Polyethylene terephthalate (PET) is one of the most commonly used plastics for the packaging of food and beverage products worldwide due to its lightweight, shatter resistant and transparency properties. PET is used to manufacture plastic bottles for packaging water, juices, sodas and other beverages. PET offers secure and hygienic packaging solution while retaining freshness of products for longer duration. Moreover, PET bottles can be easily recycled and converted back into food grade material, thus boosting sustainability.
PET plastic bottles have largely replaced glass bottles in the beverage packaging industry due to their cost effectiveness and convenience. Easy availability of PET preforms and bottles from plastic manufacturers has propelled their usage by major beverage producers. PET bottles provide freeze-thaw protection to sensitive drinks and facilitate distribution of beverages to remote locations. However, large volume of PET bottles used per year has become an environmental concern. The plastics recycling movement that aims to setup recycling facilities and collect used bottles is driving efforts to establish circular economy.
The global PET Market is estimated to be valued at US$ 46.46 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the PET bottles market is increasing focus on sustainability and adoption of recycled PET or rPET. Beverage producers and plastic manufacturers are collaborating to improve collection and recycling rates of used PET bottles. Many countries have enacted stringent regulations mandating usage of minimum recycled content in PET packaging. Research is also ongoing to develop new technologies to improve recyclability and develop bottles from recycled content. Adoption of rPET bottles helps reduce dependence on virgin PET and support circular plastics economy.
Porter's Analysis
Threat of new entrants: The PET market has high capital requirements and costs associated with R&D, which limits the threat of new entrants. However, the growing demand for PET provides opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players. However, large buyers can negotiate on price.
Bargaining power of suppliers: Key raw materials for PET are paraxylene and purified terephthalic acid, whose suppliers have moderate bargaining power due to the presence of numerous suppliers.
Threat of new substitutes: Alternatives like paper and glass offer threat, but PET has established properties that make it difficult to substitute entirely.
Competitive rivalry: Being a mature market, competition is high among leading players like Medtronic, Abbott Laboratories, Boston Scientific etc. Price wars and new product launches are common.
Key Takeaways
The Global Polyethylene terephthalate (PET) Market is expected to witness high growth over the forecast period supported by growing demand from packaging and automotive industries.
Regional analysis: Asia Pacific dominates the PET market led by China, India, Japan, and other developing countries due to rapid industrialization and high economic growth. North America and Europe are also major markets driven by strong automotive and packaging industries.
Key players: Key players operating in the PET market are Medtronic, Abbott Laboratories, Boston Scientific, Biotronik, Koninklijke Philips, Nihon Kohden, Fukuda Denshi, Hill-Rom Holdings, Mindray Medical, Schiller AG. Leading players focus on product innovation and geographic expansion to strengthen their market position. Strategic collaborations are also common between established companies and regional players to leverage manufacturing and distribution networks.
For more insights, Read- https://www.insightprobing.com/polyethylene-terephthalate-pet-market-trends-size-and-share-analysis/
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