The global PET packaging market is slated to reach a valuation of $77.2 billion in 2022. Expanding at a steady 4.9% CAGR, the market valuation is set to top $124.1 billion by 2032.
PET material is a lightweight and clear plastic that's commonly used for packaging products. It is available in both rigid and flexible forms, which makes it useful for specific end-use applications. PET packaging is distinguished by its high strength, inexpensiveness, recyclability, lightweight, transparency and high rigidity.
Innovation and customization of PET packaging are creating prospects for growth in the market. In addition to this, the ongoing expansion of sectors such as food & beverage, pharmaceutical & healthcare, personal care & cosmetics and home care are expected to boost demand for PET packaging.
Further, growing trend for sustainable plastic packaging solutions is anticipated to bolsters sales in the market. Manufacturers are launching customized solutions as per end-use requirements, which will augment the growth in the market.
- Based on packaging type, demand in the rigid PET packaging segment will increase at a 5% CAGR through 2032.
- By product type, the bottles & jars segment is projected to create an incremental opportunity of $17.1 billion.
- In terms of end-use industry, food & beverage segment will expand at a steady pace over the forecast period.
Berry Global Group, Mondi Group, Amcor plc, Sonoco Products Company, Huhtamäki Oyj, CCL Industries, Inc., Gerresheimer AG, Klöckner Pentaplast GmbH & Co. KG, ProAmpac LLC, Sealed Air Corporation, SCHUR FLEXIBLES GROUP, CLONDALKIN GROUP, Constantia Flexibles Group GmbH are some leading players operating in the global PET packaging market.