PET Packaging Market Growth, Competitive Dynamics, Prominent Players, Global Size, Outlook and Forecast To 2023
PET Packaging Market Overview
The global PET Packaging Market Growth poised to expand at CAGR of 5% between 2018 and 2023, finds Market Research Future (MRFR) in its latest study. PET (polyethylene terephthalate) is popular industrial raw material in the packaging industry. It is used for making plastic jugs, boxes, containers, etc. The PET packaging products find application in industries such as F&B, personal care, electronics among others.
Competitive Analysis
Industry News
Indorama recently expanded its PET reclaimer in Mexico. The company has reportedly added a new recycling line which will help generate food-contact RPET out of bottles picked from landfills.
Segmental Overview
The segmental analysis of the PET Packaging Market has been conducted on the basis of pack type, packaging type, end-use industry, form and region.
On the basis of pack type, the market has been segmented into bags & pouches, lids/caps & closures, bottles & jars, trays and others. The bottles & Jars segment accounts for significant market share. During the assessment period, the segment is likely to exhibit a strong growth rate. Bottles & Jars remain sought-after owing their characteristics such as lightweight, safe and pliable. Moreover, most of the bottles & Jars are recyclable.
On the basis of packaging type, the market has been segmented into flexible packaging and rigid packaging. The flexible packaging segment is expected to remain highly attractive during the forecast period. Demand for flexible packaging is relatively higher as compared to rigid packaging. Flexible packaging requires a smaller sum of packaging materials, minimum solid waste. In addition, flexible packaging requires less storage space and minimum shipping cost. The arrival of eco-friendly variants is also supporting the segment’s growth.
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