May 29, 2024
PET Preforms Market

PET Preforms Market is Expected to be Flourished by Increasing Demand for Packaged Beverages

PET preforms are the raw materials used for manufacturing PET bottles through blow molding process. PET preforms offer efficiencies in production, transportation, and storage during bottling operations. PET preforms are increasingly being used for packaging carbonated soft drinks, bottled water, juices, edible oils, and other packaged beverages. The global packaged beverage industry has been growing significantly over the past few decades driven by the rising disposable incomes and changing consumption patterns among consumers. PET preforms provide an excellent barrier properties against moisture, oxygen, and carbon dioxide – the key attributes promoting their use in packaging of various beverages.

The global PET preforms Market is estimated to be valued at US$ 340.4 billion 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 Dynamics:

Increasing demand for packaged beverages is one of the major drivers propelling the growth of PET preforms market. Growing health-consciousness and busy lifestyles have boosted the demand for packaged beverages which is fueling the PET preforms market growth. PET preforms provide durability, aesthetics, and printability which helps companies to promote their brand through packages. PET preforms also enhance production efficiency through reduced weight, operational cost, and storage space. Overall growth of the packaging industry along with rising preference for PET over other plastics due to its recyclability is supporting the PET preforms market expansion over the forecast period.

Segment Analysis

The global PET preforms market is dominated by the carbonated soft drinks segment. The carbonated soft drinks segment accounts for over 60% of the total PET preforms market owing to its high consumption worldwide. The segment is dominating as PET preforms are widely used for packaging carbonated soft drinks due to the properties of PET such as lightweight, shatter resistance, clarity and barrier protection.

PEST Analysis

Political: The government policies promoting the usage of recyclable and sustainable packaging is fueling the growth of PET preforms market. Many countries haveimposed ban on single use plastics which is positively impacting the PET preforms market.

Economic: The growing disposable incomes and changing lifestyle trends especially in developing nations is increasing the sales of packaged beverages driving the PET preforms market.

Social: Rising health awareness among consumers is increasing the demand for packaged drinking water, thereby augmenting the PET preforms market.

Technological: Emerging technologies such as lightweighting and modifications at molecular level are helping manufacturers to develop innovative preforms with improved barrier properties and less material usage.

Key Takeaways

The Global PET Preforms Market Growth is expected to witness high over the forecast period owing to rising consumption of packaged beverages globally.

The Asia Pacific region is expected to witness fastest growth in PET preforms market due to rising population, improving economic conditions and changing lifestyle in the region. Key players operating in the PET preforms market are Indorama Ventures, RETAL, Plastipak, Resilux and ALPLA.

Key players operating in the PET preforms market are Indorama Ventures, RETAL, Plastipak, Resilux and ALPLA. Indorama Ventures and Plastipak collectively account for over 25% of the global PET preforms market owing to their large production capacities and geographical outreach.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it