June 09, 2022 12:45 ET | Source: Straits Research Straits Research

New York, United States, June 09, 2022 (GLOBE NEWSWIRE) -- PET is a type of polyester that is also called polyethylene terephthalate. It's ejected or molded into plastic bottles and boxes for the packaging of personal care products, food and beverages, and various other consumer goods. The packaging sector continues to make significant progress in developing environmentally friendly technologies in response to customer demand for a more sustainable society. Customers are becoming more aware that high-performance packaging can extend a product's shelf life, resulting in a greater need for sustainable end-of-life packaging options, particularly in PET (polyethylene terephthalate) packaging solutions. 

Increase in Innovative Packaging to Provide New Market Opportunities

Polymer research is progressing rapidly, which could substantially impact plastic bottle packaging. With their R&D activities, companies like Berry Plastics and Gerresheimer are expected to play a crucial role in identifying innovative packaging solutions that give more significant value than existing products, such as intelligent and active packaging. There are some exciting alternatives for dealing with future packaging issues. The most significant is recycled PET (rPET), which has a carbon footprint that is about half that of virgin PET. Consumer acceptability is the first and most crucial component in its development. Despite previous opposition, people are willing to drink beverages from 100 percent rPET bottles.

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Umpteen Benefits of PET to Drive the Global PET Packaging Market

PET has packaging characteristics like high transparency, a gleaming surface, outstanding stability, high-pressure resistance, good barrier qualities, and lightweight, making it better than other packaging methods. PET is a biologically inert material resistant to microbial attack and does not react with foods or beverages. The FDA, Health Canada, the European Food Safety Authority, and other health-safety agencies have thoroughly studied and approved it for interaction with foods and drinks.

Furthermore, according to the National Association of Container Distributors, consumer and industry desire for lightweight packaging promotes PET demand. While the weight of bottles has steadily decreased over the years, it has gained traction, with some manufacturers achieving less than 8gms for a 500ml PET water bottle. Cost-cutting is part of the drive toward lightweight items, which helps producers gain a competitive advantage.

Compared to several other plastics, PET has a significantly better eco-balance. The recyclability of PET refers that the packaging waste is reduced, and the volume of waste incineration decreases. The raw materials consumption in production is also lower than many other plastics. Due to the thermodynamic qualities of PET, the material can be heated, melted, and transformed into new materials again and again.

Globally, the recycling trend of PET is growing with government mandates and industry initiatives. The United States PET recycling rate increased from 29%, as per the NAPCOR (National Association for PET Container Resources) and APR (Association of Plastic Recyclers). Toronto also recycles around 3,600 metric tons of single-use PET bottles every year; 30% are water bottles.

 With the increasing investment in the plastic packaging industry, PET bottle grade manufacturers are witnessing a surging demand from various pharmaceutical companies, boosted by the onset of the COVID-19 pandemic. For instance, Samyang Packaging constructed a PET bottle manufacturing and recycling factory in Korea. It emerged as the only enterprise in Korea capable of manufacturing, distributing, and recycling PET bottles for environmental preservation.

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Asia-Pacific is the most dominant and the fastest-growing region in the market. It is estimated to reach a predicted value of USD 45 million by 2030 at a CAGR of 6%. China is the largest consumer of polyethylene terephthalate (PET) globally. The excellent accessibility of raw materials and low cost of production has been aiding the production growth of engineering plastics, like PET, in the country for the last few years.

North America is the second-largest region. It is estimated to reach a value of USD 12.5 million by 2030 at a CAGR of 4.3%. The United States is the largest producer and consumer of PET globally due to the great demand in its downstream sectors. Europe holds the third-largest market share. It is estimated to reach a value of USD 12 million by 2030 at a CAGR of 3.2%. Germany boasts Europe's most advanced plastics industry. The country's plastics sector includes polymer producers, converters, and machine manufacturers. According to GTAI, the domestic plastics industry is one of Germany's most important industry sectors, with sales of EUR 92 billion. 

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Key Players in the global PET packaging market are

Global PET Packaging Market: Segmentation

4.2      Value Chain Analysis: PET Packaging Market

4.4      Porter’s Five Forces Analysis

4.6      Forecast Factors & Relevance of Impact

4.15.1            Pre and Post Covid-19 Market Scenario Analysis

4.15.2            Market Recovery Timeline and Challenge

4.15.3            Measures Taken by Top Players

4.15.4            Quarterly Market Revenue and Growth Forecast till 2021

4.15.4.4        Central and South America and the Caribbean

4.15.4.5        The Middle East and Africa

5.1.1  Market Size & Forecast (Value & Volume)

5.2.1  Market Size & Forecast (Value & Volume)

5.3.1  Market Size & Forecast (Value & Volume)

5.4.1  Market Size & Forecast (Value & Volume)

5.5.1  Market Size & Forecast (Value & Volume)

5.6.1  Market Size & Forecast (Value & Volume)

6.1.1  Market Size & Forecast (Value & Volume)

6.2.1  Market Size & Forecast (Value & Volume)

6.3.1  Market Size & Forecast (Value & Volume)

7.1.1  Market Size & Forecast (Value & Volume)

7.2.1  Market Size & Forecast (Value & Volume)

7.3.1  Market Size & Forecast (Value & Volume)

7.4      Personal care and cosmetic industry

7.4.1  Market Size & Forecast (Value & Volume)

7.5.1  Market Size & Forecast (Value & Volume)

7.6.1  Market Size & Forecast (Value & Volume)

7.7.1  Market Size & Forecast (Value & Volume)

8.1.1  Market Size & Forecast (Value & Volume)

8.3      Central and South America and the Caribbean

8.3.6  Rest of Central and South America and the Caribbean

8.6.8  The Rest Of Middle East

9          Competitive Landscape — Manufacturers & Suppliers

9.10   GTX Hanex Plastic Sp zoo

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