The global PET preforms market is experiencing growth due to several factors such as increase in demand for packaged beverages. As people consume more beverages, the demand for PET preforms grows, thereby strengthening the market growth.
PORTLAND, Ore., Nov. 9, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “PET Preforms Market by Type (ROPP, Standard PCO, Alaska, CTC Preforms, Others), by Neck Size (Lower, 25 Mm, 28 Mm, 29 Mm, 30 Mm, 38 Mm, Larger), by Application (Carbonated Soft Drinks, Water, Food, Non-Carbonated Drinks, Cosmetics, And Chemical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global PET preform market was valued at $23.0 billion in 2022 and is projected to reach $35.4 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.
Prime determinants of growth
The global PET preforms market is experiencing growth due to several factors such as increase in preference for recycled PET bottles. Economic considerations play a pivotal role in the growing preference for recycled PET bottles. As the demand for recycled PET increases, it creates opportunities for businesses involved in the recycling and manufacturing of recycled PET products.
However, challenges to recycling of PET bottles hinders the market growth to some extent. Moreover, increase in demand for PET preforms from wide range of end-use industries offers remunerative opportunities for the expansion of the PET preforms market.
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Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$23.0 billion |
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Market Size in 2032 |
$35.4 million |
|
CAGR |
4.5 % |
|
No. of Pages in Report |
474 |
|
Segments Covered |
Type, Neck Size, Application, and Region |
|
Drivers |
Increase in demand for packaged beverages Increase in preference for recycled PET bottles |
|
Opportunity |
Increased demand for PET preforms from wide range of end-use industries |
|
Restraint |
Challenges to recycling of PET bottles |
The standard PCO segment dominated the market
Based on type, the standard PCO segment held the highest market share in 2022, accounting for more than one third of the global PET preforms market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to standard PCO (plastic closure only) preforms are used to produce PET bottles for carbonated soft drinks, juices, sauces (water products), and industrial chemicals. Their normal neck measures 28 mm.
However, the standard PCO segment is projected to manifest the highest CAGR of 4.97% from 2023 to 2032. Growth of the PET preforms market is driven by rise in popularity of serving carbonated beverages as a side drink in various restaurants and cafes. The demand for carbonated drinks is expanding due to rise in innovations and introduction of new products, including diet, sugar-free, and zero-calorie beverages, leading to the expansion of the PET perform market.
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The 28 Mm neck size is expected to lead the trail by 2032
Based on the neck size, 28 Mm segment held the highest market share in 2022, accounting for one-fourth of the global PET preforms market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact 28 Mm of PET preform has a neck of 28 Mm diameter. This preform is an intermediate product that is blown up into PET bottles, jars, or containers. These 28 mm PET preforms are widely used in the packaging of carbonated soft drinks and water. However, the 28 Mm segment is projected to manifest the highest CAGR of 5.3% from 2023 to 2032, as the carbonated soft drinks industry is expanding due to several factors such as rise in population and increase in healthcare awareness.
The carbonated soft drinks segment is expected to grow substantially throughout the forecast period
Based on the application, the water segment held the highest market share in 2022, accounting for one third of the global PET preforms market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that PET preforms are widely used to store water as they are more durable, clear, lightweight, non-reactive, cost-effective, and thermally stable than polypropylene (PP), and (polyvinyl chloride) PVC preforms.
However, the carbonated soft drinks segment is projected to manifest the highest CAGR of 4.9% from 2023 to 2032. This growth is attributed to soft drinks feature a unique design that increases their resistance to internal pressure, ensuring that the bottle keeps its functionality and form throughout transportation or refrigeration.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share and fastest growing region in terms of revenue in 2022, accounting for half of the global PET preforms market representing 4.89% of CAGR, and is expected to rule the market in terms of revenue throughout the forecast timeframe. The emerging economies in Asia-Pacific have stimulated the pharmaceutical sector as there has been continuous R&D along with installation of technologically advanced equipment.
Leading Market Players: –
- RETAL INDUSTRIES LTD.
- TAIWAN HON CHUAN
- RESILUX NV
- MANJUSHREE TECHNOPACK LTD.
- PLASTIPAK HOLDINGS, INC.
- ESTERFORM LTD.
- CAIBA
- RAWASY
- KOKSAN PET PACKAGING INDUSTRY CO.
- ESKAPET PET PRODUCT LTD.
The report provides a detailed analysis of these key players in the global PET preforms market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant position in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/pet-preforms-market/purchase-options
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