November 30, 2022 10:07 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Nov. 30, 2022 (GLOBE NEWSWIRE) -- The Global PET Preform Market is valued at USD 14.8 Billion in 2021 and is projected to reach a value of USD 18.4 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 3.7% over the forecast period 2022-2028.
One of the most significant economic areas is the PET preform business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for PET preform, including rising investment requirements, developing technology, and new laws.
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According to Vantage Market Research, some of the key factors anticipated to accelerate the PET preform market growth over the forecast period. The demand for the market for polyethylene terephthalate (PET) preforms will rise as carbonated soft drinks, and water consumption rises. Significant factors, including the rise in disposable income and the modernization of people's lifestyles, are also driving the market for polyethylene terephthalate (PET) preforms.
We forecast that the beverage category in PET preform market sales will account for more than 30% of total sales by 2028. PET preforms manufactured of polyamide polyethylene terephthalate are widely used in the production of bottles and jars for storing carbonated beverages, milk, non-alcoholic beverages, and ready-to-drink products in the food and beverage industry.
Asia Pacific dominates the PET preform market, and this trend of dominance will continue throughout the projection period. PET Preforms' robust demand from major industries like food & and beverage, cosmetics & personal care for packaging applications positively impacts the market's rapid expansion.
Top Players in the Global PET Preform Market
Increased Demand from Cosmetics & Personal Care Sector:
The demand for PET Preforms in the personal care and cosmetics industries has been driven by features offered by these materials, including longer shelf lives and variety in packaging products. Increased demand for PET preforms in the cosmetic and personal care sector due to rising consumer demand has positively impacted the expansion of the PET Preforms industry. This is due to rising cosmetic sales for businesses and rising consumer demand.
Increased Demand from Medicine and Pharmaceutical Sector:
PET Preforms are very useful in the medical and pharmaceutical industries since ethylene glycol-based polyethylene terephthalate is used for packaging a variety of medications, from tablets to syrups. Over time, more people have become medication recipients, which has increased the selling of pharmaceuticals. As a result, the demand for PET preforms in the medical and pharmaceutical sectors for medicine packaging has increased, leading to positive market growth.
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Top Trends in Global PET Preform Market
Top 10 Players Generates More Than 45% of the Global PET Preform Market Revenue
The report also found that the largest players in the PET preform market are technology providers such as ALPLA Werke Alwin Lehner GmbH & Co KG (Austria), Plastipak Holdings Inc. (US), RETAL Industries Ltd. (Cyprus), Resilux NV (Belgium) and Societe Generale Des Techniques (France). These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new products. Other major players include 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) and others. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Up to 500 ml Category in PET Preform Market to Generate Over 30% Revenue
PET preform is an expensive investment. Vantage Market Research has analyzed the market for PET preform to understand its current state and potential future growth factors. For better understanding, based on capacity PET preform market is divided into: up to 500 ml, 500 ml to 1000 ml, 1000 ml to 2000 ml and more than 2000 ml.
During the forecast period, the market for PET preform is anticipated to experience the highest CAGR for up to 500 ml category. The increased need for small-sized containers for packaging food and beverage, pharmaceutical, and cosmetic products can be credited with this growth.
On the other hand, the 500-1000ml category is anticipated to grow significantly over the forecast period. Due to their widespread use in the food and beverage industry as packaging products for ready-to-drink products like juices and carbonated beverages products like soft drinks, PET preforms are in great demand for the production of bottles with a 500-1000ml capacity.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on PET Preform Market Forecast Report (2022-2028).
Global PET Preform Market Segmentation
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