PET Packaging Market Overview:
The PET Packaging market research gives a detailed view of the competition, including the market share and company profiles of the major competitors in the global industry. The scope of the research includes a comprehensive examination of the PET Packaging Market, as well as the reasons for variations in the industry's growth in various locations.
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PET Packaging Market size was valued at US$ 36.38 Bn. in 2021. Water, one of the segments reviewed in our report dominated the PET Packaging Market.
Market Scope:
Following the completion of market engineering, which included calculations for market statistics, estimations of market size, market forecasts, market breakdown, and data triangulation, significant primary research was done to acquire information and verify and validate important numbers. To undertake market estimating and forecasting for the overall market segments and sub-segments described in this research, top-down and bottom-up techniques, as well as many data triangulation methodologies, were often employed throughout the market engineering process. Extensive qualitative and quantitative analysis is performed on all facts obtained over the whole market engineering process in order to provide essential information throughout the report.
Drivers:
PET is a tough, clear, and lightweight plastic that is frequently used to make bottles, jars, containers, and other packaging items. PET is a transparent, semi-crystalline plastic that is most frequently used to package carbonated beverages and water. These elements are influencing the market's demand for the product.
PET is a widely used raw material in the food and beverage industry because it is non-toxic, secure, lightweight, flexible, and simple to recycle. Because it has excellent damage resistance and keeps a variety of foods fresh, it is also a material that is inert and does not react with food and is frequently used in the production of bottles and glasses for water, carbonated, and soft drinks. These elements are increasing demand for PET in the food industry.
Segmentation:
By Goods, In 2021, bottles and jars held a 41% share of the market. Due to its powerful barriers against water vapour, gas, diluted acids, oils, and alcohols, PET is frequently used in food packaging. Additionally, PET is reasonably flexible, unbreakable, and recyclable. The demand for PET plastic caps and capsules is being driven by the demand for packaged drinking water. Producing disposable plastic containers, which are also utilised in finished goods and frozen foods, requires the use of PET. The reason PET is so well-liked is that it offers an excellent oil barrier that helps it fend off chemicals that can harm plastics. PET can be up to 90% lighter than glass, making transportation more affordable. These elements are fueling the segment's market expansion.
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Key Players:
Primary and secondary research is used to identify market leaders, while primary and secondary research is utilized to determine market revenue. Primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary research included a review of the leading manufacturers' annual and financial reports, whereas primary research included in-depth interviews with key opinion leaders and industry specialists such as experienced front-line personnel, CEOs, and marketing executives. Secondary sources are utilized to compute percentage splits, market shares, growth rates, and global market breakdowns, which are then checked using primary data.
The biggest players in the PET Packaging market are as follows:
• Amcor Limited
• Graham Packaging Company
• Resilux NV
• Gerresheimer AG
• GTX Hanex Plastic Sp.
• Dunmore Corporation
• Comar LLC
• Berry Global Inc.
• Silgan Holdings Inc.
• Sonoco Products Company
• Huhtamaki OYJ
• Nampak Limited
• CCL Industries Inc.
• Du Pont De Nemours and Company
• Smurfit Kappa Group PLC
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Regional Analysis:
Individual market influencing components and changes in market regulations affecting the present and future market trends are also included in the regional overview of the PET Packaging market analysis. Current and future trends are researched in order to assess the entire market potential and identify profitable patterns in order to get a stronger foothold. The geographical market assessment is based on the present environment and expected developments.
COVID-19 Impact Analysis on PET Packaging Market:
End-user industries where PET Packaging are utilised saw a dip in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant decrease in the revenues of businesses working in these industries and, as a result, in demand for PET Packaging manufacturers, influencing the development of the PET Packaging market in 2020. End-user business demand for PET Packaging has declined significantly as a result of lockdowns and an increase in COVID-19 events worldwide.
Key Questions Answered in the PET Packaging Market Report are:
- In 2021, which segment held the highest proportion of the PET Packaging market?
- What is the PET Packaging market's competitive landscape?
- What are the primary drivers assisting PET Packaging market growth?
- Which region has the most market share in the PET Packaging market?
- What will be the PET Packaging market's CAGR throughout the projected period (2022-2027)?
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