The PET Preforms Market Is Anticipated To Witness High Growth Owing To Increasing Demand For Packaged Beverages
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| PET Preforms Market |
Market Overview
PET preforms
are semi-finished products made from PET resins that are blow-molded to produce
PET bottles. PET preforms provide packaging solution for packaging various
beverages such as carbonated soft drinks, packaged drinking water, and juices.
PET preforms are light in weight, highly transparent, and help preserve the
product inside for a long duration. PET preforms also help manufacturers to
reduce overall packaging costs and environmentally friendly packaging solution.
The increasing health consciousness and demand for bottled beverages like
water, juices among consumers has been a major driver for PET preforms market.
The Global PET Preforms Market is estimated to be valued at
US$ 18.2 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast
period 2024 to 2030.
Key Takeaways
Key players operating in the PET Preforms market are Cyanotech Corporation,
Dic Corporation, Corbion N.V, Valagro SpA, Far East Microalgae Industries Co.
Ltd., Beijing Gingko Group, Heliae Development Llc, Pond Technologies Holdings
Inc., Algaetech International Sdn Bhd, Fuqing King Dnarmsa Spirulina Co. Ltd.,
Sun Chlorella Corporation, and Ecoduna Ag. These key players are focusing on
expansion plans and new product development to gain higher share in the global
market.
The key opportunities in the PET
Preform Market Analysis include development of 100% recyclable PET
preform products. Manufacturers are investing in R&D to develop advanced
PET resins and preform forming technologies to provide higher strength at lower
weights. Growth opportunities also lies in development of non-carbonated and
functional beverages market which uses PET preforms packaging.
The major global players are expanding their manufacturing and distribution
footprint in Asian markets like China and India. China accounts for over 50% of
global PET preforms consumption. Other Asian countries like India are also
witnessing double digit growth in PET preforms market driven by economic growth
and changing consumer lifestyles.
Market Drivers
One of the major driver for PET preforms market is the increasing demand for
packaged beverages globally. Developing economies are witnessing rising
disposable incomes and changing consumer lifestyles leading to increasing
consumption of packaged juices, water, and carbonated beverages. PET preforms
provides an excellent barrier against gases, moisture and light making them
ideal packaging material for beverages. The aseptic packaging properties of PET
preforms helps extends the shelf-life of packaged beverages driving its
adoption.
Market Restrain
Volatility in raw material prices can restrain the market growth of PET
preforms. PET resins which are made from crude oil undergo frequent price
fluctuations impacting manufacturing costs of preforms. Uncertain regulations
regarding recycling of PET bottles and disposal of waste also hampers the
widespread adoption of PET preforms in some countries.
Segment Analysis
PET preforms sub segment dominated the market as it is the primary raw
material used in PET bottle packaging. This sub segment accounted for over 50%
of the total PET preforms market share as PET bottles find wide application in
packaging of water, carbonated soft drinks, packaged juices, foods,
pharmaceuticals, etc. PET preforms domination is attributed to rising demand
for packaged beverages and increasing shift towards recyclable and lightweight
packaging solutions among end users.
The carbonated soft drinks sub segment is the fastest growing sub segment under
the PET preforms market. Growth of this sub segment is driven by increasing
consumption of carbonated drinks owing to rising disposable incomes and
changing consumer lifestyles. Availability of various flavors is also
contributing to the growth of carbonated soft drinks packaged using PET
bottles.
Global Analysis
The Asia Pacific region dominated the global PET preforms market and is
expected to maintain its leading position during the forecast period. Growing
population, rising incomes, and expansion of beverage and packaged food
industries have been driving the PET preforms demand in Asia Pacific region
countries like China, India. North America and Western Europe are also
significant markets for PET preforms owing to high consumption of bottled
beverages. However, Asia Pacific region is estimated to witness the highest
CAGR during the forecast period with growing PET bottle consumption in
developing economies.
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