Global PET Packaging Market 2019-2023
Rising popularity of lightweight packaging to emerge as major trend in the market. Increase in R&D activities, to develop new lightweight packaging to reduce wastage and enhance end-user usability, is gaining momentum. Lightweight packaging is both cost-effective and recyclable in nature. For instance, glass packaging solution is heavy. It is cumbersome to transport products packed in glasses. This packaging solution also increases the cost of production and bottling. Therefore, goods manufacturers are moving toward the adoption of lightweight plastic packaging. analysts have predicted that the PET packaging market will register a CAGR of close to 4% by 2023.
Growth in the organized retail segment
Organized retail refers to the chain of retail stores that are either entirely owned or franchised and managed by a single large corporate entity. The leading company, which controls all the connected retail stores, is responsible for the supply chain, and product and inventory management. The organized retail sector holds a dominant share of the overall retail sales in countries such as the US, the UK, and Canada.
Volatility in raw material costs
All plastics and plastic-derivative materials and products, including PET packaging, are produced from refined petroleum hydrocarbons. A large share of the overall production cost of PET packaging is attributed to the petroleum-based raw materials, which are refined from crude oil. Sometimes PET packaging may also contain other resins and binders to grant it specific material properties. The volatility in the market price of these raw materials is a major challenge for most of the vendors of the global PET packaging market.
For the detailed list of factors that will drive and challenge the growth of the PET packaging market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Amcor and Gerresheimer the competitive environment is quite intense. Factors such as the rising popularity of lightweight packaging and the growth in the organized retail segment, will provide considerable growth opportunities to PET packaging manufactures. Amcor, Gerresheimer, RPC Group, Silgan Holdings, and Tetra Laval International are some of the major companies covered in this report.
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