PET Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The PET Packaging market was valued at USD 55.52 billion in 2020 and is expected to reach USD 74.2 billion by 2026, at a CAGR of 5% over the forecast period 2021 - 2026. Packaging is moving from rigid to flexible packaging, as there have been many exciting new product developments, which have helped to demonstrate to consumers the true potential of flexible packaging.

• PET possesses packaging properties that make it preferable over other packaging technologies. Certain beneficial properties of PET packaging are high transparency, shiny surface, good stability, high-pressure resistance, good barrier properties, and light weight.
• The greater transparency and the shiny surface of PET packages offer a special appearance and give it a sophisticated image. New labeling solutions with double-sided printed labels can give to the bottle an aesthetically pleasing appearance. Moreover, the flexible production process permits a nearly unlimited diversity of design. In particular, the machine and mold technology offer a universal design with minimal mold costs.
• Further, because of the outstanding material qualities, PET-containers are virtually unbreakable. This results from no fractures while filling, transporting, and use. Even with the damage, no injuries can be caused by splinter parts. PET gives optimal protection to all consumers. Owing to these properties, PET packaging is advantageous over other packaging materials.
• Plastics have been mass-produced since the 1940s. The lifespan of the average plastic bag, bottle, or picnic fork may be 1,000 years or more. Human use of plastic has become so commonplace that scientists have estimated that by 2050 there will be more plastic than fish in the sea. Because of these adverse environmental impacts, plastics are being banned in certain countries. For instance, France has passed a new law to ensure that all plastic cups, cutleries, and plates can be composted and are made of biologically-sourced materials.
• The new law is set to be implemented from 2020 and will be a part of France’s Energy Transition for Green Growth Act, an ambitious plan that aims to allow France to make a more effective contribution in tackling climate change. The country has already set a ban on disposable plastic bags. The restrictions on plastic products follow the global climate agreement reached in Paris in 2015, which aims to strengthen the ability of countries to deal with the impacts of climate change.
• Moreover, the European Parliament has overwhelmingly approved a ban on single-use plastics, such as straws, plates, cutleries, and cotton-swab sticks in Europe by 2021, joining a global shift, as environmentalists emphasize the urgency of halting the use of materials that are detrimental to the environment.

Scope of the Report

PET, also known as polyethylene terephthalate, is a type of polyester. It is expelled or shaped into plastic jugs and boxes for packaging of food and refreshments, personal care items, and several other consumer products. PET is an ethylene glycol polymer and terephthalic corrosive. Pellets of PET pitch are warmed to form a fluid, which can be effortlessly expelled into any shape.

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Key Market Trends

Rigid Packaging Segment Expected to Register a Significant Growth

The rigid packaging segment occupied the largest share of the market due to their extensive use in bottles, jars, containers, trays, and clamp shells. With plastic bottles continuing to witness a strong growth over the forecast period, the rigid PET packaging is expected to continue to dominate the market studied, during that time. 

The trend of sustainability, which includes recycling and the use of bio-degradable forms of PET, is expected to rise over the forecast period.  In some regards, it will always face sustainability issues due to the nature of its production. However, it is the recycling streams and the development of these that will help neutralize such sustainability issues.

Augmenting this trend, Unilever, in January 2017, announced that it is committed to ensuring that all of its plastic packagings are fully reusable, recyclable, or compostable by 2025.The Unilever company had already committed to reducing the weight of its packaging this decade by one-third by 2020 and increase its use of recycled plastic content in its packaging to at least 25% by 2025.

However, the introduction of flexible packaging uses lesser resources and energy than rigid polymers, compared to rigid packaging, which makes it an attractive choice. This may hamper the growth of rigid packaging in certain segments.

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