing regions will continue to face challenges related to water supply concerns due to poor supply and quality of drinking water in developing economies. The shortfall of well-established public drinking water arrangements is further exacerbating the sale of packaged water. This will continue to push the market for PET preforms in the near future.
In line with this, beverage companies such as PepsiCo and Dr. Pepper Snapple, etc. are looking for opportunities in the bottled water and energy drinks markets, thereby leading to the growth of the PET preforms industry.
Asia Pacific accounted for the Largest Share of the Global Market for PET Preforms.
Asia Pacific accounted for the largest share of the global market for PET preforms and is expected to hold maxi. China is expected to account for the largest market share of Asia Pacific PET preforms by 2022, while India is expected to be the fastest-growing PET preform market in the forecast period.
This is due to rising demand from the developing economies of Japan, China, and India. The organic growth of the end-use industries, such as purified water, soft drinks, pharmaceutical liquor, and food and beverage, has largely fueled the plastics industries in the area. This has led to an increase in the market for PET preforms. In the race for the top slot in the global market for PET preforms, Europe and North America could be other prominent markets.
Competitive Landscape Analysis:
Some of the leading participants in the global market for PET preforms are Plastipak Holdings, Inc., Societe Generale des Techniques, Alpla Werke Alwin L. GmbH & Co Kg, Koskan Pet Packaging Industry Co, Retal Industries Ltd., and Zhuhai Zhongfu Enterprise Co. Ltd. In the near future, they could compete with their focus on mergers, acquisitions, and collaborations.
Companies have adopted strategies such as new product developments, expansions and mergers, and acquisitions to increase their market shares and expand their distribution networks in the market for PET preforms. These companies are engaged in research and development activities to innovate and develop products that can open up new avenues for applications. For example, Retal Industries Ltd. has begun the construction of a manufacturing plant and a regional headquarters in Donora, USA. The company plans to invest at least USD 16 million in a project that will go up to USD 23.89 million. The organization aims to increase its regional presence in North America with this project.
PET Preforms Market Segmentation:
- Up to 500ml
- 500 ml to 1000 ml
- 1000 ml to 2000 ml
- More than 2000 ml
By Neck Type:
- ROPP / BPV
- PCO / BPF
- Alaska / Bericap / Obrist
By End Use:
- Bottled Water
- Carbonated Drinks
- RTD Tea
- Sport Drink
- RTD Coffee
- Other Soft Drink
- Alcoholic Drink
- Personal Care
- Home Care
- Latin America
- North America
- Asia Pacific Excluding Japan
- Middle East and Africa