Rising at a CAGR of 3.8% in terms of value, the PET preforms market is forecast to rise at a steady pace between 2020 and 2030. Future Market Insights (FMI) in its latest study has forecast growth opportunities to spur especially with industries taking measures to reduce the harm done to ensure maximum safety of the environment. Key players in the beverage packaging industry are updating the manufacturing processes and shifting to recycling programs.
In order to reduce carbon footprint, a shift in the trend is seen with respect to PET bottles. Bottles made from recyclable material is gaining a lot of traction in the market. Leading players in the industry are opting for beverage bottles made from recycled-PET materials in order to achieve sustainability of raw materials.
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Additionally, this shift helps the companies improve their brand image in the eyes of the customers. Big players such as Coca Cola, Nestle and others proudly source a significant amount of its consumption from recycled materials.
Growing significance for sustainable packaging solutions with recyclable materials is driving the global PET preforms market. FMI offers a comprehensive overview of the market in its recent studies.
Key Takeaways from the Report
“At a time when regulations are implemented to curb dependence on plastics for packaging, manufacturers within the PET preforms market are exploring recyclability of the material to stay relevant. PET remains widely used plastic today and manufacturers are focusing on various applications of recycled PET to counter threats” said a lead analyst at FMI.
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Covid 19 pandemic outbreak and the restrictions put forth because of it have impacted global PET preforms market heavily. The market is seeing a considerable decline in demand owing to lockdowns implemented across the world.
The spread of the novel corona virus across globe has disrupted supply chains, impacting packaging industry as well. As productions came to a standstill and transport became impossible due to lockdown restrictions, the industry suffered heavy losses.
Furthermore, shortage of raw materials and absence of labors and skilled workers from plants has aggravated the situation. Unfavorable market conditions, as consumer has become skeptical about his spending have added to the woes of the market.
However, the demand for PET preforms is expected to witness significant growth in the first quarter of 2021, as manufacturing activities resume and demand for PET preforms from end user industries restores to normal.
Who is winning?
Key players are expected to hold almost 20 % of the global PET preform market. However, market is highly fragmented and small and medium sized companies are predicted to contribute to the 80% of the remaining market.
Few key players in the PET preforms market are ALPLA Werke Alwin Lehner GmbH & Co KG, Plastipak Holdings, Inc., and Logoplaste UK Ltd., etc. are the top players operating in the PET preforms market. Furthermore, Retal Industries Ltd, Resilux NV, Societe Generale Des Techniques (SGT), Taiwan Hon Chuan Enterprises Co., Ltd., etc
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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